Analyst
Bullish Preference: Buy position is envisaged if price trades above 1.19239 with take profit at 1.19368.
Bearish Preference: Sell position is envisaged if price trades below 1.19098 with take profit at 1.18948
Core Retail Sales m/m (USD) 1:30 PM
Retail Sales m/m (USD) 1:30 PM
Comment: Monday’s rebound came ahead of the Federal Reserve’s Tuesday-Wednesday monthly meetings for March, and before the central bank’s chairman Jay Powell holds his all-important post-meeting news conference. The Fed’s policy statement itself is expected to leave U.S. interest rates unchanged again, at near zero, as it has over the past year since the outbreak of the coronavirus pandemic. But expectations are also high that Powell will express some concern at least over this year’s stunning selloff in Treasury markets, which has consistently led the yield on the 10-year Treasury note to hit pre-pandemic highs above 1.6% over the past month, the latest being on Friday.
Bullish Preference: Buy position is envisaged if price trades above 1731.55 with take profit at 1733.40.
Bearish Preference: Sell position is envisaged if price trades below 1727.50 with take profit at 1724.26
Core Retail Sales m/m (USD) 1:30 PM
Retail Sales m/m (USD) 1:30 PM
Comment: The gold market is clearly expecting the Fed to reaffirm its dovish commitment. Treasury yields remain elevated and expectations are high that the Fed’s hand will be forced sometime soon. For decades, gold was touted as the best store of value whenever there were worries about inflation. Yet, in recent months, it was deliberately prevented from being the go-to asset for investors as Wall Street banks, hedge funds and other actors shorted the metal while pushing up U.S. bond yields and the dollar instead. The precious metals upswing is unfolding and decreased sensitivity to rising yields is a pleasant sight for the bulls.
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