Gold Trades Flat Ahead of Jackson Hole Symposium

(Kitco Commentary) - Gold continues to demonstrate remarkable underlying strength, trading to a fresh three-month high today and marking its seventh consecutive higher high on the daily candlestick chart of December futures. Although the most active contract ultimately settled relatively flat, it did so above the 38.2% Fibonacci retracement level at $4,692 — a key level that had not yet been tested — after oscillating above and below it throughout the session.More importantly, gold has positioned itself well to minimize any potential drawdown. The 200-day moving average, currently at $4,635, has only recently flipped from resistance to suppo…