EUR/USD 1.17641
0.030%
Gold 3677.77
-0.026%
Oil 63.062
0.087%
USD/JPY 147.378
-0.020%
GBP/USD 1.36036
0.045%
GBP/JPY 200.495
0.032%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Assistant Governor of the Reserve Bank of Australia Hunt: Close to controlling inflation to target level.The U.S. Senate will begin its final vote on Milans nomination to the Federal Reserve Board in ten minutes.Integrated Circuits (Chips): 1. Nvidia is fully shifting its technological development focus to its next-generation product, the SOCAMM2. 2. Micron Technology has suspended NAND flash memory and DRAM pricing for a week, with the market predicting price increases. 3. Nvidia is considering being the first to adopt TSMCs most advanced process, the A16 process, which will enter mass production in the second half of next year. Others: 1. OpenAI released GPT-5-CODEX. 2. Version 2.0 of the "AI Security Governance Framework" has been released. 3. Lei Jun: The Xiaomi 17 series is a comprehensive competitor to the iPhone. 4. The US Secretary of Energy stated that nuclear fusion power generation could be possible within eight years. 5. Nvidia is requiring suppliers to develop MLCP technology, with a unit price 3-5 times that of existing cooling solutions. 6. Xiaomis Lu Weibing: R&D investment will increase to 200 billion RMB over the next five years. 7. Elon Musk: The Samsung factory in Texas will produce AI6 chips, not AI5 chips, and a decision on whether to use high-bandwidth memory (HBM) has not yet been made. Nuanwa Insight, an AI technology company in the insurance industry, has applied for an IPO in Hong Kong.1. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.11%, the S&P 500 up 0.47%, and the Nasdaq up 0.94%. Both the S&P 500 and Nasdaq reached new all-time highs. Amazon and Apple rose over 1%, leading the Dow. The Wind S7 Index rose 1.53%, with Google up over 4% and Tesla up over 3%. Most Chinese concept stocks rose, with Pony.ai rising nearly 11% and Li Auto up nearly 7%. 2. U.S. Treasury yields fell across the board, with the 2-year Treasury yield down 2.30 basis points to 3.526%, the 3-year Treasury yield down 3.32 basis points to 3.494%, the 5-year Treasury yield down 3.30 basis points to 3.600%, the 10-year Treasury yield down 3.64 basis points to 4.034%, and the 30-year Treasury yield down 2.80 basis points to 4.653%. 3. International precious metal futures generally closed higher, with COMEX gold futures up 0.90% at $3,719.50/oz and COMEX silver futures up 0.84% at $43.19/oz. US President Trumps pressure on the Federal Reserve to cut interest rates has sparked market concerns, and deteriorating US employment data has reinforced expectations of a rate cut. 4. International oil prices rose slightly, with the main US crude oil contract up 0.94% at $63.28/barrel; the main Brent crude oil contract rose 0.69% to $67.45/barrel. 5. Most base metals closed higher in London, with LME copper futures up 1.21% at $10,189/ton, a 15-month high; LME zinc futures up 0.85% at $2,982/ton; LME nickel futures up 0.22% at $15,425/ton; and LME aluminum futures up 0.56% at $2,704.5/ton.

Forecast for Gold Price: XAU/USD corrects from $1,780, although upward stays favored on lower DXY

Alina Haynes

Aug 02, 2022 15:05

 截屏2022-08-02 下午2.58.11.png

 

Gold price (XAU/USD) has retraced to about $1,774.65 after reaching a high of $1,780.58 during the Tokyo morning session. As an upward break of consolidation is followed by a low-volume test of the breakout, there is a good chance that the precious metal will bounce once again. Earlier, the precious metal demonstrated a breakout to the upside from the consolidation created between $1,764.45 and $1,773.35.

 

In the meanwhile, the US dollar index (DXY) has experienced a minor bounce after opening at a three-week low of 105.05 points. The DXY has taken on a bearish trend as merchants and manufacturers have drastically reduced their forward demand. Monday saw the release of weak US Institute of Supply Management (ISM) Manufacturing New Orders Index data.

 

The economic data predicts merchants' and manufacturers' future demand. At 48, the numbers stayed below the forecasts of 52 and the previous reading of 49.2 A significant reduction in the demand prediction index precipitated a sharp decline in the DXY.

 

Friday's release of the US Nonfarm Payrolls (NFP) report will continue to dominate the attention of markets moving ahead. According to market consensus, the US economy created 250k jobs in July, a decrease from the 372k jobs created in June. This will increase the price of gold relative to the U.S. dollar.

 

The construction of a rising channel by gold prices on an hourly basis suggests the continuance of an upward trend. The top section of the previously described chart pattern is based on the high of July 22 at $1,739.37, while the bottom portion is based on the low of July 21 at $1,681.87.

 

The rising 50-day and 200-day exponential moving averages (EMAs) at $1,765.40 and $1,742.85, respectively, add to the upward filters. In the meantime, the Relative Strength Index (RSI) (14) is striving to recapture levels of 60.00. A similar event will necessitate a new bullish impulse wave.

Suggestion