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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.According to the Wall Street Journal: Citigroup hired Trumps former trade chief Robert Lighthizer.According to the Wall Street Journal: The U.S. government has commissioned L3Harris to completely transform a Boeing 747 once used by the Qatari government.

Price Analysis: AUD/USD Advances Toward 0.6740 Ahead Of PBoC's Decision

Alina Haynes

Apr 19, 2023 16:00

AUD:USD.png 

 

The AUD/USD pair strengthened to near 0.6740 after a gradual retracement. In light of the weakening U.S. dollar and the upward revision of China's growth rate forecast, the demand for Australian dollars was exceptional. The US Dollar Index (DXY) is exhibiting a dearth of volatility prior to the release of the Federal Reserve's (Fed) Beige Book.

 

The Australian Dollar remained active on Tuesday after the Reserve Bank of Australia (RBA) minutes were released. The RBA minutes revealed that policymakers actively debated a rate hike, but ultimately decided to maintain the current 3.6% rate. Philip Lowe, the governor of the Reserve Bank of Australia, stated that the central bank needs more time to compile information prior to taking action.

 

After a robust quarterly performance, forecasting agencies were enthusiastic about increasing their projections for China's Gross Domestic Product (GDP). In the future, the People's Bank of China's (PBOC) interest rate determination will be the primary event. Australia is China's greatest trading partner, and optimistic economic forecasts from China would benefit the Australian Dollar.

 

The AUD/USD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The 20-period Exponential Moving Average (EMA) is superimposed on the price of the asset at 0.6720, indicating lackluster performance.

 

Currently, the Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00, indicating the absence of a possible trigger.

 

A future break above the March 22 high of 0.6759 will propel the asset toward the April 3 high of 0.6693. A breach above the latter would cause the asset to reach a new low on February 6 of 0.6855.

 

A breach of the April 10 low at 0.6620 would expose the Australian dollar to the March 10 low at 0.6564, followed by the round-number support at 0.6500, according to an alternative scenario.


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