After the fall in gold prices last week due to NFP data which supported the strengthening of the dollar, gold prices tended to be stable despite upward pressure but still did not exceed market expectations. The highest price after the decline in gold was $2317 which was formed yesterday.
Investors today will focus on the FOMC statement which will provide an overview of the direction of the Fed's policy in the future. A hawkish statement might cause the USD to strengthen and gold is often negatively correlated with the USD.
On the other hand, today the US CPI data will be released and the Fed funds rates will be the focus of investors. Gold's lower volatility may be due to stalled Chinese buying. Data from Forexfactory CPI core is forecast at 0.3% with previously revised data of 0.3%.
In the short term the price of gold moves below the upper band line. Bollinger bands draw flat channels with narrow band spacing reflecting sideways with less volatility. MA 50 below the middle band drawing a flat channel also indicates a sideways market. Meanwhile, the RSI points to level 59, which means the price of gold is above the uptrend level in this time frame.
View attachment 7093
Investors today will focus on the FOMC statement which will provide an overview of the direction of the Fed's policy in the future. A hawkish statement might cause the USD to strengthen and gold is often negatively correlated with the USD.
On the other hand, today the US CPI data will be released and the Fed funds rates will be the focus of investors. Gold's lower volatility may be due to stalled Chinese buying. Data from Forexfactory CPI core is forecast at 0.3% with previously revised data of 0.3%.
In the short term the price of gold moves below the upper band line. Bollinger bands draw flat channels with narrow band spacing reflecting sideways with less volatility. MA 50 below the middle band drawing a flat channel also indicates a sideways market. Meanwhile, the RSI points to level 59, which means the price of gold is above the uptrend level in this time frame.
View attachment 7093
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