Morning Snapshot: Gold remains consolidative ahead of Jackson Hole
Gold is trading slightly lower within the recent range as markets await speeches from Fed chair Yellen and ECB President Mario Draghi. With political and geopolitical uncertainties underpinning the yellow metal, some clarity on monetary policy out of Jackson Hole could be the impetus for the next move.
North Korea once again condemned the ongoing joint U.S. and South Korean military exercises and then revealed plans for two new ballistic missile systems. According to the BBC, “Hwasong-13 appears to be a three-stage ICBM, while the chart showing Pukguksong-3, although largely obscured by officials, is an Submarine Launched Ballistic Missile.”
U.S. initial jobless claims rose 2k to 234k in the week ended 19-Aug, below expectations of 238k. Later this morning we’ll see existing home sales for July and M2 for last week.
Tomorrow is the more important day, with durable goods orders and of course the speeches at Jackson Hole.