EUR/USD 1.18490
-0.013%
Gold 4990.20
-0.019%
Oil 63.540
-0.039%
USD/JPY 153.629
0.076%
GBP/USD 1.36256
-0.026%
GBP/JPY 209.333
0.062%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Wheaton Precious Metals: Gold production is projected to grow by about 50% to 1.2 million gold equivalent ounces by 2030.Wheaton Precious Metals: Production is projected to be 860,000 to 940,000 ounces of gold equivalent in 2026 and approximately 692,000 ounces of gold equivalent in 2025.February 17th - Analyst Eamonn Sheridan: The Reserve Bank of Australias (RBA) February meeting minutes are expected to reinforce its case for resuming tightening, highlighting persistent inflation, strong demand, and continued capacity pressures, but without indicating any major shift from previously provided policy guidance. The logic behind the RBAs decision to raise interest rates for the first time in over two years will be detailed in the February monetary policy meeting minutes. The minutes are unlikely to offer significant new information; market focus will be on subtle details. Investors will scrutinize the extent to which the committee emphasized strong demand, a tight labor market, and capacity constraints in the overall economy. Previous communications have indicated that private demand has exceeded previous forecasts, while supply capacity remains constrained, exacerbating price pressures. The minutes are likely to reinforce the policys data-dependent and tightening stance. Further rate hikes remain a realistic possibility if demand growth exceeds supply and inflation fails to ease effectively.February 17th - A Russian diplomatic source stated late on the 16th that a Russian delegation led by Presidential Aide Medinsky had departed and was expected to arrive in Geneva, Switzerland, early on the 17th to participate in trilateral talks between Russia, the United States, and Ukraine. Bilateral contacts between Russia and Ukraine are possible during the talks. The source said the Russian delegation would arrive in Geneva around 6:00 AM local time on the 17th. The US is technically involved in coordinating the necessary permits for the Russian delegations arrival in Geneva via the EU. The source said the trilateral talks plan to discuss key factors in resolving the Ukrainian issue, including military, political, and humanitarian issues. The duration of the talks is currently unknown. Bilateral contacts between Russia and Ukraine are possible during the Russia-US-Ukraine talks.BHP Billiton (BHP.N): Optimistic about the economic backdrop supporting key commodities.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

 272.png

 

During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

Suggestion