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Goldman Sachs downgraded Indonesian stocks to underweight.On January 29th, Tesla CEO Elon Musk stated during an earnings call on January 28th that the company will cease production of the Model S and Model X vehicles next quarter. "Its time to honor the Model S and Model X projects as we truly move towards a future centered on self-driving technology," Musk said. Musk also revealed that Tesla is replacing the Model S and Model X production lines at its Fremont, California factory with Optimus production lines, with a long-term goal of achieving an annual production capacity of one million robots.1. International precious metals futures generally closed higher. COMEX gold futures rose 6.46% to $5411.00 per ounce, and COMEX silver futures rose 10.06% to $116.62 per ounce. The Federal Reserve paused interest rate cuts but released expectations of future easing, coupled with market bets on a dovish Fed chair candidate, highlighting the safe-haven and inflation-hedging properties of precious metals. Meanwhile, the CME Groups adjustment of margin parameters for some precious metals futures may also exacerbate short-term volatility. 2. The WTI crude oil futures contract closed up 1.78% at $63.5 per barrel; the Brent crude oil futures contract rose 1.56% to $67.63 per barrel. Trump warned Iran to reach an agreement as soon as possible, citing potential risks to Iranian oil supply. Meanwhile, data from the U.S. Energy Information Administration showed that U.S. crude oil inventories fell by 2.295 million barrels last week, a larger-than-expected decline, tightening supply and supporting higher oil prices. 3. Most London base metals rose, with LME tin up 3.52% to $56,795/ton, LME aluminum up 1.59% to $3,263.5/ton, and LME nickel up 1.12% to $18,440/ton. LME copper and zinc saw slight gains, while LME lead fell slightly. 4. US Treasury yields were mixed. The 2-year Treasury yield was unchanged at 3.596%, the 3-year yield fell 0.56 basis points to 3.640%, the 5-year yield rose 25.90 basis points to 3.828%, the 10-year yield rose 0.20 basis points to 4.243%, and the 30-year yield fell 0.31 basis points to 4.855%. 5. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.02% to 49,015.6 points, the S&P 500 fell 0.01% to 6,978.03 points, and the Nasdaq Composite rose 0.17% to 23,857.45 points. Large-cap tech stocks were mixed: the Wind U.S. Tech Giants Index rose 0.19%, Nvidia rose 1.59%, and Google, Microsoft, and Tesla all saw slight gains. Most semiconductor stocks closed higher, with Intel rising 11%. The Nasdaq China Golden Dragon Index rose 0.32%. U.S. Treasury yields rose. The Federal Reserve kept the federal funds rate unchanged and raised its assessment of economic growth. The market predicts that the Fed will keep interest rates unchanged until the end of Powells term. 6. Major European stock indices all fell. Germanys DAX index fell 0.29% to 24,822.79 points, Frances CAC40 index fell 1.06% to 8,066.68 points, and the UKs FTSE 100 index fell 0.52% to 10,154.43 points. The Stoxx Europe 600 index fell 0.75%. US President Trump again threatened Iran, saying the next strike would be more severe, putting pressure on market risk appetite.Teslas CFO: After utilizing internal resources, the company may finance capital expenditures through further debt or other means.Tesla CFO: As Optimus production and expansion begin, capital expenditures are being invested in computing to train Optimus.

Gold Price Prediction: The XAU/USD pair will fall below $1870 as yields rise ahead of Fed Chair Powell's speech

Alina Haynes

Jan 10, 2023 14:55

截屏2023-01-09 下午5.31.06_1024x576.png

 

In the Tokyo session, the gold price (XAU/USD) has fallen below the immediate resistance of $1,870.00. The precious metal has broken through the consolidation formed in the band of $1,870.00-1,881.50 as demand for US government bonds deteriorates ahead of the speech by Federal Reserve (Fed) chairman Jerome Powell on Tuesday.

 

The 10-year US Treasury yields have risen beyond 3.54 percent, dampening risk appetite. Meanwhile, S&P500 futures have become volatile following a sell-off late in Monday's session, signaling caution in establishing positions in risky assets. The US Dollar Index (DXY) is anticipated to attempt a break above the immediate resistance of 103.00 into the auction area.

 

Investors anticipate Fed Powell's speech for fresh cues, as it will provide a head start for the entirety of CY2023. Despite a sharp reduction in December wage inflation, some Fed policymakers continue to endorse a terminal rate prediction of 5.00-5.25%.

 

Mary Daly, president of the San Francisco Fed Bank, argued that interest rates between 5% and 5.25 percent are fair. Also, the president of the Atlanta Federal Reserve bank, Raphael Bostic, anticipates an interest rate peak in the range of 5% to 5.25 percent and the continuation of higher interest rates through CY2023.

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