Home Featured Mid-Week technical outlook: gold heading back to $2000?

Mid-Week technical outlook: gold heading back to $2000?


By ForexTime 

  • Gold is boosted by Fundamental Forces
  • Technical indicators indicate further upward movement
  • It’s time for bulls step up their game?
  • All eyes on psychologically important $2000 level

Gold prices glowed on Wednesday following a rise of more than 1% during the previous session.

The precious metal gained strength from a Falling Treasury yields and a weaker dollar Follow the link US inflation data is lower than expected Tuesday.

Fed Funds futures indicate that traders are pricing in a 50 basis point rate reduction by July 2024. 

Given gold’s zero-yielding natureAs expectations about the future rise, it is possible that further gains will be made. Fed to cut interest rates by 2024 It is wise to pay close attention to the incoming US retail sales data Other key reports Federal Reserve officials are speaking out this week This could lead to a change in expectations about what you expect. Fed to do beyond 2023 – ultimately impacting gold prices.

If you look at the technical picture of gold, it could move higher if: A daily close of more than $1968 per day is achieved.

Bulls are armed with technical and fundamental ammunition after rebounding this week from the 200-day SMA. They can now attack the psychological…

Continue reading…