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GOLD GAINS AHEAD OF CENTRAL BANK MEETINGS -

Apr, 25th 16:55

Gold inched up on Monday as the dollar gave up some of its recent gains as investors locked in profits ahead of the Federal Reserve (Fed) policy meeting. Also in play are expectations that the Bank of Japan (BOJ) will further extend its aggressive monetary easing through negative interest rates.

The Fed is expected to hold the interest rate steady at the meeting this week. However, investors will be looking at the central bank’s view on the state of the global economy and its monetary policy outlook . This outlook will help formulate views on the path of future rate hikes.

Despite a rise in the number of created jobs and consumer prices, weak retail sales and international trade, as well as the concerns regarding the Chinese economy, have made the Fed cautious regarding another rate hike this year.

The dollar index, which measures the strength of the greenback against a basket of six rival currencies, fell 0.2 percent to 94.931.

Oil prices were down significantly today as traders took profits after three weeks of gains. Front-month Brent crude dropped 31 cents from the last settlement to $44.80. WTI witnessed 44 cents down per barrel to as low as $43.29 per barrels.

Japan’s central bank is likely to cut its inflation forecasts on Thursday. It may also discuss if a strong yen, weak global demand and consumption, have had a strong enough impact on inflation expectations to announce another stimulus package. This anticipation has been putting a strong downward pressure on the Japanese Yen.

GOLD

Fig. GOLD H4 Technical Chart

Gold continues to gain from around 1226.45 with the short-term moving average beginning to move to below the price. RSI is now hovering around level 50 and heading up, indicating that the buying power is strong. ADX is above 21, along with the DI+ crossing above DI-, suggesting a bullish trend. The commodity is expected to retest the resistance area at 1243.89, formed on March 30.

Trade suggestion

Buy Digital Call Option at 1226.45 valid until April 29, 2016

Buy Digital Put Option at 1244.17 valid until April 29, 2016

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