XAUUSD : Steady as US yields offset potential BRIC demand
Updated
The gold price continues to oscillate around US$ 1,940 going into Tuesday’s trading session as market headwinds might be offset by geopolitical factors that have seen volatility in the precious metal slide lower.
US real yields have been on the march higher for the better part of 2023 and recently stretched to a 14-year peak at the 10-year part of the curve, trading above 1.90%.
US real yields have been on the march higher for the better part of 2023 and recently stretched to a 14-year peak at the 10-year part of the curve, trading above 1.90%.
Note
➡️JPMorgan Bank raises its forecast for inflation in Turkey by the end of the year to 65% from a previous forecast of 62% after inflation data for August came out higher than expected.Note
➡️Michael Burry has now lost approximately -42% of his bet ($1.6 billion) against the S&P 500 and Nasdaq.Note
On Thursday, the huge American investment bank Wells Fargo published a memorandum that dealt with its experts’ expectations regarding the US Federal Reserve’s movements during the next year. The memorandum explained the bank’s expectations that the US Federal Reserve will reduce interest rates by 225 basis points at the Federal Open Market Committee meetings starting in March of next year.Note
The fact that there are many different opinions is also shown in the survey on short-term gold price trends. Specifically, in a Kitco News survey on gold price forecasts next week, among 13 Wall Street analysts, 4 people, equivalent to 31%, expected gold prices to increase but 5 people, equivalent to 38%, predicted that gold prices would increase. Precious metals report goes down; The remaining 4 people think that gold is moving sideways.Note
🕯 SELL GOLD | 1924 - 1926🔴 SL: 1930
🟢 TP1: 1920
🟢 TP2: 1915
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