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Gold technical analysis, overview, strategies, and levels
There was a lack of play yesterday with price movement rangebound and within yesterday’s daily levels. And when it comes to gold prices, it’s rare to view consecutive calm sessions as a sign that there’s an absence of volatility coming, especially with what’s on offer tomorrow and the week ahead. As for yesterday, US yields enjoyed significant gains on the further end of the curve (while on the shorter end the two-year briefly breached 0.7%) helping lift real negative longer-term yields off of lows, inflation expectations rising a bit, markets still slightly majority pricing in a rate hike for May.
And the ten-year auction yesterday getting a decent bid-cover ratio.
We’ve got the 30-year auction tonight, but it’s really about Consumer Price Index (CPI) readings out of the US tomorrow, which combined with major central bank announcements next week meaning net, breakouts are expected to eventually outperform if market movement lives up to expectations, the proximity of price to key moving averages and the huddling of key indicators masking moves as false signals may throw off traders.
Read More: Little changed with Gold ahead of US CPI figures tomorrow