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Gold declines before Jerome Powell

On Thursday, gold traded in different directions and ended the day with a slight decline.

The main attention of investors was focused on statements by the Fed representatives who expressed opposite points of view on the prospects for further easing of monetary policy in the United States. In an interview with various television channels, the heads of the Federal Reserve Bank of Philadelphia and Kansas City were skeptical about the possibility of further lowering interest rates in the current state of the economy. The head of the Dallas Fed, Robert Kaplan, on the contrary, said that the Fed is unlikely to avoid lowering interest rates. Note that Kaplan does not have a vote in the Committee, which sets interest rates.

Today, gold is trading in the red zone, reacting to the recovery of stock indices and a decrease in demand for protective assets. The central event of today will be a speech by Fed Chairman Jerome Powell at the Jackson Hole Economic Symposium. According to preliminary data, the performance will be held at 14:00 GMT. Traders expect signals from the head of the Fed about further plans for the implementation of monetary policy.

On the chart, we note the attempt of the bears to get out of the price channel 1495.00-1506.00 down. The breakdown of the level of 1495.00 indicates the further development of the correctional movement in the direction of the mark of 1485.00.

Resistance Levels: 1506.00, 1520.00, 1540.00;

Support Levels: 1485.00, 1475.00, 1455.00.

The main scenario is a decline to 1485.00.

An alternative scenario is consolidation above 1506.00 and growth to 1520.00.

Locally on the market, a moderately negative fundamental background remains. The chart is dominated by bearish signals. In the short term, we give priority to sales that are worth looking for at the level of 1500.00.

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