Key Event: Jackson Hole Symposium

Key Event: Jackson Hole Symposium

The most awaited annual event is about to begin and that is Jackson Hole Symposium. The event is attended by Central Bankers, Finance Ministers, Academics and Financial Market Participants from around the World. As everyone knows the most discussed topic is Corona and respective effects on economy; related comments and speeches from central bankers and other influential officials can create significant market volatility. Generally this event continues for 2 or 3 days. On the day 1, speeches from FED, Canada and ECB officials are scheduled.

U.S. Treasury yields and U.S. dollar, both have been rising in early Asian hours ahead of a speech by Fed Chairman Jerome Powell, who addresses the virtual conference at 0910 ET/1310 GMT (1840 IST).

Key Features:

  • What could be the Central Banker’s most active attempts to drive inflation out of this pandemic situation
  • A new set of goal is expected to release for average inflation, unemployment rate, GDP, interest rates as well
  • Financial integrity of higher rated and lower rated corporate debt is also a major concern
  • Each Central Banker’s outlook and prompt action than words will be important to get the economy back on the track
  • In addition, Hurricane Laura is on the path to hit the U.S. Coastline anytime soon
  • The strongest hurricane is core concern for Oil markets as well

Let’s see how Gold has reacted during the previous data release:

Technical view:

XAUUSD/GOLD:

Gold trades marginally lower ahead of Fed Chair Powell’s speech and touched $1,902 mark in previous trading session. Today pair made intraday high at $1,954 and low at $1,938 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,938, $1,922, $1,910, $1,902, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,948, $1,957, $1,972, $1,987, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.

Take a look and do trade wisely!

Good Luck

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