XAU/USD Set to Edge Higher as Global Bourses Look to Deflate

Frank Walbaum FX Strategies.Asia

Gold is slowly rising despite a stronger USD as global bourses seem to have reached a peak and the only way from here is down. XAU/USD was also supported as the U.S. Federal Reserve is expected to keep interest rates on hold at its first policy meeting of the year later this month (lower interest rates and a cheaper dollar encourage the buying of the bullion which is considered a more “secure” investment). Get ready for this key event with my free live webinar, BDSwiss webinar.

Being well supported the long-term weekly and daily charts showing further demand and a possible push higher towards the 1575 level but may also test a resistance at $1,564 per ounce

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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