News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Democratic Senator Manchin open to President Biden's "human infrastructure" and undoing some GOP tax cuts - NBC
  • pretty sure I made a Time Variance Authority reference when critiquing strong form market efficiency earlier today in the @Nadex boot camp needless to say I’m hyped for #Loki episode 3 tonight
  • Bank of Japan member says need to enhance easing during the expected recovery - BBG
  • Bank of Japan member says vaccination delays will mean slower growth - BBG
  • Heads up traders! Will be covering the #Euro in the aftermath of last week's #Fed and incoming US PCE data and the BoE later this week, looking at retail trader positioning $EURUSD $EURGBP Starting the session in about 10min, signup below! https://t.co/N2qpEMbpBv
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQip9B3r https://t.co/Bp8J3szHKq
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-22
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:https://t.co/LaLVW8FFHI https://t.co/W7AHAcuZbO
  • 5 out of 9 Dow Jones sectors ended higher, with 43.3% of the index’s constituents closing in the green. Consumer discretionary (+1.27%) and materials (+0.62%) outperformed, whereas industrials (-0.25%) and communication services (-0.21%) trailed behind. https://t.co/iBLgt4PcYc
  • 🇦🇺 Markit Manufacturing PMI Flash (JUN) Actual: 58.4 Previous: 60.4 https://www.dailyfx.com/economic-calendar#2021-06-22
Gold Prices Eyes Key US CPI Report, While Dovish Central Banks Underpin

Gold Prices Eyes Key US CPI Report, While Dovish Central Banks Underpin

Justin McQueen, Analyst
Gold

Gold Price Analysis and Talking Points:

  • Dovish Central Banks Underpin Gold
  • Fed to Stick to Script, Focus on US CPI

See our quarterly gold forecast to learn what will drive prices through mid-year!

Federal Reserve Could Take Gold to $1400

Fundamental Forecast for Gold: Neutral

Gold prices posted marginal gains of 0.4% over the week following the technical correction from the prior week. Having bounced off support at $1280, the precious metal trades just south of the psychological $1300 handle. Among the supporting factors for gold has been the dovish stance held across global central banks with this week seeing the RBA, BoC and ECB point out that normalisation is not on the horizon in the near-term, with the latter in fact adding fresh stimulus.

Next week’s Economic Calendar

Economic Calendar

Looking for a technical perspective on gold? Check out the Weekly Gold Technical Forecast.

Fed to Stick to Script, Focus on US CPI

While Fed Chair Powell is set to speak over the weekend, it is likely that the Fed Chair will continue to stick with the patience mantra and as such, it is unlikely that his views will deviate from the current script. Consequently, among the key factor that will dictate gold prices over the course of the week, will be the plethora of tier 1 data from the US, most notably the latest inflation figures. The latest NFP served as a reminder that wage pressures are building, which in turn raises the prospect that this may begin to filter into inflation.

GOLD PRICE CHART: Daily Time-Frame (Aug 2018-Dec 2018)

Gold

Chart by IG

GOLD TRADING RESOURCA ES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

Other Weekly Fundamental Forecast:

Australian Dollar Forecast –Limps Into New Week, May Well Stay Down

Oil Forecast – Crude Oil Forecast: 2019 Recovery at Risk as Near-Term Range Buckles

British Pound Forecast –A Critical Week of Brexit Votes

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES