Gold (XAU/USD) Latest Will Fed Chair Powell Help To Break The Precious Metal's Range?

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7/2/2024 5:28:00 AM

(MENAFN- DailyFX) ) Latest – Will Fed Chair Powell Help to Break the Precious Metal's Range? Skip to Conten

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10:30:00 Medium ECB Schnabel Speech () Actual Forecast Previous Revised
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Host: Duration: min 09:22:37 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bearish
1h Last updated: Jul 2, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Euro and CAC 40 Rally After the First Round of French Elections 2024-07-01 07:34:54 EUR/USD IG Client Sentiment: Our data shows traders are now net-short EUR/USD for the first time since Jun 13, 2024 when EUR/USD traded near 1.07. 2024-07-01 05:23:33 Oil - US Crude Bullish

1h Last updated: Jul 2, 2024

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Note: Low and High figures are for the trading day.
Data provided by News US Crude Oil Starts July With Gains As Markets Look to Increased Summer Demand 2024-07-01 11:00:35 Crude Oil Q3 Technical Forecast: Narrowing Price Action May Keep Oil Within a Tighter Range in Q3 2024-06-29 18:00:00 Wall Street Bearish

1h Last updated: Jul 2, 2024

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Note: Low and High figures are for the trading day.
Data provided by News Dow holds above 39,000 and Nasdaq 100 stabilises, while Nikkei 225 aims to push higher 2024-06-27 12:00:46 Dow Surges and Nikkei 225 Moves Higher, but Nasdaq 100 Continues to Drop Back 2024-06-25 12:00:04 Gold Bullish

1h Last updated: Jul 2, 2024

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Note: Low and High figures are for the trading day.
Data provided by News Gold (XAU/USD) Latest – Will Fed Chair Powell Help to Break the Precious Metal's Range? 2024-07-02 08:11:15 Gold, Silver Q3 Technical Forecast: Gold's Range intact, Longer-Term Silver Uptrend Under Threat 2024-06-30 08:00:31 GBP/USD Bearish

1h Last updated: Jul 2, 2024

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Note: Low and High figures are for the trading day.
Data provided by News British Pound Q3 Technical Forecast: GBP/USD Eyes Q2 Range Support, EUR/GBP Vulnerable 2024-06-29 03:00:21 British Pound (GBP) Latest – Sterling Continues to Slide After Dovish BoE Turn 2024-06-21 10:30:00 USD/JPY Bearish

1h Last updated: Jul 2, 2024

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Note: Low and High figures are for the trading day.
Data provided by News USD/JPY and GBP/JPY - Sentiment Analysis and Charts 2024-07-01 18:00:00 Japanese Yen Q3 Technical Outlook: Bulls Ease off as Risk of a Sharp, Sudden Bearish Reversal Builds 2024-06-30 23:00:00 More View More

💶 Core Inflation Rate YoY Flash (Jun) Actual: 2.9% Expected: 2.8% Previous: 2.9%
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Gold (XAU/USD) Latest Charts and Analysis
US Dollar Index (DXY) Daily Chart
Gold Daily Price Chart
Gold (XAU/USD) Latest Charts and Analysis

Gold remains rangebound despite longer-dated US Treasury yields moving higher.
Fed chair Powell speaks at the ECB Forum on Central Banking later today.

You can download our brand new Q3 gold guide below:
Recommended by Nick Cawley Get Your Free Gold Forecast Get My Guide
Gold has traded within a defined range over the past three months with neither buyers nor sellers able to gain the upper hand. Volatility has dropped to a multi-week low, while one technical indicator (CCI) shows the precious metal neither overbought nor oversold.
The recent bout of US dollar strength, underpinned by a move higher in longer-dated US Treasury yields, may soon weigh on the precious metal and test range support. Since gold is typically priced in US dollars, a stronger greenback makes gold more expensive for investors using other currencies, potentially reducing demand. The US dollar index (DXY) is now probing levels last seen at the start of May.
US Dollar Index (DXY) Daily Chart
This year's ECB Forum on Central Banking starts in Sintra, Portugal, bringing together various global central bank governors, academics, and financial market representatives. On the Policy Panel today, beginning at 14:30 UK, is Fed chair Jerome Powell and markets will be listening to see if he gives any clues about the health of the US economy and monetary policy moving forward.
ECB Forum on Central Banking in 2024
This week also sees the release of a raft of US jobs reports and data, starting with the latest Jobs Openings and Labor Turnover Survey (JOLTs) at 15:00UK today. Job openings fell to 8.059 million in April, the lowest level since February 2021. Job openings are expected to fall further in today's report to 7.90 million.

Tomorrow sees the release of the latest ADP employment numbers and the weekly initial jobless claims, before the main event of this week, Non-Farm Payrolls are released on Friday at 13:30 UK.
The US jobs data and chair Powell's appearance at Sintra will be the main driver of any price action in gold this week. The precious metal is testing both the 20- and 50-day simple moving averages and a break below would bring range support into focus.
Gold Daily Price Chart Recommended by Nick Cawley How to Trade Gold Get My Guide
Charts via TradingView
IG retail trader data show 58.77% of traders are net-long with the ratio of traders long to short at 1.43 to 1.The number of traders net-long is 0.41% lower than yesterday and 4.86% lower than last week, while the number of traders net-short is 4.48% higher than yesterday and 5.72% higher than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.
Gold Bullish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	1%	3%	2%
Weekly	-8%	6%	-2%

What does it mean for price action? Get My Guide

What is your view on Gold and Silver – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1 .

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