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Prices Stabilising But February Was Very Negative

GOLD

Gold prices are up 0.2% during APAC trading after rising 0.5% on Tuesday. This left them down 5.2% in February as Fed hawkishness and sticky US inflation weighed on the yellow metal. It is now around $1830.55/oz, close to the intraday high. The USD index is currently flat.

  • Trend conditions remain bearish for gold and it continues to trade under the 50-day EMA. The next key level to watch is $1800 followed by $1787.30. A stronger-for-longer Fed pushes up the USD and Treasury yields which weigh on non-interest bearing bullion.
  • Later today the February Global S&P manufacturing PMIs print and the US manufacturing ISM, which is forecast to rise to 48, and construction data. The Fed’s Kashkari is participating in a moderated discussion.
Energy BulletsCommodities
Energy BulletsCommodities

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