Gold Range-Bound Ahead of Jackson Hole

Reuters reported that gold is stuck in a tight range ahead of Friday’s Fed speech at Jackson Hole. Gold is facing support at $1,656.

As quoted in the market news:

Gold is also vulnerable to a selloff if the Friday speech turns out to be a disappointment after the U.S. economy fared slightly better than initially thought in the second quarter and the Fed Beige Book report showed the economy continued to grow gradually in July and early August.

Gold added 0.24 percent to $1,659.90 an ounce by 0641 GMT – not far from a 4-1/2 month high of $1,676.45 hit on Monday, when investors bought the metal on expectation of further monetary easing by the Fed.

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