EUR/USD 1.09302
-0.059%
Gold 2635.36
0.202%
Oil 74.955
-0.063%
USD/JPY 148.641
0.045%
GBP/USD 1.30577
-0.008%
GBP/JPY 194.094
0.044%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures News on October 11, according to the SMM imported ore cost profit table, the profit of imported ore remained basically stable; yesterdays apparent demand data of the five major steel products was good, especially the apparent demand of threaded steel increased significantly. And while the output increased, the inventory destocking was still good, and the inventory pressure was not great. It may promote the enthusiasm of steel mills to resume blast furnace production. Considering that the macro sentiment has cooled down recently, the short-term ore price will continue to fluctuate, and the profit of imported ore may continue to fluctuate.The decline of the main contract of No. 20 rubber narrowed to 1.74%, and is now trading at 14,090 yuan/ton, after falling by nearly 4% at one point.Futures News on October 11, on October 11, Changjiang Steel adjusted the ex-factory price of building materials in Hefei area as follows: threaded bar reduced by 50 yuan, and the current price of Φ18mm seismic threaded bar is 4270 yuan/ton; coiled bar reduced by 50 yuan, and the current price of Φ8mm seismic coiled bar is 4530 yuan/ton; wire rod reduced by 50 yuan, and the current price of Φ8mm seismic coiled bar is 4480 yuan/ton; the above adjustments are all tax-inclusive and will be implemented from October 11, 2024.The main contract of palm oil rose by more than 2.00% during the day and is now trading at 8,882.00 yuan/ton.Futures news on October 11, on October 11, Shougang Changzhi building materials prices were adjusted as follows: 1. HRB400E rebar price remained unchanged: Φ18-22mm ex-factory base price 3780 yuan/ton; 2. HRB400E coil price reduced by 50 yuan: Φ8-10mm ex-factory base price 3750 yuan/ton; 3. HPB300 high wire price reduced by 50 yuan: Φ8-12mm ex-factory base price 3750 yuan/ton; Note: Iron standard thread (HRB400E) products are priced 100 yuan/ton higher than the same brand and specification of national standard thread (HRB400E) products.

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