Spot gold prices are trading moderately higher Monday after ending the previous session relatively unchanged at $1616.40 a troy ounce. Gold prices continue to tread water with market participants focused on US Federal Reserve Chairman’s Ben Bernanke’s speech due to be conducted at the Jackson Hole symposium at the end of August where traders will be looking for more clarity on the Federal Reserve’s current stance on any additional monetary stimulus. Spot gold prices held at around $1612 during Friday’s session where some moderate support had been working for much of the session. Prices have held at session lows of $1615.90 in Asia this morning, trading up to an intra-day high of $1620.05. Trading activity has been limited, with price action remaining subdued. Selling interest remains above around $1628/30, with light bids below at $1610, with more buyers seen working below around $1602. Spot gold is currently trading $1618.30 a troy ounce, up $1.90 from Friday’s close.
EasyForexNews Research Team