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Hugo in HTO Trading,

GOLD: At a key support level

The market where hoping for some fresh directional queues out of Jackson Hole last Friday. However, Fed Chair Janet Yellen did not lift the tip of the veil over when interest rates will rise.
Instead we have Geopolitical tensions over Russia and Ukraine with a scheduled meeting today in Minsk that could dominate the final days of August.

On today’s economic agenda we have Durable Goods Orders from the U.S in July that is expected to rise to 7.5% and we have also the Consumer Confidence from the U.S in August which is expected to fall from 90.9 to 88.5.

Gold is trading just above the two-month low established last Thursday at 1272.72 creating two narrow range inside days on a daily support. This validates a compression of the price showing that the yellow metal is ready for an expansion move for the next days.

Expecting downward move to 1,258.51 on a break of below previous day low at 1,274.34 (scenario 1) or a break above the previous day high at 1,280.74 could push prices up to 1,304.76 (scenario 2).