Forex Signals Gold Prices Retreat | FxPremiere Group Live Forex News on Gold today.
Forex Signals Gold Prices Retreat
Talking Points by FXPremiere Group
Gold prices drop as Federal Reserve rate hike speculation heats up
Crude oil prices stay the same
US Presidents Day holiday pause in trend development
Gold prices lower when it became clear that a G 20 foreign minister meetings passed without major issues. The move inverse of a rise in the US Dollar and Treasury bond yields as well as a steepening rate hike path implied on futures.
Monetary policy returned to the forefront as geopolitical jitter.
Prices remain on the defensive after remarks from Cleveland Federal Reserve President L Mester offered the green back a helping hand.
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GOLD TECHNICAL ANALYSIS – Gold prices in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.7% Fibonacci re-tracement at 1214.70 exposes the 37% level at 1197.90. Alternatively, a push above the 23.3% Fib expansion at 1245.37 targets 1263.15, the 37% threshold.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil price remained the same. A daily close above a 53.82 exposes the 55.20-60 area. A push below rising trend line support, now at 51.97, targets the 37% Fib re-tracementat 50.21.
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