Jackson Hole symposium will push gold up
Market makers just used Clarida speech & NFP to kick retail traders out and to trap sellers. We have a lot of liquidity sitting at 1750 level. You can except a wick below 1750 to take the big boys buy order and kick retail traders sell stop.
Why gold will go up?
Job number is increasing for past 2 months it doesn’t mean economy will recover faster and Fed will start tapering. Last time Yellen gave same sort of speech of interest rate hike and gold pulled back shortly but reversed quickly. This time Clarida came and gave same sort of speech and it lined with NFP which pushed gold lower, but whenever Powell speaks he gives dovish view and gold starts to go up.
Inflation number is rising, Covid uncertainty is still running, economy will not fully recover for next 3-4 years and Fed will not going to hike interest rate soon.
We expect the Jackson hole Symposium which will held in late August will give clear direction of gold to upside and for rest of the days in August gold likely to do another range bound trading.
Why gold will go up?
Job number is increasing for past 2 months it doesn’t mean economy will recover faster and Fed will start tapering. Last time Yellen gave same sort of speech of interest rate hike and gold pulled back shortly but reversed quickly. This time Clarida came and gave same sort of speech and it lined with NFP which pushed gold lower, but whenever Powell speaks he gives dovish view and gold starts to go up.
Inflation number is rising, Covid uncertainty is still running, economy will not fully recover for next 3-4 years and Fed will not going to hike interest rate soon.
We expect the Jackson hole Symposium which will held in late August will give clear direction of gold to upside and for rest of the days in August gold likely to do another range bound trading.
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