London Gold - Gold prices rise to nine-month highs, Powell speaks in a slightly dovish tone
The price of gold rose to a nine-month high, Powell's tone of speech was slightly dovish
Gold prices rose sharply on Wednesday after U.S. Federal Reserve Chairman Jerome Powell's unexpectedly dovish comments on the fight against inflation sent the dollar lower and signaled to investors that peak interest rates may be near. The Fed raised its benchmark interest rate by 25 basis points on Wednesday, but still pledged to "continue to raise" borrowing costs as part of its unfinished battle against inflation.
As can be seen from the technical chart, RSI has shown three small tops in the overbought range this month. In addition, the upward trend line extending from the low of 1615.50 in November last year is now at $1910, which means that if the gold price falls below this area in the future , the upward trend of the past two months will also be reversed. Calculating the golden ratio, the 23.6% and 38.2% take-back ranges are US$1879.50 and US$1832.60, and if further expanded to 50% and 61.8% the ranges are $1794.60 and $1756.50. As for the upward resistance, it is expected to be $1960, and the next level will be seen at US$1980 to US$2000.
SPDR Gold Trust Gold Holdings:
January 23 – 917.06 tons
January 24 – 917.34 tons
January 25 – 919.37 tons
January 26 – 919.37 tons
January 27 – 918.50 tons
January 30 – 917.06 tons
January 31 – 917.06 tons
February 1 – 918.50 tons
Fixing price on the morning of February 1: 1925.60
Fixing price in the afternoon of February 1: 1925.90
London Gold February 2
Forecasting early swings: 1944 –1956
Resistance levels: 1968 – 1978 – 1995
Support levels: 1908 – 1890 – 1872
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