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GOLD likely to increase prices sharplyClosing the weekend trading session, world gold price stood at 2,035 USD/ounce, a sharp increase of 22 USD/ounce compared to last week's closing session. For the whole week, gold prices increased by 1.4%. The bulk of gold's gains came on Friday as the precious metal was boosted by safe-haven demand and weakness in the greenback. In the context that the US Federal Reserve (Fed) continues to maintain its interest rate stance, most opinions believe that the gold market is expected to still face risks. However, gold may benefit when the US Central Bank delays loosening monetary policy. The longer the central bank delays, the greater the risk of policy mistakes. Although gold has struggled since the beginning of the year, this expert is still impressed by the strength of this precious metal.
OANDA:XAUUSD
by Xayah_trading
GOLD price struggles for directionWith all the excitement this week for the US stock market, and Nvidia in particular, gold has been left on the sidelines waiting for a macro boost. Next week's economic calendar has a host of potential movers with next Wednesday's US Q4 GDP and Thursday's core PCE release the two most likely candidates for a boost. price action. In recent weeks, the Federal Reserve has been discussing the need to curb excessive optimism regarding interest rate cuts. Initially, the markets predicted around 170 basis points of rate cuts for this year, starting in March. The Fed's plan for three cuts, beginning in the second half of the year, was initially seen as insufficient. However, their persistence and positive data releases have aligned market expectations. Currently, the market predicts a total of 83 basis points in cuts, with the first cut fully priced in for the July 31st meeting. This paring of cut expectations has weighed slightly on gold, capping further upside. Gold has lost around $100/oz. this year and the weekly chart shows a negative trend still in play. A break below $1,984/oz. is needed to keep this trend in place. A break above $2,044/oz. brings $2,070/oz. back into focus.
OANDA:XAUUSD
by Xayah_trading
GOLD confluent resistance stops the uptrendGold prices lost ground on Monday following a strong performance last Friday, pressured by rising U.S. Treasury yields - a situation that generally diminishes the appeal of the non-interest-bearing asset relative to fixed-income securities. In this context, XAU/USD finished the session around $2,030, slightly below a confluence resistance zone near $2,035. Many investors appeared to adopt a wait-and-see approach on the precious metal at the start of the new week, refraining from making large directional bets for fear of being caught on the wrong side of the trade. This cautious sentiment was likely attributed to an important event on the U.S. economic calendar on Thursday: the release of the core PCE deflator, the Fed’s favorite inflation gauge. Forecasts suggest January's core PCE increased 0.4% month-over-month, resulting in a slight deceleration of the annual reading from 2.9% to 2.8%. However, traders should brace for the possibility of an upside surprise in the data, echoing the trends observed in the CPI and PPI surveys disclosed earlier this month. This could inject volatility into financial markets.
OANDA:XAUUSD
by Xayah_trading
GOLD rising, confluent resistance is about to appearGold rose for the fourth straight session on Tuesday (+0.50% to $2,027), holding above the $2,025 mark, supported by falling US Treasury yields and a weaker US dollar. The same risk aversion on Wall Street is likely to support the metal's rally. Considering the recent gains, XAU/USD is up over 2% from last week's low near $1,985 after higher-than-expected US inflation figures. Despite the positive performance, the direction of the Federal Reserve's monetary policy may limit gold price increases in the near term, so caution is warranted. At the beginning of 2024, the prospects for gold bullion look brighter with the assumption that the Fed will take aggressive easing steps this year. However, overly dovish expectations have subsided due to strong US labor market data and stagnant deflation progress. Traders may continue to reduce dovish speculation on the FOMC if incoming information continues to reflect economic strength and strong price pressures. This is because these two factors could encourage policymakers to delay the start of the easing cycle and reduce the magnitude of further rate cuts. There are no major events on the US economic calendar in the coming days, but next week January PCE figures will be released. This report is poised to explain the latest inflation dynamics and provide insight into the Fed's next steps, so traders should keep an eye on it.
OANDA:XAUUSD
by Xayah_trading
2
GOLD is waiting for salary data and hearingsWorld gold prices are waiting for salary data and the hearing of the Chairman of the US Federal Reserve (Fed) in early March. At 8:40 a.m. this morning, February 22, Vietnam time, the world gold price stood at 2,027 USD/ounce, a slight increase of 2 USD/ounce compared to the same time last morning. In the short term, world gold prices may move sideways. World gold prices are waiting for salary data and the hearing of the Chairman of the US Federal Reserve (Fed) in early March. Fed officials noted that inflationary pressures eased and economic activity remained strong. According to the minutes, the committee wants more evidence to show that inflation continues to fall to the target level of 2% before making a decision to loosen monetary policy. It is forecasted that gold will likely continue to move sideways in the short term and the information the market is waiting for will be the personal consumption expenditure (PCE) report published next week, followed by the payroll and regulatory session. Fed Chairman Jerome Powell's testimony in Congress in early March. Tonight, the US continues to release the purchasing management index for the manufacturing, services, and mixed sectors and the first unemployment benefit applications of the week. This will be the data for the Fed to assess the health of the economy. These will be data that impact gold prices in the short term.
OANDA:XAUUSD
by Xayah_trading
GOLD the upward trend in the price of the dollar remains stableMarket participants are looking forward to the release of core PCE data next week, which is expected to cause volatility in the FX market. Consensus estimates forecast a 0.4% rise in January, bringing the annual rate down to 2.7%. Traders should prepare for a potential surprise similar to last week's CPI and PPI reports. Stiff price pressures in the economy, along with solid job creation and strong wage growth, could force the Fed to delay the start of its policy easing cycle until the second half of the year, resulting in little adjustment once the process is underway. A scenario like this could push interest rate expectations in a more hawkish direction compared to their current status. TECHNICAL ANALYSIS OF GOLD PRICES Gold edged up on Thursday but encountered resistance around $2,030, a key resistance zone where a falling trendline aligns with the 50-day simple moving average. Sellers must defend this area strongly to prevent the bulls from reasserting their dominance; failure to do so could result in an increase towards $2,065. On the other hand, if sentiment turns in favor of sellers and the price starts to pull back, support can be identified at $2,005, positioned near the 100-day simple moving average. Further downside pressure may put $1,990 in focus, followed by $1,995.
OANDA:XAUUSD
by Xayah_trading
2
GOLD nudges higher in early tradeUS equity and bond markets are closed for the day – US Presidents’ Day holiday – and this will weigh on market activity across a range of asset classes. Activity over the rest of the week should pick up with FOMC minutes, the release of the February PMIs, and chip-giant Nvidia’s earnings all worthy of attention. In addition, a handful of Fed speakers will give their latest thoughts on the economy, and maybe a steer on the future path of US interest rates. The precious metal is continuing last week’s move despite hotter-than-expected US CPI and PPI data. Market rate-cut expectations continue to be pared back with the first cut now seen at the June meeting with a total of 90 basis points of cuts priced in for this year. In late December, the market forecast the first cut at the March meeting and expected a total of 175 basis points of cuts. We noted last week that gold was heavily oversold using the CCI indicator – see the story at the top of this article – and this weakness is currently being reversed. A move higher will find initial resistance from the 20-dsma at $2,023/oz. and ta prior level of horizontal resistance, and the 50-dsma around $2,033/oz. Initial support at $2,000/oz. ahead of $1,987/oz.
OANDA:XAUUSD
by Xayah_trading
GOLD recovering from US inflation concernsPrecious metals edged higher, partly due to the Commodity Channel Index (CCI) being technically oversold. The CCI indicator, comparable to the RSI, compares the difference between current and historical prices over a set timeframe and indicates whether the market is overbought, neutral or oversold. On Wednesday, the CCI showed gold was deep in oversold territory and back to levels last seen in late September, just before the market surge. If the market continues to shed this oversold level, gold could retest the $2009/oz level. ahead of the 20 and 50 day simple moving averages currently at $2,023/oz. and 2,031 USD/oz. corresponding.
OANDA:XAUUSD
by Xayah_trading
1
GOLD is under pressure from Treasury bond yieldsGold prices fell on Monday, pressured by rising US Treasury yields and a stronger US dollar, following a series of solid US economic data, including January nonfarm payrolls and ISM Services PMI. Comments from Federal Reserve policymakers that an interest rate cut in March was unlikely also contributed to the decline in bullion prices. From a technical standpoint, XAU/USD slipped below the 50-day simple moving average following Monday's pullback, but managed to hold above horizontal support at $2,005. For precious metals sentiment to improve, this technical floor must hold; otherwise, sellers may become bolder to start attacking the $1,990 level. On further weakness, attention turns to $1,975. In the event of a bullish reversal in the coming days, which seems unlikely given the lack of positive catalysts and growing headwinds, the 50-day simple moving average is at $2,032 will be the first line of defense against further advances. Looking further out, the next important ceiling is $2,065, followed by $2,085, the late December high.
OANDA:XAUUSD
by Xayah_trading
GOLD price falls, risks are not goneShort-term gold prices will still be strongly influenced by upcoming economic data and their impact on the USD and expectations of FED interest rate cuts. Next week, only service PMI data and the US weekly unemployment report will be released, so these data may not have much impact on gold prices next week. Technically, considering the H4 time frame ptkt chart, the gold price is currently moving sideways within the range of 2,000-2,065 USD/oz. Next week, if the 2065 resistance mark is broken, the gold price may look up. 2090 level, on the contrary, the 2000 support zone was broken, gold price regained the 1975 mark.
OANDA:XAUUSD
by Xayah_trading
GOLD strong fluctuations after FOMCGold prices fluctuated strongly after US Federal Reserve Chairman Jerome Powell strongly opposed expectations of loosening monetary policy in March. Specifically, at the first monetary policy meeting For the first part of 2024, the US Central Bank decided to leave interest rates unchanged but the head of this central bank, Mr. Powell, rejected the idea of ​​cutting interest rates in the spring, which many market participants did not like. school expected. At the end of the session, the Federal Open Market Committee (FOMC) announced that interest rates would not change until the US Federal Reserve (Fed) has greater confidence that annual inflation is about 2 %. After the meeting, traders reduced bets on the start of US interest rate cuts in March and expected monetary policy easing in May to be possible. In another development, according to a recent report from the World Gold Council, global central banks' gold demand is strong in 2023 with a total purchase of 1,037 tons, of which China is still the main country. country with the greatest need. Experts from the World Gold Council also added that demand will continue to be maintained this year.
OANDA:XAUUSD
by Xayah_trading
1
GOLD "Push ups" dropped drasticallyThe world gold price was at 2,016 USD/ounce, down 10 USD/ounce compared to the same time yesterday morning. Gold prices turned lower after the latest published data showed US business activity remained strong. In particular, S&P Global survey results showed that US business activity recovered in January. A strong US economy coupled with resistance from US Central Bank officials caused some Investors to reconsider betting on an interest rate cut by the US Federal Reserve (Fed). The gold market is in a neutral environment as prices continue to stay above 2,000 USD/ounce and are unable to break out of the current range. Gold's recovery appears to be fading, raising the risk of further weakness if central banks continue to defy market expectations of interest rate cuts. Currently, investors are waiting for other economic indicators to get more clarity regarding when the Fed will make its first interest rate cut. This week, the US will release preliminary fourth-quarter GDP estimates on Thursday and personal consumption expenditure data on Friday.
OANDA:XAUUSDShort
by Xayah_trading
GOLD slight increaseThe gold market is in a neutral environment as the price continues to maintain above 2,000 USD/ounce and cannot break out of the current range. World gold price stood at 2,026 USD/ounce, a slight increase of 6 USD/ounce compared to the same hour yesterday morning. The gold market is in a neutral environment as the price continues to maintain above 2,000 USD/ounce and cannot break out of the current range. Recently, many forecasts suggest that the US Federal Reserve (Fed) will not lower interest rates at its meeting in March and will only lower interest rates from mid-2024 at the earliest. With quite hawkish statements from Fed officials , financial markets have tempered expectations that the Fed is ready to cut interest rates. This week, there are two economic reports that could change Fed interest rate expectations. On Thursday, the US Department of Commerce will release a preliminary report on gross domestic product (GDP) for the fourth quarter of 2023. Many experts predict that US GDP will increase by 1.7%, the lowest increase since the 0.6% decrease recorded in the second quarter of 2022. In addition to economic data, investors are also waiting for the decisions of major central banks such as the Bank of Japan, the Bank of Canada and the European Central Bank. The decisions of these banks are expected to have an impact on the direction of both the greenback and gold. Although it is in a downward trend and moving sideways in the short term, experts believe that gold prices are benefiting from geopolitical instability in the world and conflicts between two economic powers, the US and China. Gold prices are forecast to increase rapidly in the second half of 2024.
OANDA:XAUUSD
by Xayah_trading
GOLD head downhillWorld gold price stood at 2,020 USD/ounce, down 10 USD/ounce compared to the same hour yesterday morning. Improved optimism has had a significant impact on gold prices. Investors turned their attention to more risky markets such as stocks, causing gold prices to decline. Technical selling and a recovery in equity markets could be the two main factors limiting investor interest in the international gold market. In addition, according to analysts, the gold market is not doing well in the context of investors reducing expectations that the US will cut interest rates, after the US Federal Reserve (Fed) said it needed to monitor more inflation data. before loosening monetary policy. Since then, the USD has remained anchored at a high price, which is detrimental to today's gold price. Gold prices fell about 1% last week, the biggest weekly decline in six weeks. According to CME FedWatch Tool, traders are assessing a roughly 43.5% chance the Fed will cut interest rates in March, compared with more than 70% at the beginning of last week. Investors are now waiting for the US preliminary purchasing managers index report to be released on Wednesday, fourth-quarter GDP data expected on Thursday and personal consumption expenditure data on Friday to confirm. There are more signals about the interest rate direction of the US Central Bank.
OANDA:XAUUSDShort
by Xayah_trading
GOLD world markets increased slightlyWorld gold prices today (January 16) increased slightly as investors increasingly searched for safe haven assets due to concerns about tensions in the Middle East and new expectations for the US Federal Reserve (Fed). ) will cut interest rates sooner than expected. The Federal Reserve has signaled three potential interest rate cuts this year; Meanwhile, European Central Bank committee members are rejecting the idea of ​​easing in 2024. The ECB's hawkish stance contrasts with the Fed - which is expected to cut interest rates later this year. However, the Federal Reserve is pushing back the timing of its interest rate release. Markets see more than a 70% chance of the Fed easing monetary policy in March. Markets are pricing in six possible rate cuts this year, double what the central bank indicated last month.
OANDA:XAUUSD
by Xayah_trading
GOLD suddenly turned around and slightly decreasedWorld gold prices were relatively stable with spot gold falling 5.3 USD to 2,023.5 USD/ounce. Gold futures were last traded at 2,029.3 USD/ounce, down 3.7 USD compared to yesterday morning. Investors are waiting for US inflation data to get more clarity on the path of the US Federal Reserve (Fed) interest rates this year. The USD weakened, the US Dollar Index (DXY) which measures greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) fell 0.21%, to 102.36. Gold suffered heavy losses over the past week as traders gradually scaled back speculation that the Fed would start cutting interest rates in March 2024. This idea has sent the dollar soaring, which has also put pressure on bullion prices. However, the yellow metal has managed to stay above $2,000 an ounce after surpassing that level in early December. Gold prices will also rise by around 10% in 2023.
OANDA:XAUUSDShort
by Xayah_trading
GOLD dropped sharply in the first session of the weekForecasting this week's gold price trend, Kitco News' latest weekly gold survey shows that 50% of retail investors participating in online polls on Main Street expect gold prices to increase this week. This and the rest forecast that the price will go in the opposite direction. Retail investors expect gold prices to trade around $2,049/ounce this week. Meanwhile, the majority of market analysts have an optimistic view on the yellow metal in the short term with 66% of experts participating in the survey predicting gold prices will increase. Walsh Trading's Co-Head of Commercial Hedging Sean Lusk is optimistic about gold, saying the precious metal remains supported by concerns surrounding conflict in the Middle East and seasonal factors. Lusk predicts that during the seasonal growth period from now until Valentine's Day, gold prices will reach 2,175 USD/ounce.
OANDA:XAUUSD
by Xayah_trading
GOLD moving closer to the threshold of 2,100 USD/ounceToday's world gold price listed on Kitco is at 2,086 USD/ounce, up 20 USD/ounce compared to early yesterday morning. Gold prices continue to rise thanks to the weakening of the USD and falling Treasury bond yields. The USD has continuously decreased in recent sessions. The DXY index (measuring the fluctuation of the USD against a basket of major currencies on the night of December 27, Vietnam time) dropped to 101.3 points. In the past 2 weeks, this index decreased a total of nearly 2.6%. The attraction for international gold thus increased. Investors reflected the expectation that the US would reduce interest rates in 2024 during the recent increase in gold prices. This also means that when the US officially reduces interest rates, it is likely that gold will no longer have much motivation to increase its price strongly.
OANDA:XAUUSD
by Xayah_trading
GOLD goes up, USD weakensToday's world gold price listed on Kitco is at 2,067 USD/ounce, up 14 USD/ounce compared to early yesterday morning. Gold prices rose slightly thanks to the weakening of the USD and falling Treasury yields as expectations grew that the US Federal Reserve (Fed) would reduce interest rates next year. A weaker dollar makes gold priced in that currency more attractive to holders of other currencies. However, it is forecast that there will not be any major fluctuations in the precious metals market this week. The main factor supporting gold is still the expectation that central banks will be more dovish in monetary policy and interest rates will decrease in the next few years. Underscoring ongoing geopolitical tensions, it is likely that gold will remain above $2,000/ounce in 2024.
OANDA:XAUUSD
by Xayah_trading
GOLD still retains strategic value in the investment portfolioOn the world market, the world gold price stood at 2,059 USD/ounce, a slight increase of 6 USD/ounce compared to the same hour yesterday morning. The gold market is preparing to end 2023 with strong price increases. The US Federal Reserve (Fed) has signaled that it may cut interest rates three times by 2024. The Fed reduces interest rates, meaning the USD weakens, thereby supporting gold prices. Experts say that despite historical patterns showing mixed performance under different economic scenarios, the 2024 scenario, marked by geopolitical risks and strong central bank demand central, can change the normal trajectory of gold. Gold retains strategic value in investment portfolios, especially during times of economic uncertainty, providing stability and diversification.
OANDA:XAUUSD
by Xayah_trading
GOLD the world market adds bullish factorsAt the end of last week, in addition to the US announcing a decline in GDP growth data, the market also received information that the UK's GDP growth also weakened by 0.1% in the third quarter of 2023. The Japanese economy said industrial production output in November is forecast to decrease for the first time in the past three months. Estimates predict that the country's industrial output will decrease by 1.6% compared to October. The expected production contraction in Japan is based on factors such as falling demand and a slowdown in global economic activity. The auto sector, a significant contributor to industrial production lost export momentum in November. The world's second largest economy, China, has a real estate sector that remains gloomy as house prices have fallen the most in the past 8 years. Although the Central Bank of this country has further lowered interest rates to recover the economy, the real estate sector has not shown signs of recovery. Thus, major economies are releasing third quarter economic growth reports and other related data, most of which have declining factors. Poor economic information supports gold prices to increase. Investors are still hoping that gold prices will increase during the New Year and Lunar New Year holidays when shopping demand increases. Today, the American and European markets are entering the Thanksgiving and Christmas holidays. However, Asian markets are still trading normally.
OANDA:XAUUSD
by Xayah_trading
GOLD increased slightly thanks to the weakening of USDWorld gold prices increased slightly thanks to the weakening of the greenback when the latest published economic report reinforced expectations that the US Federal Reserve (FED) will cut interest rates in March 2024. Data showed that US Gross Domestic Product (GDP) increased 4.9% in the third quarter, lower than expectations of 5.2% due to weaker consumer spending and imports than estimated, while applications Weekly unemployment benefits increased slightly. The market is expecting the FED to accelerate the process of cutting interest rates. Weaker GDP data caused the USD to fall 0.5%, while US 10-year Treasury yields are fluctuating near a 5-month low, pushing gold prices up. This morning, the USD-Index was at 101.84 points, the 10-year US Treasury bond yield increased to 3.905%, but was still at the lowest level in 5 months.
OANDA:XAUUSD
by Xayah_trading
GOLD quiet in the early morning trading session this morningWorld gold prices on December 21 turned down with spot gold down 10 USD to 2,030.2 USD/ounce. Gold futures last traded at 2,043.3 USD/ounce, down 8.8 USD compared to yesterday morning. The world gold market was quiet in the early morning trading session this morning as traders waited for a series of economic data at the end of the week to get new clues about the US Central Bank's monetary policy roadmap. The gold price trend is forecast to stabilize above 2,000 USD/ounce and mainly trade at higher levels considering geopolitical risks in the market, including the US election next year, which This could prompt money managers to increase gold in their portfolios. In the near term, gold could trade in a range of $1,950 to $2,150 per ounce, and the precious metal's price movements are driven by macroeconomic data and correlated expectations of a cut. Upcoming US interest rates as well as unexpected geopolitical risks. According to the bank, 2024 could be a positive year for gold amid the macroeconomic outlook as well as significant geopolitical and recessionary risks weighing on the global economy.
OANDA:XAUUSD
by Xayah_trading