GOLD: Intraday Analysis & Setup update

Gold held around $1,870 an ounce on Wednesday, up about 2% so far this week, as investors continued to gauge the monetary policy outlook following the latest economic data and the FOMC minutes. The metal was supported by dovish signals from the US Federal Reserve and lower Treasury yields, as the war in the Middle East raised safe haven demand. On the other hand, fresh PPI figures showed a higher-than-expected rise in the US producer prices, indicating present inflationary risks in the energy sector. FOMC minutes also showed that monetary policy is set to remain restrictive but the Fed’s next moves are still uncertain and data dependant. The attention will now shift to key US inflation data tomorrow.

Intraday Analysis | 1H CHART |

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