FxWirePro- Gold (US session)

Gold (US Session)

Gold gained sharply and holds above $2500 after Fed Chairman Powell's speech at the Jackson Hole symposium.  He signals that it is time to adjust monetary policy.

This confirms that the Fed is willing to cut rates shortly.  According to the CME Fed watch tool, the probability of a  50 bpbs rate cut in Sep increased to 34.50% from 25% a week ago.

Major resistance- $2532

Near-term resistance - $2520

Minor support-  $2490,$2470

Trend reversal level- $2364