EUR/USD 1.17487
0.086%
Gold 4305.34
0.138%
Oil 56.455
-1.416%
USD/JPY 155.241
-0.405%
GBP/USD 1.33716
0.043%
GBP/JPY 207.587
-0.361%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US President Trump: I think we are closer to our goal (reaching a ceasefire between Russia and Ukraine) than ever before.On December 16th, the FBI announced the arrest of four suspects on December 15th for plotting bomb attacks at multiple locations in California on New Years Eve. FBI Director Cash Patel posted on social media that the FBI thwarted a "credible and imminent terrorist threat" and arrested four individuals with ties to the Los Angeles area. These individuals identified themselves as members of a radical wing of the far-left group "Turtle Island Liberation Front" and are suspected of planning attacks using improvised explosive devices at five different locations in the Los Angeles area on New Years Eve. "Turtle Island" is an English name for North America.On December 16th, the Argentine government of President Millai announced adjustments to its monetary policy, stating it would begin an initiative to accumulate its depleted foreign exchange reserves. This represents a step closer to the free-floating exchange rate that investors have long desired. Starting in 2026, the pesos trading band will expand at the same rate as monthly inflation, instead of the current 1%. Novembers price increases of 2.5% mean that the trading band could expand at more than twice the current rate in the short term. The central bank stated on Monday that it will also begin accumulating reserves, with a base case scenario target of purchasing $10 billion next year, the specific amount potentially increasing based on currency demand. Following this news, Argentine sovereign bonds surged across the board. The more liquid bonds maturing in 2035 rose by more than 1 cent, reaching nearly 73 cents.On December 16th, local time, Ukrainian President Volodymyr Zelensky and German Chancellor André Merz held a joint press conference in Berlin. Zelensky stated that the US delegation did not make any demands on Ukraine regarding territorial concessions, but merely conveyed Russias position. Regarding the question of whether the US demanded Ukraine withdraw from the Donetsk region, Zelensky said: "I dont think the US made any demands. I believe we are strategic partners. Therefore, I would put it this way: we have heard statements from the US regarding Russian territorial claims or demands. We consider these to be Russian demands." He also stated that Ukraine had conveyed its position to the US.Lockheed Martin (LMT.N) has completed production of its first F-16 Block 70 fleet, delivering them to Bulgaria and Slovakia.

Forecast for the price of gold: XAU/USD dips below $1,790 as DXY continues its comeback, Michigan CSI targeted

Daniel Rogers

Aug 11, 2022 12:00

 截屏2022-08-10 上午11.47.00_1024x576.png

 

After losing the crucial support level of $1,788.00 in the Asian session, the price of gold (XAU/USD) has fallen to little under $1,785.00. After reaching a new monthly high on Wednesday at $1,807.96, the precious metal has begun a healthy corrective phase.

 

Investors are reducing their holdings of gold after realizing that while a single month's lower US Consumer Price Index (CPI) can temper the Federal Reserve's (Fed) hawkish direction, it cannot eliminate the likelihood of a rate hike in September. It should be noted that the US CPI came in at 8.5%, which was lower than expected and the previous release's 8.7% and 9.1%, respectively.

 

The US dollar index (DXY), meanwhile, has continued to recover after a confident pullback move, reaching a level close to 105.40. Currently, market investors are concentrating on the next US Michigan Consumer Sentiment Index (CSI), which is scheduled to release on Friday. From the previous release of 51.5, the sentiment data is anticipated to increase to 52.2. Consumer confidence is predicted to increase steadily after falling to 50 for the first time in the past 20 years, according to the data.

 

The cushion of the lower part of the Rising Channel, which was established on a four-hour scale, has been given up by the gold price, which is now at $1,788.00. The upper part of the aforementioned chart pattern is drawn from the high of July 22 at $1,739.37, and the lower part is drawn from the low of July 27 at $1,711.55.

 

The 50- and 200-period Exponential Moving Averages (EMAs) at $1,768.90 add to the upward filters by forming a golden cross. Although the Relative Strength Index (RSI) has moved into the 40.00–60.00 zone, indicating a minor correction, 40.00 is expected to provide support.


Suggestion