VOT Research Desk
Gold price (XAUUSD) has recovered after a marginal correction that dragged the asset below $1,750.00 in the Tokyo session.
The precious metal is aiming to shift its auction profile above $1,750.00 as the risk profile has continued its upbeat performance on Friday.
It is worth noting that US markets will be closed on Friday on account of Veterans Day.
October’s inflation report has clarified that the Federal Reserve (Fed) will re-consider its policy tightening plans and may slow down its current pace of hiking interest rates. However, Cleveland Fed Bank President Loretta Mester thinks the US central bank should keep enforcing its tight policies given how persistent inflation is.
As long-term inflation forecasts are set to be released on Friday, the US economy will be put to another test on inflation. Long-term inflation expectations are firmly rooted at about 2%, according to the Fed.
An increase in economic data might ruin the market’s outlook in the near future. As long-term inflation forecasts are set to be released on Friday, the US economy will be put to another test on inflation.
Long-term inflation expectations are firmly rooted at about 2%, according to the Fed. An increase in economic data might ruin the market’s outlook in the near future.
Gold Technical Analysis
The 200-period Exponential Moving Average (EMA) at $1,760.00 is only a hair away from being kissed by the gold price on a daily basis for the first time in the previous five months.
The horizontal resistance set from the low on June 14 at $1,805.11 will serve as a significant roadblock going forward.
For the first time in seven months, the Relative Strength Index (RSI) (14) has over the 60.00 mark and is overbought.
