The latest data published for the inflation in the US is showing that evidently the US inflation is slowing down, which is increasing the probability of Fed`s pivoting during the course of the year ahead. As reference interest rates are preparing to drop, the USD is weakening, while the price of Gold followed its negative correlation. During the previous week gold was moving in a range between $2.018 low and $2.070 high. As per current sentiment, the market showed strength to push the price of gold to higher grounds, however, due to market holiday during the week ahead, such a move might be postponed for the year ahead.
The RSI index continued to move around level of 60 during the whole week, following relatively short gold moves. It indicates that the clear move toward the oversold side is currently postponed. Moving average of 50 days continues to diverge from its MA200 counterpart, indicating that there will be no cross in the coming period. As markets have already started to prepare for the celebration of Holiday and New Year, there should not be expected to see any significant move in the price of gold in a week ahead. It might oscillate between $2.050 and $2.070.
Important news to watch during the week ahead are:
Western markets are closed on Monday, without any important news scheduled for the week ahead.
The RSI index continued to move around level of 60 during the whole week, following relatively short gold moves. It indicates that the clear move toward the oversold side is currently postponed. Moving average of 50 days continues to diverge from its MA200 counterpart, indicating that there will be no cross in the coming period. As markets have already started to prepare for the celebration of Holiday and New Year, there should not be expected to see any significant move in the price of gold in a week ahead. It might oscillate between $2.050 and $2.070.
Important news to watch during the week ahead are:
Western markets are closed on Monday, without any important news scheduled for the week ahead.
