- US Q4 GDP revised lower, inflation indicators revised higher.
- Jobless Claims, Chicago Fed Activity surpassed expectations.
- Gold’s rebound fails to rise above $1,830.
Gold prices rebounded after hitting fresh monthly lows amid risk appetite and an intraday reversal of the US Dollar. XAU/USD bottomed at $1,817 following the release of US economic data, the lowest level since late December and then bounced back toward the $1,830 area.
Data released in the US came in mixed. Initial Jobless Claims dropped to 192K, the lowest level in three weeks. The second reading of Q4 GDP showed a lower annualized growth rate of 2.7% below the 2.9% of the previous estimate. Inflation indicators of the GDP report were revised higher. The Chicago Fed’s National Activity Index rose from -0.43 to 0.23, surpassing expectations.
Investors continue to digest the FOMC minutes and the new economic numbers. The Dow Jones is climbing 0.43% and the Nasdaq is rising 0.50%. US yields are modestly lower, hovering near monthly highs.
The US Dollar peaked after the release of US data while Gold bottomed at $1,817, the lowest since December 30. The yellow metal then rebounded toward $1,830 but it was unable to rise back above that key short-term level.
Following Wall Street’s opening bell the Dollar gained momentum again and pushed XAU/USD back to the downside. XAU/USD is approaching the $1,820 area, which is critical. A consolidation below would open the doors to more weakness, targeting initially $1,812.
XAU/USD daily chart
|Today last price||1826.29|
|Today Daily Change||1.43|
|Today Daily Change %||0.08|
|Today daily open||1824.86|
|Previous Daily High||1846.11|
|Previous Daily Low||1823.63|
|Previous Weekly High||1870.71|
|Previous Weekly Low||1818.93|
|Previous Monthly High||1949.27|
|Previous Monthly Low||1823.76|
|Daily Fibonacci 38.2%||1832.22|
|Daily Fibonacci 61.8%||1837.52|
|Daily Pivot Point S1||1816.96|
|Daily Pivot Point S2||1809.05|
|Daily Pivot Point S3||1794.48|
|Daily Pivot Point R1||1839.44|
|Daily Pivot Point R2||1854.01|
|Daily Pivot Point R3||1861.92|
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