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January 16, Tesla (TSLA.O) closed up 8% on Wednesday. The U.S. core CPI rose less than expected, and the market rebounded. This may put the Federal Reserve on the path of interest rate cuts, which will help more people afford new cars. Rivian (RIVN.O), General Motors (GM.N) and Ford Motor (FN) all had good gains, up 4.5%, 1.5% and 1.7% respectively, but Tesla still ranked at the top. Investors are not bothered by Musks new lawsuit with the SEC. In addition, Barclays analyst Dan Levy raised Teslas target share price from $270 to $325, maintaining a hold rating, but his target price is still lower than the current price. Levy said that the stock price has "departed from fundamentals" since the November 5 election. As of Wednesday, Teslas stock price has risen by about 70% (about $177) since the election, during which time analysts average target price for Tesla shares has risen from $235 to around $317 (about $82).US financial regulators fined BLOCK INC $80 million for violating anti-money laundering laws.Nate Anderson, founder of short-selling agency Hindenburg: Decided to dissolve Hindenburg.Canadian Prime Minister Trudeau: All options are under consideration for possible countermeasures to US tariffs.The Dow Jones Industrial Average closed at 43,221.55 on Wednesday, January 15, up 703.27 points, or 1.65%. The S&P 500 closed at 5,949.91 on Wednesday, January 15, up 107.00 points, or 1.83%. The Nasdaq Composite closed at 19,511.23 on Wednesday, January 15, up 466.84 points, or 2.45%.

Gold Price Forecast: XAU / USD flirts with $1,850 support convergence; Fed's Powell, US NFP in focus

Daniel Rogers

Mar 06, 2023 14:40

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Gold price (XAU/USD) remains mostly illiquid around $1,855 as traders brace for the key data/events during early Monday in Europe. Adding filters to the XAU/USD movements could be the muddled headlines from China, as well as the US Dollar’s inaction despite a pullback in the Treasury bond yields.

 

The National Development and Reform Commission of the People's Republic of China (NDRC) recently stated that it "Will further discharge the potential for consumption," adding that China's economy is consistently improving, as reported by Reuters. Earlier in the day, market sentiment deteriorated after China's National People's Congress (NPC) annual session appeared to be a gloomy event due to its development target and geopolitical concerns.

 

Elsewhere, San Francisco Federal Reserve Bank President Mary Daly highlighted the significance of incoming data to determine how high the rates can go. Previously, Atlanta Fed President Raphael Bostic renewed concerns about the Fed’s policy pivot while Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it plainly said, “Ongoing increases in the Fed funds rate target are necessary.” In addition, the report stated that the Fed is committed to restoring inflation to 2%.

 

It should be noted that US 10-year Treasury bond yields rose to their highest levels since November 2022 in the previous week before falling to 3.95% by the end of Friday and circling back to the same level at the latest. More significantly, US two-year bond coupons increased to levels not seen since 2008 before retracting to 4.85% as of press time. That said, the S&P 500 Futures print mild gains, mirroring Wall Street’s movements amid a light sluggish start to the key week, whereas the US Dollar Index (DXY) remains depressed around 104.45, down 0.05% intraday by the press time.

 

Moving ahead, Gold traders may witness further inaction in the market as traders remain cautious before the key events including Fed Chair Jerome Powell’s Testimony, China’s inflation data and Friday’s US employment report for February.


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