The gold market earlier this week has been trading lower, and appears to be trying to stabilize the losses it has suffered today. However, the true direction of gold will be seen immediately after the conference by Fed chairman Jerome Powell which will take place tonight at 22:15 (GMT+8 Kuala Lumpur) and early Thursday morning at 03:00 (GMT+8 Kuala Lumpur ) at the Jacques Polak Annual Research conference "Monetary Policy Challenges In A Global Economy".
Gold Futures Trading Market
The "Open Interest" trading report in "Gold Futures" that was issued yesterday was seen to be reduced by almost 1,000 contracts. Meanwhile, the number of gold trading transactions was seen to increase by approximately 123,500 contracts.
Technical Analysis
Gold prices traded closed below the $1978 level yesterday. Following the amount of "Open Interest" trading that has been reported, gold is seen to be concentrated at the $1950 price level. If the conference by Fed chairman Jerome Powell is able to provide sentiment of confidence to gold investors, $1984 - $1993 is seen to be tested once again.
