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This week, the S&P 500 rose 1.75%, the Nasdaq rose 2.12%, and the Dow Jones Industrial Average rose 1.97%. The Dow Jones Industrial Average rose for the fourth consecutive week, marking its longest winning streak since October 2024.July 3rd - U.S. stocks closed Thursday with the Dow Jones Industrial Average initially rising 1.1%, setting a new closing high. The S&P 500 dipped slightly, and the Nasdaq Composite fell 0.8%. Micron Technology (MU.O) fell 5.4%, SanDisk (SNDK.O) fell 14%, Intel (INTC.O) fell 5%, and Seagate Technology (STX.O) and Western Digital (WDC.O) fell by less than 10%. Apple (AAPL.O) bucked the trend, rising 4.8%, while Meta (META.O) fell nearly 5%. The Nasdaq China Golden Dragon Index fell 1.77%, with Baidu (BIDU.O) and XPeng Motors (XPEV.N) falling by less than 4%.The Dow Jones Industrial Average extended its gains to over 1%, while the S&P 500 and Nasdaq Composite narrowed their losses, falling 0.12% and 0.89%, respectively.On July 3rd, analyst Adam Button reported that, citing an internal all-hands meeting at Meta Platforms (META.O), CEO Mark Zuckerberg admitted that AI agent development has fallen short of expectations over the past four months. Meta has been under intense scrutiny this week due to recent reports that the company is considering selling excess computing power, leading to market speculation that it may be withdrawing from the basic modeling track. Meta has also recently been impacted by layoffs and job reassignments affecting its corporate culture, and has attempted to soothe employee morale with relatively superficial measures such as providing snacks (to appease) and hosting hackathons (to boost morale). At the meeting, Zuckerberg admitted that the departmental restructuring "could have been done more efficiently"; executives had worried earlier in the year that "AI action wasnt fast enough." However, Zuckerberg is clearly not ready to back down, stating that the best outcome of the restructuring "has not yet been achieved," and still believes that long-term trends align with the restructuring direction. This doesnt sound like a surrender. Following the latest media reports, Metas stock price initially came under pressure but subsequently rebounded.Meta Platforms (META.O) CEO: Believes that the long-term trend still aligns with the basic framework of departmental restructuring.

Forecast for Gold Price: XAU/USD sellers near $1,955 confluence as yields recover amid banking and growth concerns

Alina Haynes

Mar 27, 2023 14:38

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Gold price (XAU/USD) falls $1,970 over the course of a two-day losing trend preceding Monday's European session. In doing so, the precious metal justifies the most recent revival in US Treasury bond yields and the US Dollar, while extending yesterday's U-turn from the key resistance zone.

 

As First Citizens bank agrees to purchase a sizable portion of Silicon Valley Bank, dwindling banking jitters may also be a factor. (SVB). In recent days, the XAU/USD has been weighed down by hawkish Fed comments, the pace of China's growth, one of the world's largest Gold consumers, as well as primarily US data.

 

Kristalina Georgieva, the head of the International Monetary Fund (IMF), cautioned that "risks to financial stability have increased," prompting an investigation into Gold sellers. On the same vein, Minneapolis Fed President Neel Kashkari voiced concerns about an impending US recession.

 

US Dollar Index (DXY) prints a three-day uptrend near 103.12 as traders prepare for important inflation data on Friday, specifically the US Core Personal Consumption Expenditure (PCE) Price Index for February.

 

In spite of this, 10-year US Treasury bond yields increased by two basis points to 3.40 percent, while their two-year counterpart ended a three-day losing trend close to 3.85 percent as of press time.

 

Moving forward, the Gold price remains on the bears' radar due to the failure of traders to overcome the critical resistance and the month-end consolidation. However, Friday's release of the Fed's favored inflation gauge becomes crucial for XAU/USD traders seeking direction.


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