Gold prices today
Global markets this week will be dominated by US inflation figures on Tuesday. India’s consumer price inflation for January topped the Asia economy on Monday.
Economists see an annual rate hike of 5.9%, the first increase since September, justifying a central bank conference when they raised interest rates last week. Highlights this week include US inflation, Japan’s GDP in Q4 and annually. Economists expect monthly rates to rise, but annual rates will fall. In addition, a survey of consumer inflation expectations showed a significant increase in the short-term outlook. VIX volatility hit a one-month high on Friday, and the US Goldman Sachs Index, which measures the global market and financial conditions, reached a three-week high The Nikkei 225 index has risen for five consecutive weeks, the best performance since 2020. The expectation around the man who will become the new governor of the Bank of Japan will end. A 71-year-old Kazuo Ueda, a former member of the Bank of Japan’s Policy Council, has been lined up to replace Haruhiko Kuroda as BOJ governor, a source told Reuters.
BOJ observers and those who have worked with Ueda describe him as a pragmatist and respected in the central bank.
According to the 4 Hour Gold Chart, there is a drop below the Moving Average 200, indicating a downward trend.
Investors can sell the gold at $1863
Set stop loss at $1870
Set take profit at $1840