EUR/USD 1.15272
-0.495%
Gold 3447.66
1.800%
Oil 73.275
8.480%
USD/JPY 144.662
0.830%
GBP/USD 1.35411
-0.528%
GBP/JPY 195.888
0.325%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US President Trump: I hope an agreement can be reached between Iran and Israel, but sometimes problems must be resolved through struggle.Israeli Military: The Israeli Air Force is currently attacking surface-to-surface missile sites in central Iran.Market News: An official said that Iran told mediators Qatar and Oman that it was unwilling to negotiate a ceasefire with Israel during the Israeli attack.On June 16, Richard Bronzi, head of geopolitics at consulting firm Energy Aspects, said, "Now that Israel has crossed the threshold, the market will question whether it will further strike Irans energy infrastructure. We seem to be caught in a vicious cycle of escalating conflict." Helima Croft, head of global commodity strategy at Royal Bank of Canada Capital Markets and former CIA analyst, said, "If the supply is interrupted, Trump is likely to ask the Saudi-led OPEC+ alliance to use its considerable idle production capacity." Irans current daily output is about 3.4 million barrels, and it is uncertain whether OPEC can make up for its long-term large-scale shutdown gap. This move itself may make Saudi Arabia and the UAEs energy facilities a target of public criticism. Clay Siegel, a senior fellow at the Center for Strategic and International Studies in Washington, analyzed: "Although OPEC can use idle production capacity to replace Iranian crude oil, Saudi Arabia and the UAE will face huge political risks if they profit from it."Israels emergency organization "Red Shield of David": Irans latest round of ballistic missile attacks has injured 8 people in Israel.

Gold Price Prediction: XAU/USD jumps $1,770 as risk appetite recovers and US NFP buzzes

Daniel Rogers

Aug 03, 2022 14:50

 截屏2022-08-02 下午5.45.26_1024x576.png

 

After reaching a low of $1,755.00 during the Asian session, the gold price (XAU/USD) has exhibited a purchasing response. The precious metal entered a corrective wave following a two-week juggernaut rally. In addition, a return in favorable market mood has strengthened the gold bulls.

 

Earlier, the escalation of Sino-American tensions over Taiwan caused a decline in risk appetite. The problem has not been resolved despite the presence of Russian and Chinese navy vessels near the disputed Taiwanese island. In response, Taiwan's Defense Ministry has stated that it will oppose any Chinese action that violates Taiwan's territorial sovereignty.

 

The US dollar index (DXY) benefited from market participants' liquidity on Tuesday, after investors supported the risk-off impulse. Now, the pessimistic forecast for US Nonfarm Payrolls (NFP) is pulling down the DXY. The DXY has printed a low of 106.00 as job gains are estimated to be 250k, which is less than the previous report of 372k. The unemployment rate is anticipated to remain unchanged at 3.6%. Major corporate players in the United States have abandoned the recruitment process for the remaining workforce, which will be reflected in the employment data.

 

The gold prices quickly recaptured $1,764.23, the 20-period Exponential Moving Average (EMA). On a four-hour period, the precious metal is trading within a Rising Channel, the higher section of which is shown from the July 22 high of $1,739.37 and the lower portion from the July 21 low of $1,681.87.

 

The 50-period exponential moving average (EMA) at $1,750.00 has held unchanged and is rising, adding to the upward filters. In addition, the Relative Strength Index (14) is striving to reclaim the bullish zone of 60.00-80.00 in order to accelerate the upward movement.


Suggestion