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Gold gets lift from easing US dollar

Metals

The easing US dollar heading into the weekend has restored spot gold’s year-to-date gains, offering hope that the precious metal can put its February woes behind it.

The precious metal is set to register its first weekly gain of note since January, excluding the marginal 0.03% rise for the week ending February 10th.

From a technical perspective, gold’s gains this week may have been largely due to a technical rebound, as its 14-day relative strength index seeks to recover from “oversold” levels.

At the time of writing, gold is now testing its 21-day simple moving average (SMA) for immediate resistance.

Gold gets lift from easing US dollar

Next week’s US nonfarm payrolls report as well as Fed Chair Powell’s testimonies before Congress should have a major say on whether gold can stay sustainably above the $1850 line.

Gold’s recent gains could come undone if Fed Chair Powell successfully presses home the idea of a higher US rates peak, coupled with data confirming a still-resilient US jobs market.

 

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