EUR/USD 1.17048
0.084%
Gold 4240.40
0.293%
Oil 58.605
-0.294%
USD/JPY 155.699
-0.206%
GBP/USD 1.33846
0.034%
GBP/JPY 208.402
-0.156%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures News, December 11th: Crude oil prices corrected, and positive news for the fuel oil market offered limited guidance. Downstream traders remained cautious and acted on demand, while refineries maintained a slow pace of sales. It is expected that fuel oil trading will mostly stabilize today.December 11th - Calvin Tse, Head of US Strategy and Economics at BNP Paribas: Federal Reserve Chairman Jerome Powell has served a long time and enjoys high prestige within the FOMC. Even under his leadership, three members still oppose interest rate decisions, and its hard to imagine any new Fed Chairman easily gaining unanimous approval from the FOMC members.On December 11th, in a social media interaction, Musk hinted that SpaceX might go public, following reports that the rocket maker plans an IPO in 2026. Musk responded to a post by Berger, saying, "As always, Eric is accurate." Erics post read, "This is why I think SpaceX is about to go public," and included Erics related article. Reuters reported on Tuesday that SpaceX hopes to raise more than $25 billion through an IPO in 2026, a move that could boost SpaceXs valuation to over $1 trillion.According to Huahai Qingke, on December 10, the cumulative output of the 12-inch thinning and polishing integrated machine Versatile-GP300, independently developed by Huahai Qingke, exceeded 20 units.On December 11th, a macro research report from Guolian Minsheng stated that, contrary to market expectations, neither Federal Reserve Chairman Powell nor the dot plot showed a more pronounced hawkish bias. Powell announced the resumption of short-term bond purchases and continued his previous stance on interest rate cuts, emphasizing that the Fed will make decisions based on economic data at each meeting, and that monetary policy has no fixed path. The dot plot also showed a more dovish distribution compared to September. Following the meeting, US stocks and precious metals surged, while the dollar and US Treasury yields weakened. However, regardless of the outcome, given the current interest rate level, the threshold for Fed rate cuts has clearly increased. The Fed will likely enter a period of observation in the first half of next year, with a significantly slower pace of change, and the political drama surrounding the Feds independence will officially begin.

Gold Price Forecast: XAU/USD struggles around $1,800 ahead of ISM Services PMI data

Daniel Rogers

Dec 05, 2022 12:04

 截屏2022-09-15 下午3.06.36.png

 

In the early Tokyo session, the gold price (XAU/USD) is under intense pressure to overcome the round-level barrier of $1,800.00. The precious metal is highly projected to display additional gains ahead and may extend towards a fresh three-month high at $1,824.63 as the bullish US Nonfarm Payrolls (NFP) failed to fade the risk appetite theme.

 

The US Dollar Index (DXY) is seeking to re-test the previous week's low around 104.40 as market investors believe that good employment growth in November is inadequate to offset forecasts of a slowdown in the Federal Reserve's interest rate hike pace (Fed). In addition, rates on 10-year US Treasuries have fallen further below 3.50 percent and are receiving no intermediate buffer.

 

Monday's publication of United States ISM Services data is the economic indicator that investors are anticipating for additional guidance. The expected economic data is 55.6, up from 54.4 in the previous release. Apart from that, the catalyst which will effect Gold prices is the ISM Services New Orders Index data. The economic statistics is anticipated to rise to 58.5, which shows healthy demand from households and may provide a cushion against future inflation.

 

After a drop to roughly its November 15 high of $1,777.32, the hourly demand for gold has increased significantly. The yellow metal is aiming for a three-month high of approximately $1,805.00. The Gold price has surpassed the 20-period Exponential Moving Average (EMA) at $1,795.90 after sensing support from the 50-period EMA near $1,790.00, indicating a shift in the short-term trend toward the upside.

Suggestion