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On May 5th, TD Securities strategists stated that the Reserve Bank of Australias (RBA) decision to raise interest rates by 25 basis points by a vote of 8 to 1 could superficially be interpreted as hawkish, but TD Securities strategists believe the overall statement leans more towards suggesting a temporary pause in rate hikes. The bank noted that the RBA appears to have toned down its previously hawkish inflation stance, and Governor Bullocks post-meeting remarks were more dovish. Strategists Prashant Newnaha and Alex Loo believe that after the RBAs significant downward revision of its GDP forecast, future inflation data will be a key factor in determining the timing of the next rate hike. The bank believes that a June rate hike by the RBA is less likely, with August being a more probable window. Therefore, the institution currently expects the cash rate to peak at 4.60% in August.On May 5th, local time, EU Energy Commissioner Dan Jorgensen stated that the world is facing the worst energy crisis in history. Since the escalation of the situation in the Middle East, EU countries have spent more than $35 billion on fuel imports without receiving any additional supplies.May 5th - According to an Israeli source, as tensions escalate in the Strait of Hormuz, threatening the Iranian ceasefire, Israel is coordinating with the United States. The source stated that this coordination includes preparing for a potential new round of strikes against Iran, focusing on energy infrastructure and targeted killings of senior Iranian officials. Most of these plans were largely finalized in early April, just before the ceasefire and are ready for execution.May 5th - The 139th Canton Fair concluded today. According to the Canton Fair, as of May 4th, 314,000 overseas buyers from 220 countries and regions attended the fair, a 1.1% increase compared to the 138th session. 407 leading purchasing companies and 154 overseas business organizations participated as delegations.The Russian Ministry of Defense stated that 88 Ukrainian drones were shot down in Russian territory within five hours.

Gold Price Prediction: XAU/USD stays range-bound over $1,800 despite a rebound in risk-on sentiment

Alina Haynes

Dec 29, 2022 11:42

 截屏2022-06-10 下午4.40.17_1024x576.png

 

In the Asian session, the gold price (XAU/USD) is fluctuating modestly above the psychological resistance of $1,800.00. Despite an early-trade pullback in the US Dollar Index (DXY), the precious metal is demonstrating a dismal performance. After reaching a four-day high of 104.56 on Wednesday, the US Dollar Index has plummeted to a level below 104.30.

 

In the meantime, S&P500 futures are providing optimism for a rebound following a two-day decline. In addition, risk-perceived currencies are regaining traction as investors shrug off concerns regarding an increase in Covid-19 cases in China. Following the rise of the US Dollar Index, rates on 10-year US Treasuries have decreased to about 3.86 percent.

 

During the holiday week, the economic calendar had nothing concrete to give; nonetheless, Wednesday's release of U.S. Pending Home Sales data revealed the effects of rising interest rates by the Federal Reserve (Fed). As a result of the Fed's decision to raise the interest rate to 4.5 percent, economic data for the month of November fell by 4 percent to the lowest level in 20 years.

 

On a two-hour period, the gold price is auctioning in a neutral channel, indicating a reduction in volatility due to the absence of significant economic events. After approaching the 100-period Exponential Moving Average (EMA) around $1,802.20, the precious metal has regained power. In addition, the 200-day exponential moving average (EMA) at $1,793.35 is trending higher, indicating that the upside bias remains strong.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that the Gold price is awaiting a new catalyst for a dramatic rise.


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