Gold up $5 to $1344
Gold futures caught a quick bid in the past hour and jumped to $1344 from $1340. The $4 move qualifies as a decent move in the current environment, which is, let's say, dull.
The US dollar has been the worst performer over the past month, which should be bullish for gold. Less dovish central bank talk has taken some of the enthusiasm away from gold bulls after a great start to the year.
I don't see a quick break from the current range and the wedge on the chart. It will likely continue at least until Yellen at Jackson Hole. If she's a dud, it could spark a breakout and quick move to $1400 but if she hints at a hike in September (or even December) the downside is equally vulnerable.
