Gold remains stuck in tight range, awaits Jackson Hole triggers

Gold is trading in a familiar narrow range between $3330 support and $3342 resistance.
Markets await clues from upcoming Jackson Hole Symposium on 21--23 August.
Jerome Powell is expected to make some announcements on possibilities of interest rate decision.
Dollar recovery lacks conviction as long term downtrend remains intact.
Scenario on Geo political fronts remain on edge as Trump-Zelensky meet take centre stage.

Sunil Kumar Dixit SK Charting

Price action bias

Gold continues to maintain stability below immediate hurdle $3343 and more important 4 hourly 50 EMA $3350 which keeps momentum under bearish domination.

Unless Gold manages to break and sustain above $3343 and make strong and decisive break above $3350, chances of break below $3334-$3328 remains high, exposing further decline towards $3322-$3318-$3312

On the other hand, a consolidated and strong momentum driven break above $3343 followed by break above $3350 will put Gold on way to strategic resistance and swing high $3358 which again is a turning point for further acceleration towards next leg higher $3364-$3368-$3375

Technical Indicators suggest a mixed and cautious indecision outlook as 4 hourly RSI reading of 45 remains below neutrality of 50 while 1 hourly RSI reading of 51 reflects bullish potential.

All the same, price action reigns supreme and bullish developments require clear break above $3343-$3350 with strategic turning point at $3358

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

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