Gold is attempting to rally after a protracted downturn. The precious metal is currently trading at $1,787.60 and could hover in the range of $1,760-1,790 for some time. The next target for gold is $1,800, then $1,808.
The price of gold went up after Moderna’s CEO said the company would not likely be able to quickly adapt its vaccines to the new COVID-19 strain, but buying still looked very cautious.
Yesterday, Fed Chair Jerome Powell, in his testimony before the Senate, announced that the regulator’s next meeting will consider speeding up the pace of tapering monthly bond purchases. This means that the time for raising the interest rate could come earlier than expected. And while these remarks do not allow gold to lock in any major gains for the time being, demand for safe haven assets still remains in play.
Spot gold is once again easing away from the $2000 handle, after having twice this week briefly surfaced above that psychologically-important mark. From a technical perspective, gold appears to be clearing even more froth as its 14-day relative strength index pulls back once more from the 70 threshold which marks “overbought” conditions.
24 March 12:19
Gold has broken above the psychologically-important $2k for the first time since March 2022 (following Russia’s invasion of Ukraine)! And gold could stay supported this week, as major central banks hold their respective policy meetings amid the market tumult and banking crisis engulfing both sides of the Atlantic.
20 March 10:41
Spot gold has skyrocketed towards its biggest weekly gain since November as contagion fears permeated global financial markets this week. The Credit Suisse crisis exacerbated the risk-off sentiment stemming from Silicon Valley Bank’s collapse, prompting market participants to rush towards safe haven assets.
17 March 12:00
A lower-than-expected NFP headline figure today, which suggests that January’s blockbuster number was a fluke, is likely to restore spot gold back above $1850. However, a stronger-than-expected February NFP print which ramps up market fears for an even-more aggressive Fed may drag spot gold back closer to the $1800 mark.
10 March 12:34
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