Gold price 'fragile' at current levels, eyes on Fed uncertainty - MKS PAMP MKSPAMP dollar gold
- The gold market is"fragile" after it failed to hold the $1,850 an ounce level. And more defensive-type trading could be in store if there is uncertainty around the Federal Reserve's intentions, said MKS PAMP.
The gold market went from a rally in January on expectations that the Fed will soon pause its tightening cycle to February's selloff based on the apprehension surrounding the U.S. central bank's next moves. This outcome would see the labor market remaining robust, inflation staying elevated, the U.S. economy growing, and the Fed maintaining its hawkish bias."A no landing 'event'=nonstop Fed hikes=higher risk of a 'hard landing'=bearish industrial commodities/metals but also gold," Shiels noted.
"Now it is trading very defensively and struggling to gain an identity at current levels; the bullish bias was broken/tested, and gold is technically fragile after it failed to hold $1,850," Shiels pointed out.
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