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Euro Weakening Is Clear, Check EUR/USD Price Today!
News Points :
- Gold prices fluctuated around intraday after bouncing off a one-week low the previous day.
- US dollar fades recovery move from six-month low amid weak US data
- US PCE looks key for gold traders amid concerns about hawkish FedEuro Weakness Is Clear, Check EUR/USD Price Today!
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USD/JPY Bearish at 136.00, Bank of Japan Targets 2% Inflation
DXY posted its first daily decline in three days, down around 0.18% to near 104.58 intraday. DXY struggled to justify the recent hawkish comments from Cleveland Fed Bank President Loretta Mester and New York Fed President John Williams. The reasons were attributed to the preliminary US PMI prints for December and the Fed’s 0.50% rate hike. Recession fears kept gold prices bullish as global central banks maintained their hawkish bias amid fears of higher inflation. On the other hand, concerns over the improvement in Covid conditions in China also challenged the rise in global gold prices (XAU/USD). Looking ahead, Friday’s US PCE or Core Personal Consumption Expenditure – the price index is expected to come in at around 4.6% YoY from the previous reading of 5.0%, which is important for gold traders as the same is the Fed’s preferred inflation gauge.Technical Analysis of Gold Prices
Gold is struggling to hold the $1,780 support comprising the 100-SMA and a five-week-old rising trendline. Bullish MACD signals and stronger RSI make gold buyers hopeful of breaking past the one-week-old descending resistance line, located around $1,800. However, the upward sloping trendline since November 15 is nearing $1,830 and will be a tough nut to crack for the bulls. Alternatively, a downside break above $1,780 could quickly drag gold prices to the monthly low near $1,765. After that, the six-week-old horizontal support area is located around $1,720 and could challenge gold bears before hitting the $1,700 threshold. Above is information about gold prices. Keep up to date with other latest information through the GIC journal which will be announced daily. Of course, you can also trade on the GICTrade application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from 0 Rupiah! Also, join the GIC Gebyar Hadiah and get attractive prizes in it from GIC worth billions of Rupiah without a draw!Maximum Profit By Using This Account!
