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Gold Approaching Bull Trigger On Less Hawkish Fed

GOLD

Gold prices are up again so far today rising 0.4% to around $1776.20/oz after Fed Chairman Powell signalled a stepdown in tightening in December. It is off of its intraday high of $1779.99. The further downward move in the USD today (DXY -0.3%) is helping bullion to rally.

  • Gold has been approaching the bull trigger of $1786.50, the November 15 high, this rally but hasn’t reached it yet. Further USD and Treasury yield weakness would be needed to take it through that level.
  • There are European and US November manufacturing PMI/ISM data later. There is also some Fed speak and US consumption and jobless claims data. Weakness here could push gold prices higher.
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Gold prices are up again so far today rising 0.4% to around $1776.20/oz after Fed Chairman Powell signalled a stepdown in tightening in December. It is off of its intraday high of $1779.99. The further downward move in the USD today (DXY -0.3%) is helping bullion to rally.

  • Gold has been approaching the bull trigger of $1786.50, the November 15 high, this rally but hasn’t reached it yet. Further USD and Treasury yield weakness would be needed to take it through that level.
  • There are European and US November manufacturing PMI/ISM data later. There is also some Fed speak and US consumption and jobless claims data. Weakness here could push gold prices higher.