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Technical Analysis: Gold trades near the key levels as Jackson Hole Symposium begins

With global markets waiting for Fed Chair Jerome Powell's power-play, up for publishing at 14:00 GMT, gold prices ease from short-term resistance line. Though, the bears are likely to be challenged by a confluence of 21-day smoothed average and an ascending trend line from June 05, near $1,907. It should be noted that the $1,900 round-figures and 50% Fibonacci retracement level near $1,872 can offer intermediate halts during the bullion's drop past-$1,907 but ahead of the monthly low surrounding $1,862. In a case where the Fed boss indicates any key moves, like boosting QE and or inflation targeting, the yellow metal may revisit the early-July highs near $1,817.

On the upside, a clear run-up past-$1,962 comprising the said resistance line, will aim for the $2,000 psychological magnet. However, August 18 peak close to $2,015 may challenge the bulls targeting $2,075. It's worth mentioning that the metal's bull-run may gain a little acceptance amid likely US dollar bounce off the multi-month low. As a result, the sellers should remain hopeful with tight stop-losses.

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