Gold Price Prediction for August 28, 2017

Gold prices whipsawed higher as the dollar lost ground following Janet Yellen’s speech at Jackson Hole which failed to discuss monetary policy. Yellen stuck to her topic which was financial regulation, which she defended in the wake of the financial crisis. Weaker than expected U.S. Durable Goods orders also buoyed gold prices. Resistance is seen near the August highs at 1,300, while support is seen near the 10-day moving average at 1,285.

Durable Goods Moved Lower

U.S. durable goods orders dropped 6.8% in July after jumping 6.4% in June from unchanged in May which was revised from -0.1%. Transportation orders fell 19.0% following June’s 19.5% surge which was revised from 19.0%. Excluding transportation, orders were up 0.5%. Nondefense capital goods orders excluding aircraft edged up 0.4% from unchanged which was revised from -0.1%. Shipments rose 0.4% from June’s unchanged print.