EUR/USD 1.07926
-0.004%
Gold 3117.63
0.111%
Oil 70.784
-0.121%
USD/JPY 149.782
0.118%
GBP/USD 1.29142
-0.060%
GBP/JPY 193.432
0.076%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Trader: Indias edible oil imports rose 9.3% month-on-month to 968,000 tons in March.On April 2, today, Hong Kong dollar interbank rates fell across the board. The one-month Hibor related to housing mortgages fell for five consecutive days, down 13.84 basis points to 3.4872%, the lowest since May 2, 2023, and reported 3.41071% on that day. Overnight Hibor fell to 2.88119%, the lowest since March 27; one-week Hibor fell to 3.1244%, the lowest since March 19; two-week Hibor fell to 3.22107%, the lowest since September 4, 2023. In early March and after the Feds interest rate meeting, Hong Kong dollar interbank rates had risen continuously. But now they have turned downward continuously. Today, it fell sharply on the eve of Trumps tariffs. Analysts believe that this is the markets response to global uncertainty. As risks increase, investors demand for funds may tend to decline, so interbank rates will decline.Frances government budget in February was -40.3 billion euros, compared with -17.3 billion euros in the previous month.Transneft: The company has suspended a berthing facility at the Black Sea port of Novorossiisk for 90 days following a surprise inspection by the transport regulator.Market News: Vietnam will send its deputy prime minister on a last-minute trip to the United States as tariffs loom.

Gold Price Prediction: XAU/USD nears $1,850 resistance on China, yields favor DXY decline

Daniel Rogers

Feb 16, 2023 14:42

 截屏2023-01-19 下午3.43.28.png

 

Gold price (XAU/USD) shows modest increases near $1,840 as traders lick their wounds during Thursday's early slow activity. In doing so, the precious metal recovers from its largest daily decline in two weeks by drawing cues from cautious market optimism and a weakening U.S. dollar.

 

However, news reports concerning China and the U.S. debt ceiling appear to have supported the recent improvement in the risk profile. Consequently, Chinese President Xi Jinping crossed wires while demonstrating his willingness to expand industrial and investment cooperation with Asia. According to Chinese official media, he was followed by optimistic remarks from Chinese Finance Minister Liu Kun, who stated that 2023 fiscal revenue will increase this year, albeit at a moderate rate. Moreover, the chatter surrounding the US debt-ceiling crisis, as warned by the US Congressional Budget Office (CBO) on Wednesday according to Reuters, appeared to have raised hopes for a speedier resolution of the major issue in the coming days and probed the upward movement of US Treasury bond yields.

 

It should be noted that the World Gold Council's (WGC) update indicating China's massive Gold imports in 2022, the largest since 2018, appeared to have stabilized the XAU/USD exchange rate, particularly following the previous day's decline.

 

The US data-driven hawkish Fed bias and a rise in US Treasury bond yields appear to present the greatest threat to Gold buyers.

 

In this context, S&P 500 Futures post modest gains around 4,165 while extending yesterday's gains, while US 10-year Treasury note rates retreat following Wednesday's surge to a 1.5-month high, falling two basis points to approximately 3.78% as of press time. In spite of this, the US Dollar Index (DXY) fell 0.20% to 103.65 at the latest, after reaching a 1.5-month high the day before.

 

For new impetus, gold traders should focus on secondary US statistics about the housing market, industrial activity, and producer prices.


Suggestion