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Bullion In A Tight Range As Market Waits For Wednesday’s Fed Minutes

GOLD

Gold prices traded sideways on Monday given that the US was closed for the Presidents Holiday. During APAC trading they have also been in a tight range and are only 0.2% lower at $1838/oz, close to the intraday low of $1837.20. It reached a high of $1843.80 earlier. The market is waiting for Wednesday’s FOMC minutes and Fed speakers for direction.

  • Bullion has moved further below its 50-day simple moving average. Initial support for the yellow metal is at $1819, the February 17 low, and resistance is at $1892.10, the 20-day EMA.
  • There are no Fed speakers in today’s US calendar but in terms of data preliminary PMIs for February print and are expected to improve. A reading above 47.5 for the composite index could weigh on gold prices. There is also January existing home sales, which are projected to rise after declining the previous month.
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