Gold prices are bullish and hit 2 week highs this week and make investors pay attention. Metals traders are awaiting the U.S. data point of the week, which is Thursday morning’s consumer price index report for January, expected to come in at up 7.2%, year-on-year. That would be a hot reading if the CPI number meets market expectations.
Overnight, global stock markets were mainly up. At lunchtime, U.S. stock indexes are higher. The publishing of corporate earnings reports continues to draw attention. Despite the largely positive earnings reports, traders and investors remain concerned about rising inflation and the timeliness of the Federal Reserve's monetary policy tightening. Rising U.S. Treasury yields this week imply that the market is betting on the Fed hiking rates more aggressively in the coming months.
The marketplace is still closely watching the Russia buildup of troops and weapons on the Ukrainian border. However, there are growing notions Russia may not invade Ukraine, amid a flurry of diplomacy from European nations.
Technically, April gold futures prices hit a two-week high today. Bulls have the firm overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at the January high of $1,856.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the January low of $1,780.60. First resistance is seen at $1,840.00 and then at $1,850.00. First support is seen at today’s low of $1,825.50 and then at $1,816.00.
By Mr. Chhea Chhayheng, business manager of Golden FX Link Capital
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