Yahoo Finance Gold Prices Edge Higher on Chinese GDP Beat
Gold prices edged slightly higher on Monday, but there was little activity in the North American trading session due to the observance of the Martin Luther King Holiday. The dollar also moved slightly higher, and the Treasury market was unchanged. The U.S. interest rate markets are now pricing in 4-basis point hikes in 2022, with a 50% chance of a 4th hike. There is also some talk of a 50-basis point hike as early as March.
Technical Analysis
Gold prices moved slightly higher on Monday. Support is seen near the 10-day moving average at 1,1812 Resistance is seen near the January highs at 1,831. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index has generated a crossover buy signal. This situation occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
Chinese GDP Grows More than Expected
Chinese GDP increased 1.6% quarter-over-quarter in Q4 and 8.1% year over year. The median forecast was for 1.2% growth quarter over quarter and 6% year oer year. China released a deluge of data, including softer than expected retail sales, a miss on fixed asset investment, and better than expected Industrial production.
This article was originally posted on FX Empire
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