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Phil Flynn, senior analyst at Price Futures group: There seems to be some profit-taking in the oil market due to concerns that OPEC will increase production by more than expected.July 5, Swissquote senior market analyst Ipek Ozkardeskaya: The preference for the US dollar is weakening. First, concerns about US debt are rising, and second, the preference for US debt is facing risks. Another reason is that the tariff situation and trade disruptions will have a negative impact on US economic growth, and the Federal Reserve may not be able to support the economy when inflation risks rise.July 5th news: On July 4th local time, a federal judge in the United States briefly halted the Trump administrations plan to deport eight immigrants to South Sudan in order to buy time for their lawyers to state their claims in a Massachusetts court.On July 5, institutional analyst Javier Blas said that OPEC+ representatives are discussing a fourth consecutive increase of 411,000 barrels per day, but there is also the possibility of a "slightly larger" increase. According to the increased UAE quota, OPEC+ will return about 2.5 million barrels per day of production to the market. So far, about 1.4 million barrels per day have been returned (one increase of 138,000 barrels per day and three increases of 411,000 barrels per day). Next, the remaining increase may be divided into three monthly increases (two 411,000 barrels per day and one about 275,000 barrels per day). But it is also possible to accelerate the increase in production and make two increases of about 550,000 barrels per day.French President Emmanuel Macron: Airbus and Malaysia Airlines have reached a "historic" cooperation agreement. (Previously, AirAsia Bhd. reached a preliminary agreement with Airbus to purchase up to 70 Airbus SE extended-range jets, a transaction valued at $12.3 billion.)

Gold Price Prediction: XAU/USD fluctuates within the $30 level as FOMC Minutes approach

Daniel Rogers

Feb 22, 2023 15:16

Gold price (XAU/USD) tests a two-day downturn as it floats around $1,835 at the start of Wednesday. As traders anticipate the Federal Open Market Committee's (FOMC) Monetary Policy Meeting Minutes, the precious metal maintains its trading range of approximately $30.00 from the previous week. Notably, geopolitical concerns and the US Dollar's weak movements around the multi-day peak appear to act as filters for XAU/USD traders.

 

In spite of this, stronger preliminary US S&P Global PMIs for February and hawkish Fed bets supported the US Dollar Index's first daily gain in three days, with the index closing down 0.07% intraday near 104.11 at the latest.

 

However, the weak movements of US Treasury bond yields near the three-month high reached the day before appear to have stifled the XAU/momentum USD's of late.

 

The hawkish bias around the US Federal Reserve (Fed) and rumors of an impending policy flip may also test Gold traders.

 

In addition, comments by US Secretary of State Antony Blinken and Russian President Vladimir Putin have an impact on market mood and the price of gold, as both imply an escalation of tensions between Moscow and Kyiv, in which the West and China have recently played an indirect role. But, the absence of substantial updates in Asia appeared to have halted the risk-averse sentiment.

 

US 10-year and 2-year Treasury note rates oscillate around the three-month highs established the previous day, while S&P 500 Futures post modest gains despite Wall Street's negative closing price.

 

In the near future, conflicting sentiment and caution ahead of the FOMC Minutes could maintain XAU/USD on a precarious floor, but the hints for a Fed policy reversal will be sufficient to recall Gold purchasers.


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