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MAs Holding Gold Bullish, Pushing the Lows Higher
The Gold price rose to a new high earlier today, supported by a weaker USD. Spot gold rose 0.2% to $1,9342.69 per ounce before retreating lower t the start of the US session. Investors await US Q4 GDP growth estimates which are due later this week, so there is uncertainty in markets, helping Gold. Among other precious metals, spot Silver gained 0.4% to $23.74 per ounce.
But, XAU/USD pulled back down from a nine-month high after the US flash manufacturing and services for January showed a slight improvement in activity. That sent the USD and U.S. bond yields higher, although hopes of slower interest rate hikes from the Federal Reserve underpinned the market.
But, the outlook for Gold remains positive with buyers pushing ever closer to $2,000, reaching a multi-month high. A weaker US dollar, caused in part by global recessionary fears, and growing expectations that the FED will slow down and eventually ease back on interest rate hikes, have given Gold the ideal backdrop to push back to highs last seen in Q2 2022.
So, after the dip stopped at the 200 SMA (purple) on the H1 chart, Gold has pushed back up and has returned just over 17% in the last three months. We opened a buy Gold signal earlier, so we are long on Gold, hoping that the uptrend will continue.
Gold XAU Live Chart
GOLD
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