EUR/USD 1.18683
0.395%
Gold 5010.22
1.150%
Oil 62.872
-0.678%
USD/JPY 156.581
-0.327%
GBP/USD 1.36093
-0.065%
GBP/JPY 213.100
-0.392%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Central Bank of Uganda has kept its key lending rate at 9.75%.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 17:33 on February 9 in Baicheng County, Aksu Prefecture, Xinjiang (41.87 degrees north latitude, 82.00 degrees east longitude), with a focal depth of 11 kilometers.On February 9th, the Shanghai Stock Exchange (SSE) issued a notice soliciting public opinions on the "Shanghai Stock Exchange Issuance and Listing Review Rules Application Guidelines No. 6 – Standards for Identifying Light Assets and High R&D Investment (Draft for Comment)". The notice proposes two points: First, it establishes negative scenarios. Specifically, if a listed companys stock is subject to delisting risk warnings or other risk warnings, the proportion of funds raised through refinancing used to supplement working capital and repay debts shall not exceed 30% of the total funds raised.February 9th - Vitol, the worlds largest independent oil trader, stated that peak oil demand will arrive later than previously expected due to the slow pace of electric vehicle adoption. In a report released Monday, Vitol predicted that oil demand will peak sometime in the mid-2030s, reaching approximately 112 million barrels per day globally. The groups previous forecast placed the peak at the beginning of the next decade. The report also noted that by 2040, global oil demand will be approximately 5 million barrels per day higher than current levels.The Kremlin: The US attempt to contain Cuba is creating difficulties, and we are discussing solutions with Havana. Cuba faces a serious aviation fuel supply situation.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

 272.png

 

During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

Suggestion