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On August 16th, Sophie Huynh, Portfolio Manager and Strategist at BNP Paribas Asset Management, stated that Europe is more likely to be a beneficiary of AI than a developer, with the automotive industry being one of the beneficiaries. Currently, European automotive stocks are so cheap that almost no one is really considering their upside potential. The key is understanding when the market will start talking about this, as it may take a year or two of holding these deep value sectors before the market consensus realizes it truly works. Many positive news regarding US consumer spending has already been priced in by the market, so the momentum of the US economy is slowing, while Europe is just beginning to recover.August 16 - According to a report released by the Indonesian Meteorology, Climatology and Geophysics Agency, a 5.7-magnitude earthquake struck 81 kilometers northeast of Ruten Township, Manggarai Regency, East Nusa Tenggara Province, Indonesia, at 2:51 p.m. Central Time on August 16, with a focal depth of 10 kilometers.According to Irans Tasnim News Agency, the Iranian Revolutionary Guard stated that Qatar should allow an Iranian team of experts to investigate the missing pilots disappearance, rather than denying that the pilot had been detained.August 16 - Explosions were heard in Kyiv, Ukraine on August 16 local time.According to Irans Tasnim News Agency, the head of the Iranian militarys missing personnel stated that Qatar must allow an Iranian Air Force investigation team into the country.

Forecast for the price of gold: XAU/USD upward to $1,745 with positive RSI divergence and weaker USD

Daniel Rogers

Sep 09, 2022 17:13

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Around $1,720 is where the gold price (XAU/USD) is currently leading early on Friday morning in Europe. In doing so, the yellow metal applauds widespread US dollar weakening and cautious market confidence. Technical signs can work in the buyers' advantage.

 

By press time, the US Dollar Index (DXY) had pared its largest daily loss in a month and was still near the one-week low. In doing so, the greenback indicator fails to support the aggressive remarks made by Fed Chair Jerome Powell the day before while emphasizing the stronger sentiment in the market.

 

Market confidence is influenced by tougher remarks made late Thursday by US Treasury Secretary Janet Yellen, which indicate that US-China trade relations are expected to improve. Recent stronger US statistics and optimism that global central bankers can combat inflation-driven blow with a comprehensive strategy and higher rates also appeared to have helped the market's sentiment. It should be noted that discussions about potential difficulties for Chinese technology companies and unfavorable inflation data for China recently seemed to test the XAU/USD bulls.

 

The US 10-year Treasury yields, which are indicative of the mood, are behind after a good day at around 3.32%, while the S&P 500 Futures tracks Wall Street's advances at about 4,020. The stocks in the Asia-Pacific region are also still firmer, it should be noted, as cautious optimism grows during a sluggish session.

 

The XAU/USD prices are probably going to finish the week on a high note given the risk-on mindset and depressed US dollar. The final round of Fedspeak before the blackout period, which begins this weekend, should nevertheless be paid heed to for new inspiration. Conversations on US inflation ahead of the US Consumer Price Index (CPI) statistics the following week will be crucial.


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