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Gold confined to a range with bullish long-term prospects

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Gold News

XAUUSD,Technical Analysis,Fundamental Analysis

Gold (XAU/USD) continues trading in a familiar range within the $2,320-$2,330s, just below the 50-day Simple Moving Average (SMA) on Tuesday, amid Futures’ traders “short-covering”, as well as “bargain hunting” by longer-term investors, according to Kitco’s Jim Wyckoff.

Gold is trading in a narrow range as the outlook for a key driver – US interest rates – remains opaque. The Fed continues to weigh up the pros and cons of cutting interest rates, a potentially positive event for Gold. Multiple geopolitical factors suggest a broadly bullish backdrop for the precious metal.

Prior to him, San Francisco Fed President Mary Daly told CNBC that cooling inflation showed that the monetary policy was working as it should, but that it was still too early to tell when it would be appropriate to cut interest rates. Now traders are awaiting more commentary from Chairman of the Fed Jerome Powell on Tuesday, whilst US jobs data including JOLTS Job Openings and then the Nonfarm Payrolls release on Friday could all color the outlook for interest rates and impact Gold.

 

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