EUR/USD 1.16121
0.418%
Gold 4011.39
0.890%
Oil 58.457
-4.401%
USD/JPY 151.594
-0.971%
GBP/USD 1.33493
0.350%
GBP/JPY 202.373
-0.608%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 11, according to the Philippine Institute of Volcanology and Seismology, a magnitude 5.8 earthquake occurred in the sea east of Davao Oriental Province in southern Philippines at around 18:27 local time on October 11, with a focal depth of 10 kilometers.UK Ministry of Defence: Two Royal Air Force aircraft carried out a 12-hour mission on Thursday alongside US and NATO partners to patrol the Russian border.Sudanese residents said drones from Sudans Rapid Support Forces killed at least 12 people at a shelter in El Fasher, while activist groups said the death toll had reached dozens.Ukrainian energy company DTEK: Power supply has been restored to 240,000 households in Ukraines Odessa region after Russias overnight attack.According to a report from Guoxin Securities on the gold industry on October 11th, the current gold price surge is primarily driven by expectations of a Federal Reserve rate cut, geopolitical risks, and surging investment demand, signaling a new period of strength in the gold market. Regarding short-term investment recommendations, focus on event catalysts, such as the October Federal Reserve meeting minutes and US inflation data (an unexpected rebound in CPI could trigger volatility). In the short term, prices may fluctuate briefly above 3,800, with specific performance fluctuating depending on the data. Regarding medium- to long-term allocations, it is recommended to allocate 10%-15% of your portfolio to gold assets to hedge risk and increase diversification.

Gold Price Prediction: XAU/USD attempts to increase auction profile over $1,750 as the US Dollar becomes turbulent

Daniel Rogers

Nov 30, 2022 15:20

截屏2022-11-08 下午5.37.34_1024x576.png

 

After a significant recovery above $1,748.00 during the Tokyo session, the gold price (XAU/USD) aims to move its business beyond $1,750.00. As the US Dollar index (DXY) has become volatile in advance of Federal Reserve (Fed) chair Jerome Powell's speech, the precious metal has attracted buying interest. This time, the Fed Chair's speech will have a substantial influence, as investors will glean hints regarding a slower rate of interest rate hikes.

 

The USD Index has attracted some bids at 106.60 following a decline and is expected to remain on edge as Wednesday's New York session will reveal important economic catalysts in addition to Fed Chair Powell's speech. S&P500 futures have regained a portion of their early-Asia losses. The yields on 10-year US Treasuries remain rock-solid over 3.74 percent.

 

Employment data from Automatic Data Processing (ADP) in the United States will be the most influential factor on the gold price. Preliminary estimates indicate that the US economy added 200k jobs in November, compared to 239k in October. The labor market data is suffering as a result of rising interest rates, which have prompted businesses to pause the hiring process due to rising concerns of a future slowdown.

 

On an hourly scale, the gold price is fluctuating between $1,740 and $1,760 before to the announcement of significant economic catalysts and Fed Powell's speech. The 20-period Exponential Moving Average (EMA) at $1,751.00 is converging with the asset, indicating a forthcoming consolidation.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates continually between 40.00 and 60.00, indicating that investors are on the sidelines ahead of significant developments.

Suggestion