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XAUUSD 4 HOUR CHART – CONSOLIDATING
No change from my last update…
The bounce from the midpoint of 2725-35 support, cited well in advance here, leaves 2771 as the key level, not only blocking a run at the 2785 record high but to keeping alive a lingering risk on the downside. .
In any case, expect support as long as it trades above 2730 and the trendline.
Using my platform as a HEATMAP shows
USD Is firmer (except vs JPY but USDJPY Is still above 155)) ahead of the FOMC (and BOC) rate decisions despite lower bond yields as market is showing little fear of the Fed.
USDCAD is firmer ahead of a widely expected BoN 25bps rate cut.
AUDUSD hit after CPI raised expectations of Feb rate cut.
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Watch 1.0450, 1.2450, 155.50, 6250
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XAUUSD 4 HOUR CHART – Key levels cited…
The bounce from the midpoint of 2725-35 support, cited well in advance here, leaves 2771 as the key not only blocking a run at the 2785 record high but to keeping alive a lingering risk on the downside. .
In any case, expect support as long as it trades abve 2730 and the trendline.
USDCAD 4 HOUR CHART – WAITING FOR THE BOC
With a 25bps rate cut widely expected, the focus will be on the BoC’s statement and forward guidance.
TEven if there is a buy the rumor, sell the fact reaction, the Fed decision later in the day and President Trump/s threat to impose tariffs on Mexico and Canada on Feb 1 argue for a limit to the downside.
In any case, the wide range remains at 1.4261-1.4515, toighter at 1.4300-1.3346.
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