December Gold Futures Plunge 3.24% to $4,504.10 After Warsh's Jackson Hole Speech
Updated
Updated · Kitco NEWS · Aug 27
December Gold Futures Plunge 3.24% to $4,504.10 After Warsh's Jackson Hole Speech
3 articles · Updated · Kitco NEWS · Aug 27
Summary
$150.70 came off December gold futures on Friday, wiping out the week’s rally and leaving the contract at $4,504.10 after Kevin Warsh struck a more hawkish-than-expected tone at Jackson Hole.
The selloff accelerated after gold failed to retake $4,692 — the 38.2% Fibonacci retracement — having opened at $4,656 and briefly touched $4,688 before reversing.
The drop also pushed gold back below its 200-day moving average at $4,641.20, turning that level into resistance and shifting attention to the Ichimoku cloud around $4,485.50 to $4,385.30.
Earlier in the week, a hotter July PCE reading — 0.2% monthly versus 0.1% expected, with annual inflation at 3.7% — had already strengthened the dollar and exposed cracks in the advance.
A close below $4,435 would deepen the technical warning, while bulls now need to reclaim $4,692 to restore momentum toward the medium-term $4,900 target.