Gold Price Forecast: XAU/USD bulls beaten back by the US dollar bulls at key daily resistance – by fx_ross Gold DollarIndex Fed Commodities
a high of $1,725.60 to a low of $1,706.95 but held above the prior day's lows despite firmer US yields and a stronger US dollar.
The classic falling wedge and M-formation is bullish for the outlook in lumber. From sawmills to store shelves, lumber can tell the markets a lot about what’s going on in the US economy and with prospects of higher prices in oil and lumber, inflation would be expected to stay elevated. This in turn coincides with a chorus of Fed's hawkish speakers this week.of Chicago has said in recent trade that inflation is very high right now and that's the issue that's top of mind for the Fed.
''In the meantime, however, the margin of safety against a change in trend signals has eroded, which places a low bar for additional buying activity from CTAs. While the cohort has continued to add to their silver length in recent sessions,As for price action on the day, so far, the US dollar, despite downbeat Initial Jobless Claims, rose and extended its gains from the previous day. On Thursday, the greenback is back above 112.
''We also look for wage growth to moderate to 0.3% m/m. Separately, regional surveys continue to point to the loss of momentum in mfg activity. While we look for a decline in the ISM index, we note that it has failed to match prior weakness suggested by otherA break of the recent $1,735 highs opens the risk of a significant bullish extension. However, it is make-or-break time and the price could easily retreat, depending on Friday's NFP and next week's inflation data.
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