Gold Prices Shrug Off Upbeat US Data with FOMC in Focus

Talking Points:

  • Gold prices shrug off upbeat US PMI information as FOMC assembly outcome nears
  • Crude oil prices rebound as Saudi Arabia pledges exports cut, API information on tap
  • Are line relating DailyFX analysts’ bets? Read a forecasts to see

Gold prices stalled, shrugging off an enlivening set of Jul US PMI total that showed nonfarm activity expansion grew during a fastest gait in 6 months. The outcomes were apparently deficient to enthuse a rethink of a new dovish spin in Fed rate travel expectations forward of a FOMC process announcement due after in a week. Consumer confidence information is on daub forward though competence furnish likewise muted results.

Crude oil prices incited aloft after Saudi Arabia stressed a joining to chipping divided during a tellurian supply bolt with a guarantee of low trade cuts subsequent month. Meanwhile, attention heavy-weight Haliburton Co. pronounced US outlay competence delayed as prices’ onslaught to say ceiling movement discourages drillers. The spotlight now turns to API register upsurge data.

Have a doubt about trade wanton oil and gold? Join a QA webinar and ask it live!

GOLD TECHNICAL ANALYSISGold prices paused to digest gains after touching a top spin in a month. From here, a daily tighten above a 61.8%Fibonacci retracementat 1261.16 targets a 76.4% spin during 1274.50. Alternatively, a spin behind next a 50% Fibat 1250.38 opens a doorway for a retest of a 38.2% retracement during 1239.60.

Gold Prices Shrug Off Upbeat US Data with FOMC in Focus

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to connect next insurgency in a 47.10-29 area (38.2% Fibonacci retracement, Jul 4 high). A daily tighten above that exposes a 50% Fib during 48.65. Alternatively, a annulment next support during 45.32 targets a May 5 low during 43.79 anew.

Gold Prices Shrug Off Upbeat US Data with FOMC in Focus

Chart combined regulating TradingView

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To accept Ilya’s research directly around email, greatfully SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

About author