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

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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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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.