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Prices Higher As USD Softens

GOLD

Gold prices are up about 0.3% to around $1819.75/oz after falling 0.2% on Wednesday. It is currently trading just under its intraday high of $1820.15. Bullion has found support from a weaker USD (DXY -0.3%). Fed expectations will shape the 2023 outlook for gold.

  • Trend conditions for gold remain bullish and the bull trigger is at $1824.50, the December 13 high. Key short-term support is at $1765.90, the December 5 low, and a break of this would signal a deeper retracement. It’s currently in a pattern of higher highs and higher lows.
  • Later today there are US jobless claims and the Chicago and Kansas Fed indices. The focus is on Friday’s personal consumption data which includes the Fed’s preferred measure of inflation for November, the core PCE – price index. There is also Michigan consumer confidence for December and November durable goods data on Friday.
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