This week’s focus is on the FOMC Meeting, where we will see how they decide on the potential of concluding QE sooner. We will also tackle what Jerome Powell says about raising interest rates based on various factors, such as treasury yield numbers, labour data, and inflation.
This week’s important news includes the German Flash Manufacturing PMI and Flash Services PMI in Euro, the CPI in Australia, the Rate Decision and Monetary Report in Canada, the FOMC Meeting in the United States, the CPI in New Zealand, and the Advance GDP and Core PCE Index in the United States.
Potential USD movements include EURUSD, AUDUSD, USDCAD, and NZDUSD.
Source: Forex Factory | Time: GMT+8
In the smaller Timeframe (H4), the price is stopped after successfully rising above the EMA20; it appears to have the capacity to form a limited uptrend.
The potential for gold to oscillate this week is due to the FOMC Meeting (conducted in the middle of the week) and the increasing number of Omicron instances. Thus, gold is likely to be in a wide range area.
Technically, the Daily period shows that Gold has broken above the resistance level above 1832, with the possibility to remain above that figure.
On the H4 Timeframe, it can be observed that Gold is currently consolidating and is expected to pursue higher numbers, but this is limited given the FOMC Meeting’s potential for hawkishness.