Gold price steady ahead of Ben Bernanke’s Jackson Hole speech
This week has all been about waiting to hear Ben Bernanke address his central bank brethren from around the world in a few hours time. It was at this event back in 2010 that Bernanke left little doubt in anyone’s mind that more money printing was coming.
Accordingly the gold price has been bumping around the $1660 level all week, about $10 down from its close last week, but that could all change in a blink of an eye depending on what Ben Bernanke says.
We can see from the above charts that gold in those three currencies are keeping above their 200 daily moving average as we go into the last trading day of the month. Keep a close eye on the €1327 level going into today’s close, if the gold price can close above that then that will be the highest monthly close in €s ever.
So what can we expect from the Fed chair later today? Certainly anything less than some very big hints that the Fed is at the very least very close to more easing will disappoint the markets. We’ll have to wait until 3pm GMT to find out.
- Gold price holds steady around $1650
- Gold price holding steady around the $1660 level
- Silver price holding steady above $30 – now up 10% on the year
- Gold price drifts lower ahead of the Fed’s decision
- Gold price falls back to $1600 ahead of Federal Reserve decision
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