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Gold Long

by SignalFactory   ·  April 26, 2021 | 07:10:52 UTC  

Gold Long

by SignalFactory   ·  April 26, 2021 | 07:10:52 UTC  

Gold prices inched higher on Monday, helped by a soft dollar ahead of the U.S. Federal Reserve policy meeting this week, while palladium held below a record peak scaled last week.

The dollar index nursed losses against its rivals, making gold less expensive for other currency holders. U.S. factory activity powered ahead in early April, while retail sales jumped to a record in March and hiring accelerated.

Investors poured $16.4 billion into global bond funds and $14.9 billion into money market funds in the week ended April 21, according to Refinitiv Lipper data, as concerns about a global rise in COVID-19 cases prompted moves towards safer assets.

A partnership between miners Newmont and Barrick in Chile said on Friday it would work with local communities to boost the development of its Norte Abierto gold-copper project despite a setback in the courts this week.

Speculators raised their bullish positions in COMEX gold in the week to April 20, the U.S. Commodity Futures Trading Commission said on Friday.

Gold futures are edging higher early Monday with support being generated by a weaker U.S. Dollar. Gains, however, are likely being capped by firm Treasury yields. The dollar is being pressured amid speculation that U.S. Federal Reserve Chairman Jerome Powell will shun talk of tapering bond purchases at a policy meeting on Tuesday and Wednesday.

Gold traders are also positioning themselves ahead of the Fed. While no major policy changes are expected, investors will pay close attention to Powell’s comments after the meeting. He is expected to defend the Fed’s policy of letting inflation run hot while assuring markets it sees the pick-up in prices as only temporary. A dovish Powell could provide support for the gold market.

Gold Long (Buy)

ENTER AT: 1782.03

T.P_1: 1800

T.P_2: 1815.80

T.P_3: 1838.17

T.P_4: 1872.46

S.L: 1752.97

Gold
Gold
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