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On November 8th, Kpler analyst Amena Bakr stated that OPEC+s decision to suspend production increases in the first quarter of next year is a precautionary measure, given the current market glut. "OPECs suspension of production increases is a prudent move, given the current oversupply," she said. Furthermore, as previous production cuts are gradually phased out, the organizations spare capacity has decreased significantly, currently estimated at around 4 million to 4.3 million barrels per day. "Some OPEC+ members have been struggling to increase production, raising concerns about whether more supply will be needed in the future. We are facing a constrained situation, with spare capacity within the group continuously decreasing."The German DAX 30 index closed down 191.13 points, or 0.80%, at 23,553.11 on Friday, November 7th; the UK FTSE 100 index closed down 55.48 points, or 0.57%, at 9,680.30 on Friday, November 7th; the French CAC 40 index closed down 14.59 points, or 0.18%, at 7,950.18 on Friday, November 7th; European... The Stoxx 50 index closed down 47.73 points, or 0.85%, at 5563.45 on Friday, November 7; the Spanish IBEX 35 index closed down 233.10 points, or 1.45%, at 15887.00 on Friday, November 7; and the Italian FTSE MIB index closed down 187.69 points, or 0.44%, at 42881.00 on Friday, November 7.Ukraines Presidential Advisor on Strategic Affairs, Kameshin, stated that the proposal regarding the export of weapons to Ukraine will be put forward in December.The schedule shows that Azerbaijani BTC crude oil exports from the port of Ceyhan will reach 17 million barrels in December, up from 15.3 million barrels in November.The U.S. Environmental Protection Agency (EPA) will issue further decisions regarding exemptions for small refineries.

Gold Price Prediction: XAU/USD stays range-bound over $1,800 despite a rebound in risk-on sentiment

Alina Haynes

Dec 29, 2022 11:42

 截屏2022-06-10 下午4.40.17_1024x576.png

 

In the Asian session, the gold price (XAU/USD) is fluctuating modestly above the psychological resistance of $1,800.00. Despite an early-trade pullback in the US Dollar Index (DXY), the precious metal is demonstrating a dismal performance. After reaching a four-day high of 104.56 on Wednesday, the US Dollar Index has plummeted to a level below 104.30.

 

In the meantime, S&P500 futures are providing optimism for a rebound following a two-day decline. In addition, risk-perceived currencies are regaining traction as investors shrug off concerns regarding an increase in Covid-19 cases in China. Following the rise of the US Dollar Index, rates on 10-year US Treasuries have decreased to about 3.86 percent.

 

During the holiday week, the economic calendar had nothing concrete to give; nonetheless, Wednesday's release of U.S. Pending Home Sales data revealed the effects of rising interest rates by the Federal Reserve (Fed). As a result of the Fed's decision to raise the interest rate to 4.5 percent, economic data for the month of November fell by 4 percent to the lowest level in 20 years.

 

On a two-hour period, the gold price is auctioning in a neutral channel, indicating a reduction in volatility due to the absence of significant economic events. After approaching the 100-period Exponential Moving Average (EMA) around $1,802.20, the precious metal has regained power. In addition, the 200-day exponential moving average (EMA) at $1,793.35 is trending higher, indicating that the upside bias remains strong.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that the Gold price is awaiting a new catalyst for a dramatic rise.


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