The gold market bulls have the slight overall near-term technical advantage and that’s inviting some chart-based buying from the shorter-term traders.
The surging coronavirus delta strain is keeping traders and investors more tentative, especially heading into what history shows can be the rough months of September and October for the stock markets.
Next week’s annual Jackson Hole Fed symposium is likely to see some clarification on the Fed’s monetary policy and the timing of any upcoming actions by the Fed.
Technically, October gold futures bulls have gained the slight overall near-term technical advantage and have momentum on their side.
The next downside price objective for the bears is closing prices below solid support at this week’s low of $22.295.