Gold on 24th August 2017, Gold prices down by (-65) pts closed at 29099 trading range between 29046 - 29182 and December Comex Gold futures settled at $1292 division of the New York Mercantile Exchange. Gold traded flat despite less trading volumes as traders awaited inputs on monetary policy from a central banking symposium in Jackson Hall which got underway on Thursday.

Gold traded in a narrow range, as traders were careful ahead of key speeches by European Central Bank president Mario Draghi and Federal Reserve chair Janet Yellen.

Technical view:

On the Gold 4H chart, prices have formed “Ascending broadening wedge” and continue to rally further on the same direction according to the pattern. This indicates a bullish momentum. It has a been a sideway market and awaits to continue again in the same direction of the rally, where a break above and close of a daily candle on the resistance area $1300 will lead towards $1318-1362 (29600-30000).

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