Gold is continuing to hold., building support for week ahead. Even though US Treasury rates have increased, gold is still supported.
Gold eyes-two primary factors affecting the coming week are US inflation & the FOMC monetary decision.
While the US government proceeds to sell huge quantities of securities across the curve. The US Treasury rates resume their steady climb higher. More than $200 billion in short-dated bills, a total of $72 billion in notes as well. Plus $18 billion of opened 30-year bonds are among the offerings that were released yesterday.
Source: Treasury Direct
Next week’s economic schedule is jam-packed with significant US data releases and occasions, Including Tuesday’s inflation data and Wednesday’s FOMC standing out. It shall be important to keep track of the three-monthly FOMC economic predictions -dot plots as well as the presser after the FOMC decision. The press briefing and predictions will provide investors with a deeper understanding of the Fed’s present position. Even if it is predicted interest rates will remain steady.
Gold Specific Economic Activity Schedule for Next Week
Gold Technical Perspective
With gold seeking but unable to break above on an array of times over the past two weeks. The $1,932-$1,940/oz. region is demonstrating to be an important point of immediate support for gold. The price of spot gold is presently trying to move over the 20-SMA. An interim indication that has been weighing on the price of gold for the past month. And is just barely back to $1,960/oz. The schedule for next week will determine the near-term course.
Trader’s Positioning
According to statistics from retail traders, 64.49% of speculators are net-long. which puts the long-to-short ratios at 1.82 to 1. Those who are who are net-long are dropped 15.96% from earlier. And up 0.28 percent from the week prior. Whereas those who are overall-short are up 32.33% from Thursday yet down 0.76% from the previous week.
