Commodities change little in European session as economic data released so far has not been inspiring. Trading remains thin as investors await US’ 2Q10 GDP and Fed Chairman Ben Bernanke’s speech at Jackson Hole. The market generally anticipates the Chairman to hint further easing measures to avoid a double-dip recession. WTI crude oil hovers around 73 after a 2-day rebound. Price outlook is soft as demand is too weak to absorb the ample inventory. Gold trades narrowly below 1240 but the near-term uptrend remains intact.
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Gold’s Uptrend Remains Intact in Seasonally Bullish 3Q
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