During the previous week there has not been much important fundamental data for the US posted, in which sense, both the USD and Gold had a relatively steady week. The US inflation data for December were released, and the results were better than expected for 0.1%, which moved the USD to a modestly higher ground, while the price of gold reverted a bit to the downside. However, these moves were not the significant ones, as the highest-lowest trading range of gold for the previous week was between $2.044 down to $2.014. The price of gold ended the week at $2.024.
The resistance line at $2.050 has not been clearly tested during the previous week. The RSI was moving within a range 46 up to 51. There is still no clear indication that the market is ready to set the road toward the overbought market side. Moving average of 50 days is currently moving as a parallel line with MA200, without an indication that the stronger convergence might start soon.
Currently sensitive data for the US economy are scheduled to be published within the week ahead, like inflation rate and retail sales for January. These data might impact the price of USD and consequently, the price of gold. It could be expected to have some higher volatility, but without any kind of strong moves toward either side. As per current charts, the support line at $2K is pending testing, which might occur in the week ahead. On the opposite side, the resistance line at $2.050 has not been clearly tested during the previous week, which also might be a short term target for the price of gold.
Important news to watch during the week ahead are:
USD: Inflation Rate for January, Retail Sales for January, Building Permits preliminary for January, PPI for January, Michigan Consumer Sentiment preliminary for February.
The resistance line at $2.050 has not been clearly tested during the previous week. The RSI was moving within a range 46 up to 51. There is still no clear indication that the market is ready to set the road toward the overbought market side. Moving average of 50 days is currently moving as a parallel line with MA200, without an indication that the stronger convergence might start soon.
Currently sensitive data for the US economy are scheduled to be published within the week ahead, like inflation rate and retail sales for January. These data might impact the price of USD and consequently, the price of gold. It could be expected to have some higher volatility, but without any kind of strong moves toward either side. As per current charts, the support line at $2K is pending testing, which might occur in the week ahead. On the opposite side, the resistance line at $2.050 has not been clearly tested during the previous week, which also might be a short term target for the price of gold.
Important news to watch during the week ahead are:
USD: Inflation Rate for January, Retail Sales for January, Building Permits preliminary for January, PPI for January, Michigan Consumer Sentiment preliminary for February.
