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On January 17, local time on January 16, the U.S. House of Representatives passed a bill aimed at deporting convicted illegal immigrant sex offenders with a vote of 274 in favor and 145 against. The bill was originally proposed by South Carolina Republican Congressman Nancy Mace to strengthen the crackdown on sex crimes and domestic violence crimes. Some Democrats voted against it, believing that the bill failed to fully consider the actual situation.Germanys DAX30 index closed up 28.40 points, or 0.14%, at 20,644.27 points on January 16 (Thursday); Britains FTSE 100 index closed up 91.54 points, or 1.10%, at 8,392.67 points on January 16 (Thursday); Frances CAC40 index closed up 160.15 points, or 2.14%, at 7,634.74 points on January 16 (Thursday); Europes The STOXX 50 index closed at 5,104.95 points on Thursday, January 16, up 72.64 points, or 1.44%; the Spanish IBEX 35 index closed at 11,833.23 points on Thursday, January 16, down 65.27 points, or 0.55%; the Italian FTSE MIB index closed at 35,821.00 points on Thursday, January 16, up 174.04 points, or 0.49%.U.S. Treasury auction for the eight weeks ending January 16 - the bid-to-cover ratio was 2.89, compared with the previous value of 2.81.The bid-to-cover ratio for the U.S. Treasury bond auction for the four weeks ending January 16 was 2.74, compared with the previous value of 2.92.The winning rate of the U.S. Treasury bond auction for the four weeks ending January 16 was 4.24%, and the previous value was 4.245%.

Gold Price Prediction: XAU/USD bears maintain control below $1,845 - Convergence Detection

Daniel Rogers

Feb 21, 2023 15:13

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Gold price (XAU/USD) declines toward the previous week's low, which is also the lowest level since late December, as risk aversion and the restoration of full markets combine to support the US Dollar. The rising rates on US Treasury bonds may bolster the greenback and weigh on the XAU/USD.

 

Yet, geopolitical concerns regarding China and Russia appear to be driving the recent push toward risk aversion. With the good US data, there are new concerns regarding the Federal Reserve's (Fed) hawkish move. Notably, the cautious sentiment preceding the preliminary readings of the US Purchasing Managers Index (PMI) data for February appears to pose a challenge to the Gold price. Wednesday's Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes are also crucial.

 

In addition to the cautious mood and fears of a rising Fed rate, technical convergence gives gold bears reason to be optimistic.


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