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Bullion Now Flat On The Day, Focus On Powell Tuesday And Wednesday

GOLD

Gold prices are trading in a narrow range during the APAC session after rising 1.1% on Friday supported by lower US yields and dollar. Bullion is currently around $1855.55/oz, close to the intraday high, after reaching a low of $1850.87 following the disappointing China growth target. China is the largest consumer of the precious metal. The USD index is down slightly.

  • Gold remains in a bearish trend but broke through the 50-day EMA of $1846 on Friday and has remained above that level, which has strengthened the short-term bullish conditions. The next level to watch is $1870.50, the February 14 high. Key short-term support is at $1804.90, the February 28 low, and a break through this would see recent bearish activity resume.
  • There are no Fed speakers today and only US January factory orders and final durable goods orders print. The focus will be on Fed Chairman Powell’s appearances before a Senate panel on Tuesday and the House financial services committee on Wednesday. He is expected to reiterate that rates need to rise further, which will be negative for gold.
Energy BulletsCommodities
Energy BulletsCommodities

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