Gold Extends Losses to Key Tech after US Inflation & Hawkish Fed
The precious metal is having a bad month and tests critical tech levels after Tuesday’s higher than expected inflation figures and renewed hawkish commentary by the Fed
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The precious metal is having a bad month and tests critical tech levels after Tuesday’s higher than expected inflation figures and renewed hawkish commentary by the Fed
The commodity jumped on Friday after Russia said it will cut output next month, but dropped on Monday as the US announced a sale of its reserves (SPR), with markets now bracing for the US Inflation update
Russia announced it is cutting its oil production by 500,00 bpd in March. This is in response to the West imposing price caps on Russian oil and related products.
Fed Chair Powell provided mostly hawkish remarks yesterday, but once again did not appear forceful, allowing XAU/USD to cover some of its post-NFPs slump
FXCM’s Brent CFD, UKOil, and its WTI CFD, USOil, have charted a higher trough followed by a higher peak. This is an uptrend. However, this week has seen decline.
The precious metal is moving as Fed Chair Powell did little to push back on market sentiment at yesterday’s press conference. Powell acknowledged that the disinflation process has started. Yields and the dollar fell and gold is benefitting from the lower greenback.
Oil prices are off to a poor weekly start in spite of strong Chinese PMIs and the upgraded growth forecasts by the IMF, as markets brace for the Fed’s upcoming policy decision
XAU/USD is pressured today, close to Tuesday’s nine-month highs, as markets gear up for key economic releases from the US over the following days
Oil capitulated in 2022, but recent price action shows accumulation. This, on the back of potential positives, should support energy prices.
The commodity is upbeat, as the European session gets underway, despite lackluster data from China, following a poor weekly start
Between June 2022 and November 2022, copper traded sideways in an accumulation pattern (green rectangle). Then, as the CHN 50 started appreciating, copper moved into a mark-up phase - trading above its 30-week EMA, with the EMA turned up. The RSI has pushed to the bullish side of 50 (blue rectangle). As long as it maintains this position, copper's underlying momentum will be biased to the upside.
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