Gold looking good technically

13 July, 2017

Gold looking good technically

The gold price has racked up its fourth straight day of gain in early European trading today after Yesterday’s speech by Fed president Janet Yellen.

In an about turn from previous speeches, Yellen noted that future rate rises are not a done deal and very data dependant, especially on the question of inflation.

It seems that the trigger for any future rate increases from the Fed is inflation hitting 2 percent which the Fed president acknowledged had not happened yet.

“It’s premature to reach the judgment that we’re not on the path to 2 percent inflation over the next couple of years,” she said. “We’re watching this very closely and stand ready to adjust our policy if it appears the inflation undershoot will be persistent.”

This may be just the news that gold needed as we can see on the chart. The precious metal is now making a run for the $1,223 level which it hit five days ago but then faced stiff resistance.

This time Yellens speech may be enough to push gold higher as the market had been expecting more rate cuts and a much more bullish tone but it seems that is a distant memory.

It could head up to the next critical level which is $1,240 which may become the next support level for gold to go even higher.


Source link  
Gold awaits US employment data

The gold price is under further pressure today after being hammered over the last week and as we mentioned yesterday, any sustained break down...

Gold ready for breakout to the upside

The gold price has certainly behaved strangely this week, failing to react to news which would usually send the precious metal considerably higher...

Pound set to rally

The British pound continues to rise today against its US counterpart after rumors surfaced yesterday that the UK has reached a settlement to leave the European union...


Gold awaits news on tax reform

The gold price is making another run for the $1,300 mark in today’s trading session on the back of US dollar weakness and as the market...

Gold takes a breather, comeback predicted

The gold price has drifted slightly lower for the 2nd day in a row on the back of profit taking as the US as the US celebrates thanks giving...

Gold looks to tax reforms

The gold price is slightly lower in today’s European trading session although it is still hovering around 1 month highs as fears grow that US President...


Gold set to go higher

The gold price has moved significantly higher over the last 4 trading sessions on the back of US president Donald Trump’s trip to Asia as well as political turmoil for the president back home...

Euro set to weaken further

The Euro is under further pressure today against its US counterpart after suffering heavy losses on Friday on the back of strong data from the US...

Gold awaits next Fed chair

The gold price is heading for a 2nd day of gains as the market awaits US president Donald Trump’s choice for the next candidate to run the US Federal...

  


Share: