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  
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...

US dollar hit from 2 sides

The US dollar is under pressure against the major currencies today as fears grow over the possibility of tax reform as well as disastrous results...

Australian dollar has further to fall

The Australian dollar is under further pressure today after yesterday’s spectacular plunge which seems to have put to bed any interest rate hike...


Gold technical review

The gold price has finally stabilized today after suffering 3 days of heavy losses and we may be in the process of a double bottom formation. It seems as if the news out of Spain...

Oil set to rebound

The Oil price has finally settled in today’s trading after a week of heavy losses on the back of profit taking and some say that the price may once again head higher. Following a solid month of gains...

New sanctions won't hurt gold

The gold price is stable in early Asian trading today after falling heavily yesterday after a planned missile test from North Korea failed to eventuate...


Gold down but not out

The gold price has bounced back in today’s trading after racking up losses on the back of a deal between the white house and Congress and some say yesterday was just a small...

Oil to remain capped at $50

The oil price is making another run for the $50 mark today over concerns about the damage that Hurricane Harvey has caused, but below it will struggle...

Gold down on profit taking

Gold has pulled back in the last 3 days on the back of profit taking but by no means is the rally over with so much uncertainty around us at the moment...

  


Share: