What's happening with gold price after hawkish Fed speakers, strong data gold Fed
Gold is testing support at $1,850 an ounce and losing the battle. The gold market is reacting to robust economic data, which suggests more tightening by the Federal Reserve.
Retail sales from January rebounded sharply, rising 3% versus the expected 1.8%. Also, New York state's factory activity contracted in February for a third consecutive month, but at a much slower pace. A number of Fed speakers also tilted hawkish this week, raising expectations for more rate increases.
Meanwhile, Philadelphia Fed President Patrick Harker said policymakers might need to raise interest rates above 5%. How much above that level"is going to depend a lot on what we are seeing ... we had an inflation report that was good in that it is moving down, but not quickly." "Many investors were anticipating that a hard landing scenario could prove troubling for risky assets and drive some flows towards bullion. Now it is looking less likely that a hard landing scenario will play out," said Edward Moya, senior market analyst at OANDA.
The technical outlook is a bearish one for gold unless investors step in to buy the dip, according to analysts.
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