21 Aug 2013
Bullish gold futures drifting after strong intra-session rally Tuesday
FXstreet.com (Barcelona) - Gold rallied hard from 06:00 GMT until 14:00 GMT Tuesday – reversing earlier losses and then some. Since 14:00 GMT, though, it has eased back down as traders await Asian market action to commence.
Gold traders eye the FOMC minutes, interest rates and the DXY for clues
Wednesday will be interesting for those interested in gold’s movements as the US FOMC’s release of their monthly policy meeting minutes and some US existing home sales data may provide valuable clues as to the direction of interest rates, the US Dollar Index (DXY) and commodities (especially gold).
Technical outlook for gold
Gold’s next stop on the upside in the short-term will likely be at around 1,394, but technicians maintain that the more serious test for gold will not come until the 1,438 – 1,441 Fibonacci-generated target range. Short-term support for gold comes in at the previous breakout point of 1,349.10.
Gold traders eye the FOMC minutes, interest rates and the DXY for clues
Wednesday will be interesting for those interested in gold’s movements as the US FOMC’s release of their monthly policy meeting minutes and some US existing home sales data may provide valuable clues as to the direction of interest rates, the US Dollar Index (DXY) and commodities (especially gold).
Technical outlook for gold
Gold’s next stop on the upside in the short-term will likely be at around 1,394, but technicians maintain that the more serious test for gold will not come until the 1,438 – 1,441 Fibonacci-generated target range. Short-term support for gold comes in at the previous breakout point of 1,349.10.