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Prices Up Again Ahead Of Fed Chairman Powell

GOLD

Gold prices are up again today by 0.3% to $1754.50/oz supported by a weaker USD (DXY -0.3%). Bullion has been trading above $1750 for most of the session.

  • Trend conditions for gold remain bullish but prices have not made much progress to the bull trigger at $1786.50, the November 15 high.
  • November has been a good month for gold prices driven by signals that the Fed will slow its tightening pace at its December meeting. A clear communication from China that it is going to ease restrictions should boost gold prices further.
  • Tonight Fed Chairman Powell speaks and is expected to signal the size of the next rate move. Gold prices are likely to react inversely to the USD. Fed Governors Cook and Bowman are also scheduled to speak. On the data front there is US trade, JOLTS and ADP job data.
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