BOJ Holds Interest Rates Steady, Upgrades Growth and Inflation Outlook for Japan 
China Holds Loan Prime Rates Steady in January as Market Expectations Align 
Bank of England Expected to Hold Interest Rates at 3.75% as Inflation Remains Elevated 
ECB’s Cipollone Backs Digital Euro as Europe Pushes for Payment System Independence 
Bank of Canada Holds Interest Rate at 2.25% Amid Trade and Global Uncertainty 
BOJ Rate Decision in Focus as Yen Weakness and Inflation Shape Market Outlook 
MAS Holds Monetary Policy Steady as Strong Growth Raises Inflation Risks 
Gold has broken major resistance $1113 and jumped till $1122. It is currently trading around $1120.
- Market awaits for Fed monetary policy today for further bullishness. Fed announced their first rate hike in Dec and hinted there will be more hike in medium term due to better jobs data which showed continued strength in the economy. Gold showed a slight weakness after rate hike. But it failed to break to new lows.
- Fed rate hike is unlikely to happen in the near term as financial market mayhem will prevent Fed from further hike.
- So dovish Fed will make the gold to trade higher, a jump till $1150/$1200 is possible.
- Gold has closed well above 55 day EMA for the past five days. It is currently trading around $1120.
- Short term trend is bullish as long as support $1090 holds. Any break below $1090 will drag the commodity down till $1080/$ minor support is around $1107.
- Overall bullish invalidation only below $1045.
It is good to buy at dips around $1110-1115 with SL around $1090 for the TP of $1150/$1200.
