Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the Federal Open Market Committee (FOMC) minutes. The risk appetite of investors has been reduced due to the uncertainty surrounding the opening of the US markets after an extended weekend. This has led to a further decrease in risk-sensitive assets such as S&P 500 futures. The US Dollar Index (DXY) has seen a rebound to around 103.70, but remains low ahead of the FOMC minutes. In addition, the yield on 10-year US Treasury bonds has risen above 3.86%.
Recent data on US inflation has indicated that Consumer Price Index (CPI) is stubborn, which could lead Federal Reserve (Fed) Chair Jerome Powell to raise interest rates further in order to contain price pressures. The preliminary S&P Global PMI (Feb) figures will also be closely monitored. According to the consensus, the preliminary Manufacturing PMI (Feb) is expected to decrease to 46.8 from 46.9, while the Services PMI is forecast to drop to 46.6 from 46.8.
Gold prices have seen a rebound after a downward trend to near the 38.2% Fibonacci retracement (plotted from November 03 low at $1,616.69 to February 2 high at $1,959.71) at $1,828.95. The downward-sloping trendline from February 9 high at $1,890.27 will act as a major resistance for Gold bulls. Gold is attempting to move its price above the 20-period Exponential Moving Average (EMA) at $1,841.00, which will activate the short-term bullish trend. The Relative Strength Index (RSI) (14) has moved into the 40.00-60.00 range from the bearish range of 20.00-40.00, indicating that the asset is no longer bearish for now.
Gold has been trading in a tight range for some time now, with investors awaiting the release of the FOMC minutes for further guidance. The minutes could provide an indication of the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also have an impact on Gold prices.
The release of the FOMC minutes could provide an indication of the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also affect Gold prices. Investors should keep an eye on the preliminary S&P Global PMI (Feb) figures, as well as the FOMC minutes, for further guidance.
In the Tokyo session, Gold prices have been struggling to sustain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. A fresh rebound in the US economic indicators that provide guidance on inflation has indicated that inflation is stubborn in nature. Gold price is doing its best to shift its price above the 20-period EMA.
The release of the FOMC minutes could provide more clarity on the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also affect Gold prices. Investors should keep an eye on the preliminary S&P Global PMI (Feb) figures, as well as the FOMC minutes, for further guidance.
Gold price has seen a responsive buying action after a downside trend to near the 38.2% Fibonacci retracement (plotted from November 03 low at $1,616.69 to February 2 high at $1,959.71) at $1,828.95. The downward-sloping trendline from February 9 high at $1,890.27 will act as a major barricade for the Gold bulls. The precious metal is aiming to shift its auction above the 20-period EMA at $1,841.00, which will activate the short-term bullish trend. The Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the asset is no more bearish for now.
Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. Investors will be closely watching the FOMC minutes for more guidance on the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also have an impact on Gold prices.
Gold prices have seen a responsive buying action after a downside trend to near the 38.2% Fibonacci retracement (plotted from November 03 low at $1,616.69 to February 2 high at $1,959.71) at $1,828.95. The precious metal is attempting to shift its auction above the 20-period EMA at $1,841.00, which will activate the short-term bullish trend. The Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the asset is no more bearish for now.
Investors should keep an eye on the release of the FOMC minutes and the upcoming US economic data for further guidance on Gold prices. The minutes could provide an indication of the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also have an impact on Gold prices. The release of the preliminary S&P Global PMI (Feb) figures will be closely monitored. As per the consensus, the preliminary Manufacturing PMI (Feb) is expected to decrease to 46.8 from 46.9, while the Services PMI is forecast to drop to 46.6 from 46.8.
Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. The precious metal is attempting to shift its auction above the 20-period EMA at $1,841.00, which will activate the short-term bullish trend. The Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the asset is no more bearish for now.
The release of the FOMC minutes could provide more clarity on the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also affect Gold prices. Investors should keep an eye on the preliminary S&P Global PMI (Feb) figures, as well as the FOMC minutes, for further guidance.
The downward-sloping trendline from February 9 high at $1,890.27 will act as a major resistance for Gold bulls. A fresh rebound in the US economic indicators that provide guidance on inflation has indicated that inflation is stubborn in nature. Gold price is doing its best to shift its price above the 20-period EMA.
Investors will be watching the FOMC minutes and the upcoming US economic data for further guidance on Gold prices. The minutes could provide an indication of the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also have an impact on Gold prices. The release of the preliminary S&P Global PMI (Feb) figures will be closely monitored.
Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. The risk appetite of investors has been reduced due to the uncertainty surrounding the opening of the US markets after an extended weekend. This has led to a further decrease in risk-sensitive assets such as S&P 500 futures. The US Dollar Index (DXY) has seen a rebound to around 103.70, but remains low ahead of the FOMC minutes. In addition, the yield on 10-year US Treasury bonds has risen above 3.86%.
Gold price has shown a responsive buying action after a downside trend to near the 38.2% Fibonacci retracement (plotted from November 03 low at $1,616.69 to February 2 high at $1,959.71) at $1,828.95. The precious metal is aiming to shift its auction above the 20-period Exponential Moving Average (EMA) at $1,841.00, which will activate the short-term bullish trend. Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the asset is no more bearish for now.
Investors should keep an eye on the release of the FOMC minutes and the upcoming US economic data for further guidance on Gold prices. The minutes could provide an indication of the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also have an impact on Gold prices. The release of the preliminary S&P Global PMI (Feb) figures will be closely monitored. As per the consensus, the preliminary Manufacturing PMI (Feb) is expected to decrease to 46.8 from 46.9, while the Services PMI is forecast to drop to 46.6 from 46.8.
Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. The downward-sloping trendline from February 9 high at $1,890.27 will act as a major resistance for Gold bulls. Gold is attempting to move its price above the 20-period EMA at $1,841.00, which will activate the short-term bullish trend. The Relative Strength Index (RSI) (14) has moved into the 40.00-60.00 range from the bearish range of 20.00-40.00, indicating that the asset is no longer bearish for now.
Investors will be closely monitoring the FOMC minutes for more guidance on the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also have an impact on Gold prices. The release of the preliminary S&P Global PMI (Feb) figures will be closely monitored. As per the consensus, the preliminary Manufacturing PMI (Feb) is expected to decrease to 46.8 from 46.9, while the Services PMI is forecast to drop to 46.6 from 46.8.
Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. The precious metal is attempting to shift its auction above the 20-period EMA at $1,841.00, which will activate the short-term bullish trend. The Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the asset is no more bearish for now.
Investors should keep an eye on the release of the FOMC minutes and the upcoming US economic data for further guidance on Gold prices. The minutes could provide an indication of the Fed’s stance on inflation and interest rates, which could have an impact on Gold prices. In addition, the upcoming US economic data could also affect Gold prices. The release of the preliminary S&P Global PMI (Feb) figures will be closely monitored. As per the consensus, the preliminary Manufacturing PMI (Feb) is expected to decrease to 46.8 from 46.9, while the Services PMI is forecast to drop to 46.6 from 46.8.
Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. The risk appetite of investors has been reduced due to the uncertainty surrounding the opening of the US markets after an extended weekend. This has led to a further decrease in risk-sensitive assets such as S&P 500 futures. The US Dollar Index (DXY) has seen a rebound to around 103.70, but remains low ahead of the FOMC minutes. In addition, the yield on 10-year US Treasury bonds has risen above 3.86%.
Gold price has shown a responsive buying action after a downside trend to near the 38.2% Fibonacci retracement (plotted from November 03 low at $1,616.69 to February 2 high at $1,959.71) at $1,828.95. The downward-sloping trendline from February 9 high at $1,890.27 will act as a major barricade for the Gold bulls. Gold is attempting to move its price above the 20-period EMA at $1,841.00, which will activate the short-term bullish trend. The Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the asset is no more bearish for now.
Gold prices have been struggling to remain above $1,840.00 as yields continue to increase ahead of the release of the FOMC minutes. A fresh rebound in the US economic indicators that provide guidance on inflation has indicated that inflation is stubborn in nature. Gold price is doing its best to shift its price above the 20-period EMA.
Investors will be watching the FOMC minutes and the upcoming US economic data for further guidance on Gold prices. The minutes could provide an indication of the
