Gold prices drifted lower on Thursday, remaining rangebound within previous trading range, pressured by a firmer dollar after data on Thursday showed a slight increase in the number of people filing for unemployment benefits last week.
Losses were limited, however, after a threat by U.S. President Donald Trump to shut down the government, and his comments about the possible termination of a North American trade agreement. Investors were awaiting cues from central bankers meeting in Jackson Hole this week.
Market hoped that the dashing duo of Draghi and Yellen can dazzle tomorrow at Jackson Hole and provide fresh inspiration. The marketplace will closely examine the Jackson Hole speeches for clues on future monetary policy moves.
On technical front, gold remained in firm near-term technical control as expected. The resistance and support can be found at $1,300 and $1,260 respectively ahead of the annual central bankers meeting. Drastic moves are expected after the meeting due to uncertainties.
Silver tracked gold, lingering around $17. The resistance and support can be found at $17.2 and $16.5 respectively ahead of the annual central bankers meeting. Future direction is hard to forecast due to uncertainties after the meeting.

 
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