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Bullion Higher Again Today After Fed Comments Wiped Wednesday’s Gains

GOLD

Bullion is up today after giving up its gains on Wednesday in the wake of Fed comments affirming that rates will need to go up further to get inflation back to target. Gold prices are 0.2% higher during APAC trading reaching a high of $1880.33/oz and are now trading around $1879.00. The USD is slightly lower.

  • Gold is trading above its 50-day simple MA but trend conditions remain bearish. It has been trading between its resistance at $1897.40, the 20-day EMA, and support at $1861.40, the February 3 low.
  • Later today there is little in the US with no Fed officials scheduled to speak and only jobless claims on the data calendar.

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