GOLD ASIANS SESSION ,the price action of gold faces immediate resistance at 3334.91 descending black trendline backed by ema+sma 100 on 2hr timeframe ,correction from 3295 low yesterday could be seeing buy potential from 3326 and 3318.9 last level. be careful of dips into 3318.9 price level,because it could use broken demand floor as supply roof and continue selling.
for a healthy buying ,i expect 3326-3325 to hold buy.
US10y stands at 4.30% jumps from 4.28% low yesterday and interest rate remains 4.25-4.5% held steady from fed last monetary policy meeting .
cease fire slowing buy momentum and 10 year bond yield on demand floor ,if investors go the bonds way,then gold could be seeing a bearish continuation in a short term, note;the long term direction remains bullish.
The Fed Chair, Jerome Powell will speak today and it is expected to emphasize a data-dependent approach to monetary policy amid mixed economic signals. Key points likely to be highlighted:
Inflation Outlook: Powell may note that inflation remains above the Fed’s 2% target but is showing signs of gradual easing, especially in core services and goods prices.
Interest Rate Path: The Fed is likely to maintain a cautious stance, signaling that while rate cuts are possible later in 2025, decisions will depend on upcoming economic data, particularly inflation and labor market conditions.
Economic Growth: Powell may express concerns about slowing growth and global uncertainties but stress the Fed’s commitment to balancing inflation control with supporting the economy.
Housing Market: Given recent housing data, Powell might mention the impact of elevated mortgage rates on housing affordability and sales.
Overall, the testimony is expected to reinforce the Fed’s “patient and flexible” approach, leaving markets alert for any shifts in tone regarding the timing of rate cuts.
1. New Home Sales (USD)
Forecast: 694,000 units
Previous: 743,000 units
The forecast anticipates a decline in new home sales compared to the previous month, reflecting ongoing challenges in the housing market primarily due to elevated mortgage rates.
Recent reports from Fannie Mae and Zillow indicate that higher mortgage rates (projected to end 2025 around 6.5%) are weighing on home sales, leading to downward revisions in sales forecasts for 2025.
Despite some regional variations and slight upticks in existing home sales, the overall trend points to a cooling housing market with slower new home sales growth.
However, elevated mortgage rates and a cautious labor market continues to restrain some buyers.
2. Crude Oil Inventories (USD)
Forecast: -1.2 million barrels (draw)
Previous: -11.5 million barrels (large draw)
The forecast expects a smaller inventory draw compared to the previous week’s significant reduction.
Inventory draws typically support crude oil prices, but a smaller-than-expected draw could temper price gains.
Crude oil inventory data influences energy prices and can indirectly impact inflation expectations and market sentiment.
#gold
for a healthy buying ,i expect 3326-3325 to hold buy.
US10y stands at 4.30% jumps from 4.28% low yesterday and interest rate remains 4.25-4.5% held steady from fed last monetary policy meeting .
cease fire slowing buy momentum and 10 year bond yield on demand floor ,if investors go the bonds way,then gold could be seeing a bearish continuation in a short term, note;the long term direction remains bullish.
The Fed Chair, Jerome Powell will speak today and it is expected to emphasize a data-dependent approach to monetary policy amid mixed economic signals. Key points likely to be highlighted:
Inflation Outlook: Powell may note that inflation remains above the Fed’s 2% target but is showing signs of gradual easing, especially in core services and goods prices.
Interest Rate Path: The Fed is likely to maintain a cautious stance, signaling that while rate cuts are possible later in 2025, decisions will depend on upcoming economic data, particularly inflation and labor market conditions.
Economic Growth: Powell may express concerns about slowing growth and global uncertainties but stress the Fed’s commitment to balancing inflation control with supporting the economy.
Housing Market: Given recent housing data, Powell might mention the impact of elevated mortgage rates on housing affordability and sales.
Overall, the testimony is expected to reinforce the Fed’s “patient and flexible” approach, leaving markets alert for any shifts in tone regarding the timing of rate cuts.
1. New Home Sales (USD)
Forecast: 694,000 units
Previous: 743,000 units
The forecast anticipates a decline in new home sales compared to the previous month, reflecting ongoing challenges in the housing market primarily due to elevated mortgage rates.
Recent reports from Fannie Mae and Zillow indicate that higher mortgage rates (projected to end 2025 around 6.5%) are weighing on home sales, leading to downward revisions in sales forecasts for 2025.
Despite some regional variations and slight upticks in existing home sales, the overall trend points to a cooling housing market with slower new home sales growth.
However, elevated mortgage rates and a cautious labor market continues to restrain some buyers.
2. Crude Oil Inventories (USD)
Forecast: -1.2 million barrels (draw)
Previous: -11.5 million barrels (large draw)
The forecast expects a smaller inventory draw compared to the previous week’s significant reduction.
Inventory draws typically support crude oil prices, but a smaller-than-expected draw could temper price gains.
Crude oil inventory data influences energy prices and can indirectly impact inflation expectations and market sentiment.
#gold
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.