EUR/USD 1.15734
0.145%
Gold 4140.31
0.595%
Oil 60.203
0.437%
USD/JPY 154.253
0.084%
GBP/USD 1.31378
-0.279%
GBP/JPY 202.658
-0.185%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The U.S. NFIB Small Business Confidence Index for October was 98.2, below the expected 98.5 and the previous reading of 98.8.Commerzbank: It expects silver prices to reach $50/oz, platinum prices to reach $1,700/oz, and palladium prices to reach $1,400/oz over the next year.The U.S. October NFIB Small Business Confidence Index will be released in ten minutes.November 11th - The S&P 500 rose 0.6% in the 40 days since the US government shutdown began on October 1st, before rebounding more sharply after Mondays announcement that the shutdown would end within days. Now, based on historical experience, the benchmark index is poised for a holiday season rally. Data compiled by Sam Stovall, chief market strategist at CFRA, shows that the S&P 500 rose an average of 2.3% in the month following the end of the previous 15 shutdowns. This magnitude of gain would place the benchmark US stock index just below 7,000 points by mid-December. Strategists believe the stock market will gain further from current levels as federal workers return to work and regular economic data reporting resumes. He suggests investors consider a trade: go long on AI-using stocks while shorting a basket of stocks that do not use AI.On November 11, Ukraine claimed responsibility for a second attack this month on a key Rosneft refinery in Russias Volga region, as military authorities in Kyiv continue their strategy of targeting Moscows refining industry to cut its energy revenues. Regional Governor Roman Busargin stated that an unnamed industrial facility in the Saratov Zavotskoy district was damaged in a nighttime drone attack, but he did not provide further details. The Saratov refinery is located in the same area. The refinery, capable of processing approximately 140,000 barrels of crude oil per day, is a key supplier of gasoline and diesel fuel to one of the most densely populated regions in western Russia. It has been a target of numerous Ukrainian drone attacks this year, most recently on November 3. In recent months, Ukraine has intensified its attacks on Russian oil infrastructure—from refineries to crude oil pipelines and offshore terminals—in an effort to reduce Moscows energy revenues.

Gold Price Forecast: XAUUSD Is Being Offered and Is Approaching Critical Support

Larissa Barlow

Apr 25, 2022 10:17

Gold prices have been under pressure in Tokyo and have fallen to a new Asian session low of $1,927.50c, down 0.2 percent at the time of writing. The US dollar is firming at an hourly support level as the euro begins to stall on its opening bid following the French election results.

 

The XAU/USD bears are in early doors as the focus continues on the Federal Reserve, with market investors bracing for a faster-than-expected rate of reversion to neutral rates by the central bank.

 

"Rates continue to reprice higher as the market pencils in another rate hike in 2022, pricing in 10 additional hikes over the course of the year, implying a bigger overshoot of neutral. While gold prices have remained extremely resilient in the face of an aggressively hawkish Federal Reserve, as a protracted war in Ukraine simultaneously increased geopolitical uncertainty and inflation risks, fueling demand for safe havens, we see few participants remaining with an appetite to buy gold," TD Securities analysts said.

 

Fed Chairman Jerome Powell proposed a 50 basis point (bps) interest rate hike in his presentation to the International Monetary Fund (IMF) on Thursday. This has increased the likelihood of the Fed announcing a big rate hike in May monetary policy. Additionally, Powell stated that the US economy's multi-decade high inflation requires a rapid pace of interest rate hikes, implying that investors should brace for more than one 50 basis point rate hike announcement this year. Additionally, the market's risk-aversion trend is supporting the greenback versus the precious metal.

Technical Analysis of Gold

On an hourly basis, XAU/USD is bouncing below the 61.8 percent Fibonacci retracement level at $1,931.56 (which corresponds to the March 29 low of $1,890.21 and last week's high of $1,998.43). The 20- and 50-period Exponential Moving Averages (EMAs) are contracting, confirming the downside tendency. Meanwhile, the Relative Strength Index (RSI) (14) has moved into a bearish area of 20.00-40.00, indicating the possibility of a new bearish impulsive wave. 

Gold Hourly Chart

image.png 

Suggestion