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U.S. Trade Representative Greer: Significant progress has been made in trade negotiations with Cambodia, which will bring more export opportunities for American farmers.1. All three major U.S. stock indices closed lower, with the Dow Jones Industrial Average down 1.9%, the S&P 500 down 2.71%, and the Nasdaq down 3.56%. Amazon fell over 5%, and Nvidia fell nearly 5%, leading the Dow lower. The Wind US Tech 7 Index fell 3.65%, with Tesla down over 5% and Facebook down nearly 4%. Chinese concept stocks fell across the board, with Daquan New Energy down over 14% and GDS down over 13%. For the week, the Dow Jones Industrial Average fell 2.73%, the S&P 500 fell 2.43%, and the Nasdaq fell 2.53%. 2. All three major European stock indices closed lower, with the German DAX down 1.5%, the French CAC 40 down 1.53%, and the UKs FTSE 100 down 0.86%. For the week, the German DAX fell 0.56%, the French CAC 40 fell 2.02%, and the UKs FTSE 100 fell 0.67%. 3. U.S. Treasury yields fell across the board, with the 2-year Treasury yield down 1.63 basis points to 3.572%, the 3-year Treasury yield down 2.22 basis points to 3.586%, the 5-year Treasury yield down 2.25 basis points to 3.708%, the 10-year Treasury yield down 1.95 basis points to 4.117%, and the 30-year Treasury yield down 1.47 basis points to 4.707%. 4. International precious metals futures generally closed higher, with COMEX gold futures up 1.58% to $4,035.50 per ounce, a weekly gain of 3.24%. COMEX silver futures rose 0.76% to $47.52 per ounce, a weekly loss of 0.94%. Federal Reserve Chairwoman Mary Daly indicated that monetary policy remains moderately tight and further interest rate cuts are possible. U.S. economic data showed weak consumer confidence and rising debt risks, boosting demand for gold as a safe haven. 5. International oil prices closed lower across the board. The main contract of U.S. oil fell 5.32% to $58.24 per barrel, down 4.34% for the week; the main contract of Brent crude fell 4.8% to $62.09 per barrel, down 3.78% for the week. 6. London base metals fell across the board, with LME tin futures down 4.61% to $35,350.00/ton, down 5.62% for the week; LME copper futures fell 4.54% to $10,374.00/ton, down 3.19% for the week; LME aluminum futures fell 1.88% to $2,746.00/ton, up 1.35% for the week; LME nickel futures fell 1.79% to $15,215.00/ton, down 1.41% for the week; LME zinc futures fell 0.86% to $2,984.50/ton, down 1.65% for the week; and LME lead futures fell 0.76% to $2,014.50/ton, down 0.27% for the week.Frances new Prime Minister Le Cornu: Improving Frances public finances remains a top priority.Frances new Prime Minister Le Cornu: No one can avoid the need to restore Frances public finances.The S&P 500 posted its biggest weekly drop since May, while the Nasdaq had its biggest weekly drop since April.

Forecast for Gold Price: XAUUSD licks its wounds around $1,770 in lackluster markets

Daniel Rogers

Nov 18, 2022 15:08

 截屏2022-11-17 下午2.41.58_1024x576.png

 

During Friday's Asian session, the gold price (XAUUSD) shows slight rises near $1,762 as it tests the two-day downtrend. However, the precious metal remains on track for its first weekly decline in three weeks.

 

Recent bullion increases may be attributable to a technical rebound amid a light economic calendar and weak macroeconomic conditions. Also likely to have supported the Gold price are the most recent stories indicating a relief for US students, as well as the mixed data from the previous day.

 

Nonetheless, CNBC reported that the Biden administration will petition the Supreme Court to reinstate the student loan debt relief scheme. On the other hand, October's disappointing Philadelphia Fed Manufacturing Index and housing data may have cast doubt on the Fed's recent hawkish rhetoric.

 

The latest Reuters poll for the US Federal Reserve (Fed) predicts that the Fed will downshift in December to deliver a 50 basis point (bps) interest rate hike, although a longer period of US central bank tightening and a higher policy rate peak pose the greatest threats to the present forecast.

 

In addition, recent optimistic US stock futures and better equity prices in the Asia-Pacific area appeared to have aided the XAUUSD bulls.

 

Given the weak economic calendar and the metal's recent corrective rally, bears will need to regularly monitor risk catalysts to maintain control.