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GOLD turn downWorld gold prices decreased slightly in this morning's trading session. Spot gold fell to 1,989.6 USD/ounce, down 8.1 USD compared to yesterday's trading session. Meanwhile, gold futures decreased by 9.8 USD, to 1,991.8 USD. Gold is under slight selling pressure after the US labor market unexpectedly improved with a decrease in the number of unemployment benefit applications. The latest data on the labor market helped the USD and US Treasury bonds recover, while pushing gold prices away from the important threshold of 2,000 USD/ounce. Previously, gold prices reached a 3-week high of 2,007.29 USD/ounce. However, gold prices are still supported by the current macroeconomic context. Falling inflation and the market's expectation that the US Federal Reserve (Fed) will soon complete its interest rate hike cycle are factors that increase the appeal of gold.
OANDA:XAUUSDShort
by Xayah_trading
GOLD increased beyond 2,000 USD/ounceDuring the trading session lasting from last night to early November 22, the spot price of gold on the international market experienced a fierce increase, breaking the resistance threshold of 2,000 USD/ounce to reach 2,007 USD/ounce. . Gold price today has cooled somewhat, trading at 1,998 USD/ounce Gold prices today fluctuate strongly due to the decline in US bond interest rates - to 4.4%/year. Since then, investors criticized bonds and shifted money to precious metals, creating momentum for today's gold price to increase dramatically. Gold prices are trying to stabilize above 2,000 USD/ounce. Falling US bond interest rates are supporting world gold prices towards the resistance zone of 2,015 - 2,025 USD/ounce. The highlight of the gold market is the November minutes of the Federal Open Market Committee (FOMC - US) which will be published at the end of November 22. Accordingly, investors will look for more clues about US monetary policy. Currently, inflation and the labor market in the US have cooled, while the country's economic activity shows signs of weakening. Therefore, financial investors increasingly expect the US to reduce interest rates in 2024. At that time, the value of the USD will decline, benefiting world gold prices.
OANDA:XAUUSDLong
by Xayah_trading
GOLD prices suddenly increased sharply todayWorld gold prices today (November 21) suddenly increased sharply when inflationary pressures in the US eased and the weak economy began to cool down. Analysts say that the US Federal Reserve (Fed) is not yet ready to change the trend of tightening monetary policy, which is making it impossible for hedge funds to access gold. Gold prices could reach $2,100/ounce despite recent data proving that the strength of the US economy shows signs of cracks. “The growth outlook will weaken significantly” starting in the fourth quarter of 2023 and continuing into the first half of next year. In the context of a recession, the Fed will have to cut interest rates more sharply than the market expected. That is the period when gold begins to set a series of new all-time highs.
OANDA:XAUUSD
by Xayah_trading
GOLD reversing to the downside, support factors still remainLast week, the international financial market received a lot of negative employment information and retail sales in the US and UK, causing the USD to continue to decline. Specifically, this morning the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies - decreased by 0.07% to 103,850 points. The USD fell so last weekend investors stepped up their gold purchases. In particular, the world's largest gold trust fund SPDR last week's session bought a net 12.98 tons of gold in the session on November 17 alone. Increased demand pushed world gold prices last week up to 36 USD/ounce, equivalent to about 2% compared to the previous week's closing session. At the beginning of this week, the gold market was lacking economic information, so investors immediately took profits to recover capital and waited for more economic information. The market is lacking economic information, but Russia continues to be subject to new sanctions packages, which could increase geopolitical tensions in Ukraine. This may be a factor supporting the gold market during this period.
OANDA:XAUUSD
by Xayah_trading
GOLD reduced during the weekend trading sessionGold prices opened the session higher thanks to the decrease in the USD index and US Treasury bond interest rates. This is motivating investors to actively buy gold during the uptrend to make profits. According to statistics, the number of Americans applying for unemployment benefits increased more than expected, which helps the US Federal Reserve's (Fed) fight against inflation. Newly released data shows that US producer prices have fallen the most in the past 3 years, while US consumer prices have remained unchanged over the past 10 months. According to the CME FedWatch tool, the gold market is pricing in a nearly 100% chance that the US Central Bank will keep interest rates unchanged in December. Gold is considered an inflation hedge. Interest rates remain high, reducing the appeal of gold bars.
OANDA:XAUUSD
by Xayah_trading
GOLD soaring high as unemployment increasesPrecious metal prices rebounded as US Treasury bond yields fell and inflationary pressures in the US were easing. US CPI remains unchanged in October 2023. US PPI also fell the strongest in three years. Previously, the Fed decided to keep the basic interest rate unchanged. However, US policymakers left open the possibility of raising interest rates later this year and implementing monetary policy throughout 2024 will be tighter than expected. Investors are still concerned about a series of short-term risks, making an economic "soft landing" impossible. The US House of Representatives has passed a temporary spending bill to avert a government shutdown, with broad support from lawmakers.
OANDA:XAUUSDLong
by Xayah_trading
GOLD easing pressure from the USDDespite a slight decrease, experts still predict the future of gold prices optimistically. World gold price stood at 1,958 USD/ounce, down slightly by 5 USD/ounce compared to the same hour yesterday morning. This morning, the US Dollar Index increased 0.4% and the 10-year US Treasury bond yield recovered, putting downward pressure on gold prices. However, precious metal prices still remain at their highest level within the past week. Gold is anchored at a high price because countries are still promoting gold imports and increasing their reserves of this precious metal. China currently holds at least 33,000 tons of gold, many times the figure of 2,215 tons given by the World Gold Council and double the US level of 16,500 tons. CPI data from the US was lower than forecast, supporting gold prices. Expectations that in the fourth quarter, inflation will cool down even more. This will weaken the USD and push up gold prices. In the next 6 months, we forecast prices towards 2,100 USD/ounce. With yields rising again, gold will fall after the initial rally. The outlook will remain positive for the asset (gold) but more caution is needed. However, this upside could be limited as concerns about an escalation of the war in Gaza have faded that had fueled a rise in safe-haven appeal over the past month.
OANDA:XAUUSD
by Xayah_trading
GOLD keep going upToday's world gold price listed on Kitco is at 1,962 USD/ounce, up 12 USD/ounce compared to early yesterday morning. Precious metal prices continued to increase in the context of the USD falling quite quickly from 105.7 points to 104.8 points at the beginning of the trading session on the US market. Besides, the US consumer price index remained unchanged in October and core inflation showed signs of slowing down. CPI increased by 3.2% compared to the same period last year. This level in September was 3.7%. According to the CME FedWatch tool, after the inflation report was released, the market predicted a 100% chance that the US Central Bank would keep interest rates unchanged in December compared to 86% before the inflation report.
OANDA:XAUUSDLong
by Xayah_trading
GOLD waiting for a chance to reverseToday's world gold price listed on Kitco is at 1,946 USD/ounce, up 7 USD compared to early yesterday morning. Precious metals inched up slightly as investors waited for US inflation data this week to evaluate the interest rate roadmap of the US Federal Reserve (Fed). If data shows higher-than-expected inflation, gold is likely to fall again as that increases the likelihood of another interest rate hike, experts said. However, if the data is right, gold could trade at $1,950. Gold fell 3% last week and lost more than $60 as safe-haven demand cooled and as Fed Chairman Jerome Powell's hawkish comments pushed back any expectations of interest rate cuts.
OANDA:XAUUSDLong
by Xayah_trading
GOLD turn on the increase right at the beginning of the sessionThe world gold spot price on the Asian market is around 1,941 USD/ounce, up nearly 3 USD/ounce compared to last week's closing session. The price of gold delivered according to the contract this morning reversed and increased by nearly 2 USD/ounce to 1,944 USD/ounce compared to the previous session's close. World gold prices reversed to increase at the beginning of the morning session because the market was concerned that the world's second largest economy, China, was entering a state of deflation. Specifically, last weekend, Trong Quoc announced that the consumer price index (CPI), China's main measure of inflation in October 2023, decreased by 0.2% over the same period last year. The CPI only increased again in August and September, while July still decreased by 0.3%. After this information, HSBC Bank released analysis that China's deflation has caused difficulties for exporters to this country in Southeast Asian countries, Korea, Taiwan and Germany. Experts say that deflation in China comes from excess capacity in manufacturing factories, which is pushing down global prices of manufactured goods. China's economic deflation puts strong pressure on regional and global economies. Investors are concerned that deflation in the world's second largest economy will make global economic growth difficult in the near future, increasing risks, so they have stepped up gold purchases.
OANDA:XAUUSDShort
by Xayah_trading
GOLD a miserable weekClosing the weekly trading session, world gold price stood at 1,938 USD/ounce, down sharply to 54 USD/ounce compared to last week's closing session. For the whole week, gold decreased by up to 3% in value, marking the worst week of price decline in the past 6 weeks. There are no new developments in tensions in the Middle East, the USD continues to strengthen, the US Federal Reserve (Fed) maintains a "hawkish" stance,... are factors that have a negative impact on gold prices. world last week. Gold's safe-haven demand is weakening as conflict tensions in the Middle East are not changing much. Fed Chairman Jerome Powell's statements that the central bank is still willing to raise interest rates have a big impact on gold. Unless new developments change this view, gold will witness another slight price decline next week.
OANDA:XAUUSDShort
by Xayah_trading
GOLD leaving the previous optimistic positionOn the world market, gold price reached 1,959. Investors await a speech from US Federal Reserve Chairman Jerome Powell for more clues about interest rates. Following gold's sharp rally, some traders have moved away from their previously bullish positions, as market participants assess the risks of a broader conflict in the Middle East, while the downside less prevents cash flow into safe-haven assets. Gold investors will start looking at economic data, potential action from the US Central Bank, and gold will react based on whatever the data brings. Therefore, it is difficult for gold to gain momentum if data does not show economic weakness. Although October was a historic month for the gold market as the precious metal saw record high closing prices, more factors are needed to create a sustained push in the market.
OANDA:XAUUSD
by Xayah_trading
GOLD price continues to declineOn the world market, the price of gold reached $1,954. The dollar rose 0.3% after hitting a six-week low in the previous session, making gold more expensive for buyers with other currencies. Besides, after increasing so strongly in a short period of time, the gold market shows signs of quietness. Investors are more cautious, so the market needs to be consolidated. Market analysts said that the gold market is waiting for more dovish signals from the US Central Bank before recovering. Gold prices are consolidating after slipping into overbought territory. Gold rose more than 7% in October as conflict in the Middle East boosted safe-haven demand. Besides, the gold market is looking for a new catalyst, after quiet trading last weekend.
OANDA:XAUUSDShort
by Xayah_trading
GOLD precious metals continue to declineToday's world gold price listed on Kitco is at 1,968 USD/ounce, down 11 USD/ounce compared to early yesterday morning. Precious metal prices continued to decline as the USD in the international market increased sharply. The DXY index, which measures the movement of the USD against a basket of 6 major currencies, increased from 105 points to 105.7 points. The USD's strong recovery has taken away gold's appeal for buyers holding other currencies. Carlo Alberto De Casa, market analyst at Kinesis Money, said the gold market is waiting for more dovish signals from the US Central Bank before recovering. He added that gold prices are consolidating after sliding into the overbought zone. Gold rose more than 7% in October as conflict in the Middle East boosted safe-haven demand.
OANDA:XAUUSDShort
by Xayah_trading
GOLD prices on the world market suddenly plummetedThe world gold spot price on the Asian market is around 1,977 USD/ounce, down more than 12 USD/ounce compared to trading at the same time yesterday morning. The price of gold delivered according to the contract also decreased sharply by over 12 USD to 1,984 USD/ounce. The market welcomes more positive economic information. Specifically, the Japanese economy showed that the October PMI index increased well above the expansion level, reaching 51.6 points, higher than forecast and September's 51.1 points. Along with that, in Europe, the region's largest economy, Germany, said that factory orders in September increased again, after a decline in August. The increase in September was 0.2%. , much higher than the forecast of minus 1%. Germany's October composite PMI index increased slightly by 45.9 points, higher than the forecast 45.8 points. Germany's October services PMI also increased to 48.2 points, higher than the forecast 48 points. Investor confidence in the Eurozone market increased from minus 21.9 in October to minus 18.6 this November, higher than the forecast of minus 22.2. From the above economic information, experts believe that major economies in Europe and Asia continue to show positive signs of recovery as new orders increase. The increase in investor confidence will also help them return to investing in the European economy, helping this region escape the economic downturn as previously forecast. Experts say that the economy is recovering and the European Central Bank recently signaled that it will increase interest rates one more time to lower the inflation rate to the target level of 2%. The Fed decided to keep interest rates stable last week. This has caused investors to reduce gold speculation and instead buy profitable assets such as stocks and bonds.
OANDA:XAUUSDShort
by Xayah_trading