On Wednesday, spot gold marked a day-low near $1,903 before ending 1.4% higher at 1,954. The precious metals has been trading within a consolidation range in the last few sessions, as investors awaited Federal Reserve Chairman Jerome Powell's scheduled speech at the Jackson Hole meeting later today. Even though he is likely to reiterate Fed's accommodative policy stance, market reaction could be relatively hard to anticipate.
From a technical point of view, spot gold maintains its bullish momentum as shown on the daily chart. It has rebounded after reaching the lower boundary of a bullish channel drawn from March. The level at $1,900 may be considered as the nearest support, while the 1st and 2nd resistances are expected to be located at $2,015 and $2,075. Alternatively, a break below $1,900 might suggest that the next support at $1,865 would be exposed.