Jump to content

Gold Price Shines Despite a Lift in Yields and US Dollar. Where to for XAU/USD?


Recommended Posts

GOLD TECHNICAL ANALYSIS

Gold remains ensconced in a descending trend channel and appears to have stalled.

The price is clustering around the 10- and 21-day simple moving average (SMA). This could indicate a hesitation in momentum for either direction.

Resistance might be offered the at recent peaks of 1,870, 1,910 and 1920. On the downside, support may lie at the prior lows of 1,807, 1,787 and 1,779.

XAU/USD CHART

Chart created in TradingView

--- Written by Daniel McCarthy, Strategist for DailyFX.com

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,216
    • Total Posts
      90,791
    • Total Members
      41,324
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    GedW
    Joined 01/02/23 12:43
  • Posts

    • Look Ahead to 02/02/23: ECB, BoE; BT, SHEL, GOOGL, AAPL, AMZN earnings A day after the Fed, the European Central Bank and the Bank of England are expected to raise interest rates. Watch out for live coverage from IG’s Chris Beauchamp and Axel Rudolph. Plus, tech, telco and oil earnings dominate, with reports from BT (BT), Shell (SHEL), Infineon (IFXGn), Apple (AAPL), and Amazon (AMZN).            
    • Charting the Markets: 1 February FTSE 100, DAX 40 and Dow await US Fed decision. And gold jittery ahead of FOMC, as Brent crude and natural gas look at risk of further downside.             This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
    • As Andrew Bailey and co gear up for their next BoE decision, will it be enough to drive the pound higher against the dollar, or could recession worries return? Source: Bloomberg   Forex Pound sterling Bank GBP/USD Central bank United States dollar  Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 31 January 2023  What do markets expect from the Bank of England meeting? This Thursday sees the latest Bank of England (BoE) decision. Markets expect the bank to raise UK rates by 50 basis points (bps), a similar amount to the ECB. What is the context? In an interesting reversion to early 2022, when the BoE seemed to lead the way in hawkishness, this week’s crop of central bank meetings points to a Fed rate increase of just 25bps, while Threadneedle Street pushes on with another 50bps hike, as will the European Central Bank. As with most central bank meetings these days, it is the comments around the decision and the voting pattern that will be more important. A more hawkish caucus might emerge, based on the improved (or at least, less bad) economic outlook that has appeared of late. But the outlook for the second half of the year remains gloomy, at best. Markets continue to expect at least one 25bps rate cut by the end of the year, but the bank will not want to give too much credit to this argument, since it is aware that inflation remains solidly above forecasts. GBP/USD outlook Momentum in GBP/USD has stalled at the December highs of $1.24, with little sign that the price wishes to push on ahead of the BoE meeting. Clearly a more hawkish BoE would be needed, but one that is not too hawkish that it then makes markets fret about the impact on the already-tough UK economic outlook. It will be a tough balance to strike, and if markets start to worry about a deeper UK recession, then we could see GPB/USD push back towards $1.20 and the 200-day SMA. Source: ProRealTime
×
×
  • Create New...