XAU/USD

Gold prices suffered their worst day in 8 weeks on Tuesday with spot prices falling below the 200-day EMA and closing on the key $1900 level. But with gold lower against a basket of currencies, it shows gold is weaker and it's not just a case of a stronger USD or yields.

The focus shifts to the Fed next week, with the big question as what the bank sees on the horizon for the rest of the year. US data has remained hot but there are minimal expectations for any actual moves next week.

Gold prices are testing a massive spot of support above the 1900 handle, even as the US Dollar jumps to fresh highs. Can gold bulls turn a support test into a swing?

The US Dollar is holding near resistance ahead of high-impact data, with tomorrow’s CPI release followed by the Thursday ECB rate decision, and then next week’s FOMC meeting.

Despite competing with the strength of the dollar, gold has been trading higher against all other major currencies since its low in August. This could suggest that gold is acting as a safe haven, even if it is not immediately obvious from the XAU/USD chart.

Hawkish FOMC minutes caught markets by surprise which saw US bond yields and the USD continue to rise and sending Wall Street lower for a second day. Whilst spot gold closed beneath 1900, futures have not - so perhaps support awaits). USD/JPY is soaring higher despite a warning from the MOF. And now the ASX reached my first bearish target, I’m now wondering if it can it reach for the second.

The day has finally rolled around for today’s US inflation report, which likely has the power to sway the Fed’s next interest rate decision. So today we look at key levels for EUR/USD and gold ahead of the key CPI report.

Gold prices snapped a four-week winning streak with XAU/USD now testing multi-month uptrend support. Battle lines drawn on the weekly technical chart.

Tumbling bank stocks and a sharp slide in crude oil prices are highlighting financial stability and recession risks, underscoring our bullish silver outlook.

The gold outlook has improved because of a drop in US dollar and bond yields, following the release of more disappointing US data.

While the metal may well extend its drop in the short-term, my longer-term gold outlook remains positive. I therefore envisage a rise to a new record high soon.

Today’s US inflation report could be the difference between a 25bp Fed hike or pause at their May meeting, making it a key data point to watch.

Renewed weakness in bond yields and US dollar, thanks to soft US data, has brightened the gold outlook

Following tense weekend talks, UBS has agreed to purchase Credit Suisse by the end of the year for Fr 3 billion ($4.5 billion).

For gold to make a stronger recovery, we will have to see a surprise miss on Friday’s NFP

Gold prices are poised to mark an outside-weekly reversal off a key technical support pivot- bears on notice. The levels that matter on the XAU/USD weekly chart.

Markets cannot get enough of US inflation data at present and what it means for the Fed. And that means today’s PCE figures are now likely the more important.