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Gold Struggles Near $1,880 – Quick Trade Plan Today

Skerdian Meta•Tuesday, January 10, 2023•1 min read
In the Asian session, the GOLD price fell below the immediate resistance level of $1,870.00. The precious metal has provided a breakdown of the consolidation created in a trading range of $1,870-1,881.50 as demand for US government bonds is decelerating ahead of Federal Reserve (Fed) chair Jerome Powell’s speech on Tuesday.

The 10-year US Treasury yield has risen beyond 3.54%, impacting risk-on sentiment. Meanwhile, S&P 500 futures have become volatile following a sell-off in the late Monday session, indicating caution in developing holdings in risky assets. The US Dollar Index (DXY) is projected to attempt a break above the immediate barrier of 103.00 to enter the auction range.
Investors look forward to Fed Chair Powell’s speech for new clues since it will provide a head start for the full year 2023. Despite a sharp reduction in December wage inflation, several Fed policymakers prefer the terminal rate prediction of 5.00–5.25%.

According to San Francisco Fed President Mary Daly, interest rates should be between 5% and 5.25%. Furthermore, Atlanta Federal Reserve Bank President Raphael Bostic expects interest rates to peak in the 5%-5.25% area and continue to rise into CY2023.

Gold Technical Outlook

At today’s opening, the GOLD price started trading in a positive direction again, bringing it closer to our hoped-for goal of $1,900.00. This made it more likely that the bullish trend, shown on the chart as a bullish channel, would continue. It also made it more likely that the bullish wave could continue to $1,925.
The 50-day SMA continues to support the predicted gain, which will remain valid unless it breaks and holds below $1,835.

Today’s trading range is likely to be between $1,860 support and $ 1,900 resistance.

Today’s projected trend: bullish

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ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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