EUR/USD 1.15309
0.026%
Gold 4050.88
-1.284%
Oil 83.139
0.594%
USD/JPY 159.176
-0.208%
GBP/USD 1.34761
0.081%
GBP/JPY 214.510
-0.118%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 2nd - On August 1st local time, the Turkish Ministry of Energy and Natural Resources announced that the Turkish National Oil Pipeline Company (BOTAŞ) and two Iraqi oil companies had officially signed a one-year crude oil transportation agreement. According to the agreement, Turkey and Iraq will efficiently utilize the oil pipeline, with a daily transport capacity of 750,000 barrels allocated to Iraq. Turkey stated that the pipelines total designed daily capacity is 1.5 million barrels. Previously, during a visit to Turkey, Iraqi Prime Minister Zaidi stated that Turkey would supply 1 million barrels of oil per day.According to Saudi media alhadath, Jordan has expressed its expectation that Iraq will take measures to restrict the activities of militias.Market news: The U.S. air force base in Bahrain is evacuating due to anticipated escalation of tensions in the region.August 1st - The Italian Civil Protection Department announced on August 1st that, as of now, the earthquake that struck near Naples in southern Italy on the evening of July 31st has injured 26 people. According to the Italian newspaper Corriere della Sera, a magnitude 4.7 earthquake struck the Camp Freigé area near Naples at 7:46 PM local time on July 31st. From then until the morning of August 1st, more than 170 earthquakes occurred. The Civil Protection Department stated that in addition to causing the collapse of some uninhabited buildings, the earthquake also damaged many other structures, forcing approximately 300 people to evacuate their homes. Currently, firefighters and technicians are continuing to conduct building safety inspections, and the possibility of further evacuations cannot be ruled out.Security and refinery sources: The fire at the refinery in southwestern Erbil, Iraq, has been extinguished and production is gradually resuming.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

 272.png

 

During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

Suggestion