Gold is trapped between hourly support and resistance.
The bulls are relying on a move above $1,837 while bears seek a break below $1,831.
Gold price is holding in a bullish territory after climbing from the start of the week's low near $1,823 and reaching a high of $1,844. However, the yellow metal finished with a loss on Thursday, following three three-day winning streak, as strength in the U.S. dollar weighed. The US Dollar Index, DXY,a measure of the greenback's strength against a basket of rivals, gained 0.6% to 105.102
The greenback and bond yields rose on expectations of higher interest rates due to a series of unexpectedly robust economic reports that have hit the screens in recent weeks that may prompt a more hawkish response from the central bank. The data has been promoted Fed member Kashkari (voter) to review his prior dovish stance who said he is open to a 50bps hike at the March meeting. Still, he emphasized that the terminal rate is more important than the size of rate hikes.
Analysts at ANZ Bank said that the data is likely to keep pressure on the Fed to raising rates. ''A stronger USD and higher yields were also headwinds for investor demand of the precious metal.'' Indeed, the US rate futures have priced in a peak fed funds rate of 5.4% hitting in September. The market has all but priced out Federal Reserve rate cuts this year. The Federal Reserve sentiment is keeping the greenback in the hands of the bulls as marked price in the notion that the central bank will have to raise interest rates more than initially expected.
คำชี้แจง (Disclaimer) : เนื้อหาข้างต้นเป็นเพียงมุมมองของผู้เขียนแต่เพียงผู้เดียว และไม่ได้แสดงหรือสะท้อนถึงจุดยืนอย่างเป็นทางการของ Followme แต่อย่างใด Followme ไม่รับผิดชอบต่อความถูกต้อง ความครบถ้วน หรือความน่าเชื่อถือของข้อมูลที่ปรากฏ และจะไม่รับผิดชอบต่อการดำเนินการใด ๆ ที่เกิดขึ้นจากเนื้อหานั้น เว้นแต่จะมีการระบุไว้เป็นลายลักษณ์อักษรอย่างชัดเจน
เขียนข้อความของคุณตอนนี้