Gold testing session highs above $1,290/oz

The ounce troy of the precious metal is edging higher on Wednesday, moving to the area of daily highs above t he $1,290 mark.

Gold now looks to Jackson Hole

Bullion remains on a positive note so far today despite having deflated from last week’s fresh cycle tops above the critical $1,300 handle and ahead the Jackson Hole Symposium later in the week.

In fact, the yellow metal should stay wary on the imminent event, particularly in light of the speeches by President M.Draghi and Chief Janet Yellen, with ‘tapering’ and further tightening on top of the agenda, respectively.

Furthermore, the demand for the safe haven metal should stay underpinned by the almost continuous effervescence in the US political area, although yesterday’s chatter on Trump’s tax reform plans seems to have given some oxygen to the greenback.

In the US docket, flash Markit’s PMI is due along with new home sales and the speech by Dallas Fed R.Kaplan (voter, hawkish).

Gold key levels

As of writing Gold is up 0.28% at $1,294.51 and a break above $1,306.90 (2017 high Aug.18) would aim for $1,318.60 (high Nov.9 2016) and finally $1,344.45 (high Sep.23 2016). On the downside, the immediate support emerges at $1,282.62 (23.6% Fibo of the July-August up move) seconded by $1,279.79 (21-day sma) and then $1,272.70 (low Aug.15).