Weekly Forex Forecast

30/01/2017 11:27 AST

Gold ended the week down 1.5% at $1191.13 an ounce, ending its four-week winning streak, as surging U.S. stock markets took some momentum away from the precious metal. The XAU/USD pair tried to break through $1220 but investors used this used this opportunity to lock in profits. The market pulled back towards $1179 but managed to climb back above $1190.50 on Friday after the greenback suffered from weaker than expected economic data. The Commerce Department reported that gross domestic product increased at a 1.9% annual rate and demand for durable goods fell 0.4% in December.

All eyes will be on the Federal Reserve policy meeting on Wednesday and the U.S. jobs report on Friday. In the meantime, keep an eye on major equity markets. Strong corporate earnings and optimism over Trump’s plans has pushed U.S. stock indexes to record highs and eroded the appeal of safe-haven assets. If the U.S. dollar strengthens heading into the Fed meeting, it could have a negative impact on gold. However, bear in mind that the size and the timing of the tax cut and infrastructure spending are still uncertain, and markets aren’t expecting to see a Fed rate hike before June.


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