The price of GOLD could move higher or lower depending on what the Federal Reserve Chairman announces in his speech tomorrow. What key levels should you look out for ahead of the speech?
Watch the video to learn more…
The Federal Reserve Chairman Jerome Powell is set to talk at the Jackson Hole Symposium tomorrow. This talk could move the USD in a positive or negative way. A hawkish tone from the central bank chairman could see the USD rally, a dovish tone would send the USD lower. In that case we can look ahead at the Gold price and the key levels to look out for using the volume profile.
The chart currently sees prices trading below the weekly value area low. In typical market conditions we would look for the price to find resistance here for the price to auction lower. This could see the market retest the value area high of the monthly volume profile. This could be a support for price in the short term unless the news pushes price below it. In that scenario, the price will likely move back to the other side of value.
Alternatively, if the USD weakened on the speech the price could break into last week’s value area. This could see a long opportunity form and retest of the other side of weekly value.
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