MarketPulse | Feb 26, 2015 07:02AM ET
Gold has showed strong gains on Thursday, as the spot price stands at $1218.95 on Thursday. In the US, it’s a busy day, highlighted by CPI and Unemployment Claims.
Janet Yellen testified before Congressional committees on Tuesday and Wednesday, saying that the Fed was “unlikely” to raise interest rates in the next few months, given current economic conditions. Her remarks seemed aimed at quelling rising speculation about a rate hike sometime in mid-2015, which has helped boost the US dollar’s performance against its major rivals. Yellen noted that the continuing economic growth should lead to unemployment continuing to fall. Recent US data has been mixed, but employment numbers have generally been solid.
Greece’s list of economic reforms was accepted by the country’s creditors on Tuesday, paving the way for an extension of the bailout for another four months. The Greek government has promised to continue with privatization plans and to meet budget targets. Still, the extension is a stop-gap measure and with sharp differences remaining between Greece and its creditors, the bailout crisis is far from over.
h3 XAU/USD for Thursday, February 26, 2015/h3XAU/USD 1218.95 H: 1220.02 L: 1203.76
h3 XAU/USD Technicals/h3S3 | S2 | S1 | R1 | R2 | R3 |
1175 | 1200 | 1215 | 1240 | 1255 | 1275 |
Further levels in both directions:
OANDA’s Open Positions Ratio
XAU/USD ratio is pointing to gains in long positions on Thursday, reversing the trend we saw a day earlier. This is consistent with the pair’s movement, as gold has posted gains. The ratio has a majority of long positions, indicating trader bias towards gold continuing to move to higher ground.
h3 XAU/USD Fundamentals/h3Original post
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