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Data released by GAC Aion showed that global sales in April 2025 were 28,301 vehicles, maintaining positive year-on-year growth.Geely Auto: Car sales in April were 234,112 units, a year-on-year increase of 53%.Gold prices fell to a two-week low on Thursday as signs of easing trade tensions boosted risk appetite and reduced golds safe-haven appeal, while a stronger dollar also weighed on gold prices. "The market remains confident that the United States will soon sign a lower tariff agreement with other countries, and this optimism, coupled with a stronger dollar, is weighing on gold prices," said Giovanni Staunovo, an analyst at UBS. Investors are waiting for Fridays non-farm payrolls report to gain further insight into the Feds policy direction. "A weak jobs report should support the Feds calls for further rate cuts this year and push gold prices back to $3,500 an ounce in the coming months," said Giovanni Staunovo.On May 1, institutional analysis pointed out that gold futures plummeted due to easing trade tensions and declining safe-haven demand. The strengthening of the US dollar further dampened enthusiasm for gold as a safe-haven asset and made dollar-denominated commodities more expensive for international buyers. The United States is likely to reach a trade agreement, and market optimism and risk appetite are rising. However, further losses may be limited because expectations of interest rate cuts have also been raised after the United States released a series of weak economic data. The US economy contracted by 0.3% in the first quarter. Lower interest rates usually stimulate demand for non-interest-bearing gold.Ukraines Foreign Minister: The EUs top diplomat has been informed of the mineral agreement reached with the United States.

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.


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