Bullion Steady, Upcoming Fed Speakers May Give Some Direction

Gold continues to trade around $2026/oz, where it closed on Wednesday and around the mid-point of its range this year. With the USD little changed and few major data releases, there is not much to drive bullion. Fed speakers coming up later today may give it some direction. It is currently at $2026.59.

• Gold is moving well below resistance at $2065.50, February 1 high, and it needs to clear this level in order for the bullish theme to be reinstated. It is currently just below its 50-day simple moving average.
• Increasing “high-for-longer” Fed views have stalled gold prices. There are a number of Fed speakers later but the focus is likely to be on Fed Governor Waller as he is speaking on the economic outlook and he’s on the FOMC. He has said that he’s cautious re easing.
• The Fed’s Waller, Jefferson, Harker, Cook and Kashkari speak later. In terms of data, US/Europe preliminary February PMIs are released, as well as US jobless claims, Chicago Fed index, US existing home sales, final January euro area CPI and Canadian retail sales.