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Instrument: GOLD
Technical Analysis
Bearish Preference: Sell if price trades below 1805.34 and take profit at 1804.66.
Bullish Preference: Buy if price trades above 1814.57 and take profit at 1816.27.
Fundamentals:
4:00pm USD Fed Chair Powell Testifies
Comment: During the end of January, silver was trading at roughly $25.50 per ounce. After a rapid price advance which took silver prices to $29.40 then on February 1, it sustained a major selloff taking the precious white metal to $26.33. What would follow would be a period of 12 trading days in which prices consolidated around $27. All of the precious metals benefited from a weaker U.S. dollar. The dollar index lost roughly 3/10 of a percent today and is currently fixed at 90.10. Markets will turn their focus to Federal Reserve Chair Jerome Powell who is delivering his semi-annual testimony on Tuesday. Powell is likely to reiterate a commitment to keeping policy super easy for as long as needed to drive inflation higher.
