Gold is seeing little directional movement so far today, with traders largely waiting on Federal Reserve chair Warsh's appearance at the Jackson Hole symposium later in the session — the annual Kansas City Fed gathering in Wyoming that has often served as a platform for major policy messages from Fed chairs.

The precious metal is holding mostly around the $4,600 mark, much as it did the day before, and the broader backdrop is unchanged: Gold hopes to keep early week momentum ahead of Warsh showdown.

Similar to yesterday, near-term price action continues to see gold hold in between 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."

With all eyes on Fed chair Warsh next, the question is whether he will deliver anything of note for markets to react to.

All else being equal, the expectation is that he will stick with his no-forward-guidance mantra while also not offering much pushback against Treasury Secretary Bessent's action of stepping on his toes. In that context, markets might take his remarks as a nod to the "Bessent put" if anything else.

That means even if Warsh does not say much of anything, it could hurt the dollar further in the short term. Under such circumstances, gold stands to benefit as the dollar debasement narrative returns to the fray. The metal is priced in dollars and typically moves inversely to the US currency, a long-standing relationship that underpins its traditional role as a hedge when confidence in the currency erodes.