The Fibonacci 38.2% one-day and pivot point one-week R2 convergence at $1,854, where bullish commitments were made, is being tested by the gold price.
As bulls prepare to make their next push higher, the price of gold is attempting to build on the prior rise above $1,850.
The Fed Minutes revealed that policymakers are dedicated to battling inflation and anticipate that higher interest rates will remain in place, but markets are still pricing in a dovish Fed pivot by the end of 2023 as the odds of a recession increase.
Now focuses on the US employment data, which will offer additional insight into the Fed’s strategy for this year.
As investors become more apprehensive and gravitate to safety in the US Dollar, the brilliant metal is having a difficult time generating new demand.
The US Treasury bond yields are maintaining their position near weekly lows, preventing any potential downside for gold buyers.
The mixed US ISM Manufacturing PMI data and the US Federal Reserve (Fed) Minutes did not please, and the US Dollar suffered significant losses on Wednesday.
