Gold Daily Analysis – August 29, 2017

Gold prices settled higher on Monday and continue to climb to trade at 10 months high on Tuesday morning as Federal Reserve Chair Janet Yellen’s disappointing remarks at the Jackson Hole summit failed to include details on US monetary policy or balance sheet.

In addition, investors concerns rise as North Korea fired another missile that reached over Northern Japan.

Gold futures soared to trade at 1329.25, up 1.02%, by 8:00 GMT.

Technical Outlook

Gold has managed to break above $1300 and the rally continues towards $1362 as the Triple top reversal pattern was canceled, confirming further upside rally towards $1340-1362.

On the Gold 4H chart, prices have formed “Ascending broadening wedge” and continue to rally further on the same direction according to the pattern.