Gold Price Outlook: XAU/USD Firms Back Into Range Ahead of Fed Powell Speech

Gold, US 10-year yields, US Retail Sales and Industrial Production – Talking Points

Gold prices continued to firm slightly overnight as US 10-year Treasury yields drifted lower as the S&P 500 hit another record high. When returns on US fixed-income assets deteriorate, the anti-fiat yellow metal can benefit at times. The bigger picture for gold shows this move to be a consolidation in the wider range after rejecting the low at 1,675 for the third time this year last week.

Over the remaining 24 hours, we have a slew of potential market moving data and Fedspeak. It starts with US retail sales and industrial production before Fed Chair Jerome Powell hosts an online town hall conversation with teachers and students from across the nation. It is not known if Powell will make any comments toward Fed tapering in these conversations. Then on Wednesday, the market will be looking closely at the language in the FOMC minutes release for guidance on Fed tapering plans.

Illustrated in the daily gold chart below, we have the setup for the consolidation phase that the market is currently in, with the bounce off the low near 1,675. Despite this recovery, gold is yet to break significant resistance levels as it approaches several topside levels of significance with the 100 and 200 day simple moving averages coming in at 1,806 and 1,812 respectively. Additionally, the most recent previous high comes in at 1,834, providing further wood to chop for gold bulls.

XAU/USD – Daily Chart

To contact Daniel, use the comments section below

This content was originally published here.

Rate:

0 out of 5 stars(0 ratings)

Subscribe to Our Newsletter

money for gold logo

Learn About Buying and Selling Gold for the Best Prices

Get the latest news and expert advice on Gold!

We don’t spam! Read our privacy policy for more info.

Leave a Reply

Related

After briefly dipping below $1700 in the first half of August, gold prices rallied substantially through early…

Read more
Gold Price Analysis: XAU/USD bulls holding the fort at critical support

At the time of writing, XAU/USD is trading at $1,778.63, down -0.17%  after sliding from a high of $1,785.83 to a low…

Read more

GOLD OUTLOOK: XAU/USD PRICE EXTENDS RALLY WITH REAL YIELDS UNDER PRESSUREGold price action has advanced for eight out…

Read more

Share Great Content for Our Resource Section

About

MoneyForGold.com is a resource site created for those looking to sell their personal collection of gold - whether it’s jewelry, coins, bars, antiques, etc., anything made from gold can be sold for quick cash. We encourage visitors to signup and share quality “Money For Gold” resources.

Have a question or comment? Email us at: contact@moneyforgold.com

Navigation
MoneyForGold.com