Gold price analysis: Slowing Fed hikes to push gold above $1,800?

5 days ago Capital.com

The price of gold is rising (3d illustration) – Photo: ShutterstockGold prices rose above $1,750/oz again after the publication of November FOMC minutes. EUR/USD 1.04 Price +0.080% 1D Chg, % Trade Now Swap short: Swap long: Long position overnight fee -0.0156% Short position overnight fee 0.0055% Overnight fee time 22:00 (UTC) Spread 0.00006 Trade Now GBP/JPY 167.73 Price -0.440% 1D Chg, % Trade Now Swap short: Swap long: Long position overnight fee 0.0001% Short position overnight fee -0.0003% Overnight fee time 22:00 (UTC) Spread 0.026 Trade Now AUD/USD 0.68 Price +0.190% 1D Chg, % Trade Now Swap short: Swap long: Long position overnight fee -0.0082% Short position overnight fee 0.0013% Overnight fee time 22:00 (UTC) Spread 0.00006 Trade Now USD/JPY 138.33 Price -0.930% 1D Chg, % Trade Now Swap short: Swap long: Long position overnight fee 0.0151% Short position overnight fee -0.0351% Overnight fee time 22:00 (UTC) Spread 0.012 Trade NowThe relative strength index (RSI) recovered from almost oversold levels, while the moving average convergence/divergence (MACD) indicator made a bullish crossover close below the zero line. If this price extension materializes, it will be a crucial development for the gold trend, as it will indicate a break above the 50% Fibonacci retracement level. Any reading below 50 would indicate contracting services activity, which would be favorable for gold and negative for the dollar. This comes after the October number was lower than expected, bringing the inflation rate down from 8.2% to 7.7%.
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