GOLD nudges higher in early trade

US equity and bond markets are closed for the day – US Presidents’ Day holiday – and this will weigh on market activity across a range of asset classes. Activity over the rest of the week should pick up with FOMC minutes, the release of the February PMIs, and chip-giant Nvidia’s earnings all worthy of attention. In addition, a handful of Fed speakers will give their latest thoughts on the economy, and maybe a steer on the future path of US interest rates.

The precious metal is continuing last week’s move despite hotter-than-expected US CPI and PPI data. Market rate-cut expectations continue to be pared back with the first cut now seen at the June meeting with a total of 90 basis points of cuts priced in for this year. In late December, the market forecast the first cut at the March meeting and expected a total of 175 basis points of cuts.

We noted last week that gold was heavily oversold using the CCI indicator – see the story at the top of this article – and this weakness is currently being reversed. A move higher will find initial resistance from the 20-dsma at $2,023/oz. and ta prior level of horizontal resistance, and the 50-dsma around $2,033/oz. Initial support at $2,000/oz. ahead of $1,987/oz.

Comment:

SELL XAUUSD PRICE 2036 - 2034⚡️
↠↠ Stoploss 2040

→Take Profit 1 2029
↨
→Take Profit 2 2024

BUY XAUUSD PRICE 2007 - 2009⚡️
↠↠ Stoploss 2003

→Take Profit 1 2014
↨
→Take Profit 2 2019

Comment:

In terms of market trading on Wednesday, spot contracts for gold metal witnessed an increase of 0.19% and reached the level of $2,028.27 per ounce.

Comment:

SELL GOLD 2027 - 2025

↠  Stoploss 2030

→ Take Profit 1   2020
→ Take Profit 2   2010

Trade active:

+ 50pips, close a part move SL to entry.🔥

Comment:

🔴US Federal Reserve officials expressed concern that high inflation continues to harm families, especially those who have limited means to absorb higher prices.

Comment:

Comment:

➡️The Dow Jones Industrial Average gained 225 points, or nearly 1%. Those increases put the major averages on track to snap a three-day losing streak.