EUR/USD 1.14263
-0.427%
Gold 4182.11
0.640%
Oil 73.583
-3.719%
USD/JPY 161.557
0.168%
GBP/USD 1.32407
0.060%
GBP/JPY 213.918
0.230%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Porsche CEO: The United States will continue to be Porsches most important market in the future.On June 23, Google (GOOG.O) shares fell on Monday after another prominent AI leader left to join a competitor. John Jumper, Vice President of Google DeepMind, announced over the weekend that he would be leaving to join Anthropic. Following the announcement, Alphabets stock price fell as much as 7.2%, its biggest intraday drop since February. Just last week, Noam Shazeer, one of Googles most prominent researchers, announced his departure to join OpenAI. The decline in Alphabets stock price coincided with weakness in large-cap tech stocks as a whole. Jumper is a key member of Googles AI programming development team and is considered a recipient of the 2024 Nobel Prize in Chemistry for his research in artificial intelligence.June 23 - According to data released by the U.S. Department of Energy, crude oil inventories in the U.S. Strategic Petroleum Reserve fell to 331.2 million barrels, the lowest level since June 1983. Government emergency petroleum reserves decreased by 9.05 million barrels, marking the third-largest weekly decline on record. This inventory drop is part of a previously pledged plan to release 172 million barrels of crude oil from the Strategic Petroleum Reserve.The U.S. State Department said it was deeply concerned about reports of the Rapid Support Force (RSF) and its allies massing forces near Ubaid, Sudan.Market news: U.S. strategic petroleum reserve crude oil inventories fell by about 9.1 million barrels last week to 331.2 million barrels, the lowest level since 1983.

Gold Price Prediction: XAU/USD recovers from $1,860 support amid Fed and China worries

Alina Haynes

Feb 06, 2023 15:17

截屏2023-01-19 下午3.43.28.png 

 

Gold price (XAU/USD) consolidates recent losses as it posts modest gains near $1,875 in early Monday trading, marking the first positive day in three sessions near the one-month low. In doing so, the precious metal applauds the U.S. dollar's struggle to maintain its strength and draws cues from US-China disputes in advance of this week's major events.

 

In spite of this, the US Dollar Index (DXY) remains stagnant at 103.00, despite a two-day recovery from the lowest levels since April 2022. In doing so, the dollar's measure against the six main currencies fails to justify the robust US employment report and geopolitical concerns regarding China.

 

U.S. Secretary of State Antony Blinked canceled his previously scheduled trip to Beijing in response to the weekend news reports claiming that an American military fighter jet shot down a suspected Chinese surveillance balloon off the coast of South Carolina. President of China Xi Jinping called this a "obvious overreaction" in response to the incident.

 

The same joins Friday's robust US employment report and ISM Services PMI data to test the XAU/USD bulls ahead of Fed Chair Jerome Powell's speech, scheduled for release on Tuesday.

 

S&P 500 Futures extend the previous day's fall from the greatest levels since August as of press time, trading 0.30% lower intraday near 4,140. In the same vein, US 10-year Treasury note rates have increased for three straight days, reaching 3.56 percent as of press time, marking the largest weekly increase since late September 2022.

 

It is worth mentioning that a lack of key data appears to have spurred the XAU/USD bounce from the short-term support, but Gold purchasers should stay cautious in light of the Fed's recent hawkishness and the US-China friction. The US UoM Consumer Sentiment Index for February and the University of Michigan's 5-year Consumer Inflation Predictions will also be crucial to monitor on Friday.


Suggestion