Gold (XAU/USD) heading back to $1900? US CPI in focus [Video]

Brad Alexander FX Large Limited

Analysts and investors are thinking now that the US Federal Reserve may be done hiking rates for a while so the USD is weaker.

And, the conflict in Israel is strengthening the value of gold.

We see price action approaching this key level around $1888 with the next level above at $1900.

The stochastic oscillator is overbought but, don’t forget, in times of war we cannot always rely on technical indicators as the fundamentals, good news and bad news, are more important.

The USD is weaker against every pair except the JPY.

We would like to see EURUSD break this key level of resistance before we open another long position.

It’s the same with GBPUSD with several key levels above.

The US Indices are also responding to the idea that Interest Rate rises might be paused.

We See price action bouncing off the 200-Day Moving Average and moving higher with several key levels above.

For the US indices, USD and Gold, we will be watching today's inflation numbers with the US CPI release.

We spotted lots of price action gaps on Monday and the gaps on Crude Oil seem to be filled as we see WTI break this consolidation pattern to the downside.

GBP is generally stronger on most pairs.

GBPCAD also filled the gap that we spotted on Monday.

CFDs and FX are leveraged products and your capital may be at risk.

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.