Gold on 25th August 2017, Gold prices up by (68) pts closed at 29167 trading range between 28777 - 29224 and December Comex Gold futures settled at $1297.90 division of the New York Mercantile Exchange. Gold prices edged towards $1,300 buoyed by falling expectations of U.S. monetary policy tightening later this year, after Janet Yellen failed to offer any details on monetary policy or balance sheet normalization in a speech at Jackson Hole on Friday.

Technical Outlook

Gold prices hit above $1300(29300) but couldn’t sustain around this area and finally closed lower. This indicate Triple top reversal pattern which usually leads to downside pressure. On the Gold 4 H chart, prices have formed Ascending broadening wedge and continue to rally further on the same direction according to the pattern. 

It has rebounded towards upper resistance trend line at 1300(29400) which will be a triple top and struggling place. A break above and close of a daily candle will lead towards $1318-1362 (29600-30000).

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