Gold Pressured on Mixed Fed Signals, Awaits Jackson Hole

from Kitco NEWS

lass=”” >Gold is lower Friday after failing to get out above first major resistance that comes in today at $1,362.5-$1,367 says Bill Baruch, chief market strategist for ‘The metal held its post FOMC Minutes gains through the end of yesterday’s session but hawkish comments from San Francisco Fed President Williams followed by upbeat comments from Kaplan hurt the tape.’ Baruch told Kitco News that demand out of Asia failed to get gold out above resistance first on Wednesday night and they surely seemed less interested in attempting it again overnight. ‘The metal broke first major support at $1,349.1-$1,351.8 Friday morning and must hold support at $1,335-$1,339.8 in order to keep the immediate term uptrend intact,’ he added. Gold traded flat on the week with December Comex futures settling at 1346.20 an ounce.

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