EUR/USD 1.16693
0.818%
Gold 4497.14
3.760%
Oil 85.310
1.188%
USD/JPY 158.412
-0.750%
GBP/USD 1.36085
0.571%
GBP/JPY 215.581
-0.175%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 20 - According to the Ukrainian presidential website on August 19, Ukrainian President Zelenskyy signed a decree that day dismissing Irina Mudra, deputy head of the presidential office. The website did not specify the reason for the dismissal.Russian Foreign Minister Lavrov: Russia has the right to regard the direct use of British-made weapons in attacks on Russian territory as evidence of British involvement in the conflict in Ukraine.On August 19th, Trump stated that many ships passed through the Strait of Hormuz last night, and that they have complete control over the strait. However, the flow of oil through the Strait of Hormuz will not be entirely smooth. When all this is over, oil prices will drop significantly. Negotiations with Iran may take place at some point, but Iran cannot possess nuclear weapons because they will use them. Regarding trade with Canada, he stated that he had a good conversation with Canadian Prime Minister Carney last night. "We have no tariffs on Canada, and our farmers will no longer face tariffs because we have reached an agreement. The agreement needs final confirmation."On August 19th, local time, US President Trump stated regarding the Iran issue that negotiations might take place at some point. Trump had stated on social media on the 18th that there would be no talks or dialogue with Iran at present or in the future. Previously, Trump had consistently maintained that the US was negotiating with Iran, a claim repeatedly denied by Iranian officials.Market news: The UK has added seven new sanctions designations under the Iran sanctions regime.

Forecast for the Gold Price: XAU/USD struggles near $2,020 as the US Dollar Index defends its downside

Daniel Rogers

Apr 13, 2023 14:02

 截屏2022-06-07 下午5.14.47.png

 

After reaching the critical resistance of $2,020.00 in the Tokyo session, the gold price (XAU / USD) has shown depletion in its upward momentum. As the impact of a slowdown in U.S. inflation would persist for an extended period of time, the precious metal's bullish bias remains strong. After testing its critical low of 101.44, the US Dollar Index (DXY) has shown some resilience, as the lower US Consumer Price Index (CPI) has failed to diminish the likelihood of consecutive 25 basis point (bps) rate hikes from the Federal Reserve (Fed).

 

According to the CME Fedwatch instrument, the probability of a 25 basis point rate increase at the monetary policy meeting in May is greater than 68%.

 

Moreover, S&P500 futures have extended their gains since Wednesday's pessimistic close, indicating a recovery in the risk-on sentiment.

 

Examining the US inflation report reveals that headline inflation has decreased more than anticipated to 5%, as a result of lower petroleum prices. The investing community is aware that oil prices have rebounded substantially in April following the unexpected announcement of production cuts by OPEC+, which could disrupt the party for Gold Bulls.

 

Contrary to the headline inflation rate, the core CPI has increased to 5.6% from 5.5% in the previous report as rent prices remained stable. This suggests that core inflation could remain exceedingly persistent in the future.

 

As reported by Reuters, San Francisco Fed Bank President Mary Daly stated late Wednesday, "There's a lot more monetary policy tightening in the pipeline." She refrained, however, from predicting the end of the tightening cycle.


Suggestion