Morning Snapshot: Gold rebounds within last week’s range

USAGOLD/Peter Grant/08-23-17

Gold has rebounded, but remains narrowly confined within the range established last week. The yellow metal continues to be supported by political and geopolitical uncertainty and the attendant soft dollar.

Political uncertainty intensified after President Trump threatened to shut down the government in order to secure funding for the pledged border wall.

“If we have to close down our government, we’re building that wall.” — President Donald Trump

This morning we’ll see Markit PMIs, new home sales for July and EIA crude stocks for last week. We’ll also hear FedSpeak from Dallas Fed President Kaplan.

The market is unlikely to move significantly in either direction until after the speeches by Janet Yellen and Mario Draghi on Friday. While both are expected to stick to their respective scripts, Jackson Hole has been a venue where policy shifts have been floated in the past.

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