Spot gold continues to move higher and has broken above the top of the daily ichimoku cloud (at $1272) for the first time in months

Chris Weston

Pepperstone

Spot gold continues to move higher and has broken above the top of the daily ichimoku cloud (at $1272) for the first time in months. The commodity is testing key resistance at $1278 (the 38.2% of the 1433 to 1182 sell-off), which also coincides with the January 27 high. The daily MACD is above zero and pullbacks right now look like good buying. There is plenty to focus on in the US tonight, with NFIB small business optimism at 23:30 (which is currently at multi month highs), while the key focus will be on Janet Yellen's first public speech as Chairman in front of the House at 00:30. I cannot see Ms Yellen being overtly dovish as she is still speaking on behalf of the Fed collective


Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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