Gold (XAU/USD), Silver (XAG/USD) Outlook:
- Gold Prices[1] remain suppressed below $1,800 ahead of Friday’s major event risk[2]
- Silver Prices[3] struggle above 50-Day Moving Average
- Jackson Hole Symposium places Friday’s agenda at the center of risk-sentiment
Jackson Hole Symposium make or break for Gold and Silver?
Gold[4] and Silver[5]’s recent whipsaw price action has cast a shadow of doubt over further upside prior to the Jackson Hole Symposium, a key catalyst for the imminent move.
With focus on inflation and an overheated economy, the virtual summit places Fed Chair Jerome Powell at the center of risk sentiment[6] as investors continue to search for clues of tapering.
Although the Jackson Hole Symposium starts today, major risk events[7] on tomorrow’s economic calendar, combined with Powell’s speech could see increased volatility[8] for Gold and the US Dollar[9] throughout Friday’s trading session.
DailyFX Economic Calendar[10]
Although US economic data has provided sufficient evidence of a swift economic recovery, the spread of the Delta variant and poorer than expected recent retail sales data has dampened sentiment, providing a stumbling block for the Federal Reserve who has the tough task of juggling between two key metrics, unemployment and inflation.
Learn How to Trade Gold[11] by CombiningTechnical and Fundamental Analysis
For Gold, Silver and other safe-haven assets that have a negative correlation (move in an opposite direction) to the US Dollar[12], more hawkish commentary from the July FOMC Meeting Minutes[13] saw Gold and Silver prices dwindle throughout last month but a change in tone has since provided temporary relief for Gold and Silver bulls.
Gold (XAU/USD) Price Action
After rebounding off
