EUR/USD 1.16449
-0.183%
Gold 4594.56
-0.059%
Oil 60.533
1.487%
USD/JPY 159.022
0.547%
GBP/USD 1.34302
-0.261%
GBP/JPY 213.575
0.292%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The EIAs Short-Term Energy Outlook report projects natural gas prices at $3.59 per barrel in 2026, down from a previous forecast of $4.17 per barrel.On January 14th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, which stated that it predicts electricity consumption will increase by 1% in 2026 and 3% in 2027. This would be the first consecutive four-year period of growth since 2005-07, and the strongest four-year period since the turn of the century. In its forecast, the increase in electricity consumption is primarily driven by growing electricity demand from the commercial and industrial sectors. Solar power will contribute the largest increase in generation during the forecast period. It expects an additional 69 gigawatts of solar capacity to be installed during the forecast period, driving a 21% increase in solar power generation in both 2026 and 2027. It expects natural gas power generation to remain flat in 2026 and increase by 1% in 2027. Coal-fired power generation is expected to decline by 9% in 2026, followed by a decline of less than 1% in 2027.The EIAs Short-Term Energy Outlook report projects global oil production at 107.7 million barrels per day in 2026, up from the previous forecast of 107.4 million barrels per day; and projects production at 108.2 million barrels per day in 2027.The EIAs Short-Term Energy Outlook report projects U.S. oil demand at 20.6 million barrels per day in 2026, unchanged from the previous forecast; and projects demand at 20.7 million barrels per day in 2027.The EIAs Short-Term Energy Outlook report projects global oil demand at 104.8 million barrels per day in 2026, down from the previous forecast of 105.2 million barrels per day; and projects demand at 106.1 million barrels per day in 2027.

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