Gold price is facing headwinds

27 July, 2017

Gold price is facing headwinds

The gold price is facing headwinds for a third straight day today as investors await an interest rate decision from the US Federal Reserve followed by a monetary press conference.

Overall gold has made some solid gains over the past 2 weeks on the back of US dollar weakness and although the precious metal has been under pressure for the past few trading sessions, many expect the uptrend to continue.

No rate changes are expected from the Fed today so all eyes will be on the following statement, which many expect to be less than enthusiastic on the back of recently released inflation figures which currently sit below the Fed’s target rate.

This event may be the catalyst for gold continue its rise as it may signal the end of rate rises this year from the Fed.

Gold has faced stiff resistance at the $1,260 level as we can see on the chart and has found good support at $1,246 which is expected to hold until the speech from the Fed. If as predicted the announcement is dovish gold, should finally break the critical $1,260 level and push significantly higher with $1,260 becoming the new support level


Source link  
Stagflation a threat to US dollar

The US dollar jumped suddenly after yesterday’s release of better than expected inflation data and then suddenly reversed into negative territory which...

Gold made a run for the $1365 mark

If we look at the arrow on the weekly gold price chart we can see that a resistance point that was first encountered in around august of last year...

Gold awaits direction of Stockmarket

The gold price has remained in a tight range over the last 3 trading sessions as equity markets in the US continue to swing wildly and are now down...


US dollar in for a tough year

The US dollar finished off 2017 mostly weaker against the major currencies despite 3 rate hikes from the US Federal Reserve and although...

RBA misleads investors on AUD

The Australian dollar has dropped sharply in today's Asian trading session on the back of disappointing data and throws into question yesterday...

Brexit doubts pressure pound

The British pound has enjoyed a good run against its US counterpart ever since rumors spread that the EU and the UK were close to reaching a deal...


Gold steady ahead of key news

The gold price is trading slightly higher today as the market awaits the senate testimony later today from Jeremy Powell who is Donald...

Gold looks to go past $1300

The gold price remains well supported today after yesterday’s stellar gains on the back of a less than convincing speech from The US Federal Reserve...

Gold remains supported

After falling sharply on Monday, the gold price has stabilized over the last 2 days and it looks as if for now, the precious metal has found strong...

  


Share: