Gold holds steady as market awaits Warsh's Jackson Hole speech

The precious metal has seen little movement on the day, with traders largely waiting for Fed Chair Warsh's appearance later in Jackson Hole. Prices have mostly remained near the $4,600 mark, similar to the previous day. The same conditions persist as before.

As seen on Tuesday, near-term price action continues to see gold trading within its key hourly moving averages.

"The short-term chart is more mixed as buyers are now doing battle around the 100-hour moving average (red line). They have to keep above that to maintain a more bullish near-term bias. However, there is some fallback potential to around $4,580-00 for now with dip buyers stepping in overnight."

All attention now turns to Fed Chair Warsh, and the key question is whether he will deliver anything noteworthy for markets to react to.

All else being equal, the expectation is that he will maintain his no forward guidance mantra and is unlikely to offer much pushback against Bessent's action of encroaching on his territory.

In that context, markets might interpret that as a nod to the "Bessent put" if nothing else. So even if Warsh says little, it could hurt the dollar further in the short term. As such, gold could benefit under those circumstances as the dollar debasement narrative returns to the forefront.