Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, US Dollar Index Futures, Gold Futures, SPDR® Gold Shares. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
— more closely watched by some traders than futures — has moved just about $15 an ounce, going from a settlement of just below $1,940 on Sept. 1 to hover at $1,925 on Sept. 8.
The reason for the directionless market, of course, is the lack of compelling data and drivers to move the needle on either inflation or gold since the August payrolls numbers. The odd thing is with less than two weeks to the next Fed decision on rates, this range might actually hold.The Dollar Index hit six-months of 105.125 this week. Typically, dollar strength weighs on gold, explaining in part the yellow metal’s weakness over the past week.
The Fed responded with its most aggressive rate hikes in 20 years, going from a base rate of just 0.25% in March 2022 to 5.5%. The Fed’s actions pushed inflation down to as low as 3% by June before they perked again to 3.2% in July. Most money market traders think the Fed will leave the key US lending rate unchanged at 5.5% at its September 20 meeting. But some 43% in a poll said the central bank will likely opt for a 0.25 percentage point increase at its November policy meeting.Dixit said the previous week's bullish momentum failed to establish a clear break for spot gold above the 100-day SMA, or Simple Moving Average.
“If the spot gold finds enough buying support above $1,930, upward mobility can extend it towards the next leg higher, marked by the 100-day descending SMA of $1,950.”
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