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U.S. Commodity Futures Trading Commission (CFTC): As of the week ending January 14, securities fund managers reduced their net long positions in the S&P 500 Index CME by 70,424 contracts to 923,997 contracts, and securities fund speculators reduced their net short positions in the S&P 500 Index CME by 38,472 contracts to 311,085 contracts.The Dow Jones Industrial Average closed at 43,487.83 on January 17 (Friday), up 334.70 points, or 0.78%. The S&P 500 closed at 5,996.66 on January 17 (Friday), up 59.32 points, or 1.00%. The Nasdaq Composite closed at 19,630.20 on January 17 (Friday), up 291.91 points, or 1.51%.The United States recorded a net inflow of international capital of $159.9 billion in November, with the previous value revised from $203.6 billion to $201.8 billion.Hang Seng Index futures closed up 1.25% at 19,841 points in the night session, 257 points higher than the previous session.Congressional Budget Office (CBO): The cost of clean energy subsidies in the inflation-proof bill is now expected to be $825 billion between 2025 and 2035, compared with an estimated cost of $270 billion between 2022 and 2031.

Gold Price Prediction: XAU/USD falls toward $1,920 as the Fed appears poised to increase interest rates further

Daniel Rogers

Jan 31, 2023 16:13

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During the Asian session, the gold price (XAU/USD) is falling towards the immediate support of $1,920.00. The precious metal has been demonstrating a topsy-turvy move with increased traction for the US Dollar Index (DXY) ahead of the interest rate decision by the Federal Reserve (Fed), which is slated for Wednesday. The Gold price is currently bidding in the range of $1,922-1,933 and is anticipated to continue volatile in the near future.

 

S&P500 futures have added some gains following a massive sell-off on Monday, indicating confidence as the Fed is anticipated to pause the pace of increasing interest rates. Despite market pessimism, the USD Index is seeking to continue its breakout above the 101.80 resistance to near 102.00. In addition, the market participants' risk aversion is supporting the 10-year US Treasury yields, which have risen above 3.54 percent.

 

In addition to the Federal Reserve's interest rate policy, the release of United States Automatic Data Processing (ADP) Employment data will heighten market volatility. The economic data is anticipated to be 170K, a decrease from the previous report of 235K.

 

The US labor market has remained exceptionally tight in CY2022 but the continuing of interest rate hikes by Fed chair Jerome Powell is denting the expression of optimism in producers. As a result of the bleak economic outlook, businesses are halting their recruitment efforts in an effort to maximize the utilization of their current workforce.


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