EUR/USD 1.13587
-0.267%
Gold 3304.73
-1.311%
Oil 62.946
0.567%
USD/JPY 143.646
0.705%
GBP/USD 1.33184
-0.168%
GBP/JPY 191.311
0.579%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The US military: It will not disclose the specific details of the strikes that have been or will be carried out on Yemen to "maintain operational security."ECB Governing Council member Knot: The central banks monetary policy meeting (decision) in June will be very complicated. Medium-term inflation risks actually include both upside risks and downside risks.On April 28, sources said that the ECB decision-makers are increasingly confident that they will cut interest rates in June in response to the continued decline in inflation, but they will not make a large cut. Last week, several ECB members attended the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and talked about the possibility that the eurozone and global economy may deteriorate due to US tariffs. At the same time, the latest economic data released by the eurozone also reflects this phenomenon. As for inflation, there is no sign of deterioration due to tariffs. Sources said that more ECB members believe that it is a more appropriate decision to make the eighth consecutive interest rate cut of 0.25% at the interest rate meeting on June 4. The ECB will also release its latest economic forecasts on the same day. However, ECB officials remain open-minded and will make a final decision based on the data released next month.Russian Foreign Minister Lavrov: Russia has not received any proposal from the United States to assist in the operation of the Zaporizhia nuclear power plant.Russian Foreign Minister Lavrov: Russia will continue to strike targets used by the Ukrainian military as well as foreign fighters and military instructors sent by Europe.

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