| Commodities continue to hover near familiar technical barriers as traders wait for Friday’s much-anticipated speech from Fed Chairman Ben Bernanke at the Jackson Hole symposium. Traders hope the central bank chief will signal the intention of launching a third round of quantitative easing (QE3).
Crude oil and gold took an initial step lower, the former undermined as Hurricane Isaac seemingly left Gulf refining capacity effectively unscathed and the latter pressured as a firmer tone in the Fed’s Beige Book survey undermined stimulus bets. Significant follow-through seems unlikely for now however, with investors waiting for Bernanke’s remarks to commit to a directional bias...............................................Full Article: Source
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