Gold Technical And Fundamental Analysis: Gold prices are in the recovery mode as prices have bounced off from their recent lows.
The dollar index has lost its upward momentum and this has helped the gold prices to move higher. The fact is that traders have started to acknowledge now that the massive surge in inflation was nothing more than transitory, and the Fed was completely right when they referred to the surge in inflation as transitory.
Basically, traders now understand that the Fed will not need to take any aggressive measures to control the loose monetary policy. However, this is not to say that the loose monetary policy will stay here forever.
A few members of the Fed have already indicated that the Fed will be starting the process of tapering the loose monetary policy and in the next eight to nine months they are anticipating to windup the entire loose monetary policy.
Traders should also keep a close eye on the situation in Afghanistan. The deteriorating political situation in the region as a result of the withdrawal of US forces could have an impact on global financial markets and gold prices. This is due to the yellow metal’s use as a safe haven during times of financial and political uncertainty.
In terms of technical analysis, we are looking at the price being challenged by the 50-day SMA on the daily time frame. If the price succeeds in breaking above this moving average, the chances are that we are likely to see more higher moves for the gold price. And a failure of this could push the gold prices lower.
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