Consolidating After Hitting An All-Time High On Friday

Gold is 0.2% lower in today’s Asia-Pac session, after soaring to a fresh all-time high on Friday, notably above the psychological $2,500/oz mark.

• The rise followed US data indicating inflation slowed last month while retail sales surged, easing recession worries while strengthening expectations the Federal Reserve can begin easing in September.
• Lower rates are typically positive for gold, which doesn’t pay interest.
• "Gold's data dependency remains paramount, as jobs, inflation, and economic data all have the potential to clarify the Fed's path and future monetary policy," a strategist at RBC Capital Markets, said in a note. (per BBG)
• Attention now turns to the KC Fed-hosted Jackson Hole economic symposium "Reassessing the Effectiveness and Transmission of Monetary Policy," which will be held Aug. 22-24. Fed Chairman Powell speaks at 1000ET Friday Morning.
• According to MNI’s technicals team, the technical break above $2483.7, the Jul 17 high and the bull trigger resumes the uptrend. The initial target of note is $2528.4, the 3.00 projection of the Oct 6 - 27 - Nov 13 price swing.