EUR/USD 1.17691
0.123%
Gold 4980.31
0.899%
Oil 61.035
2.433%
USD/JPY 157.608
-0.512%
GBP/USD 1.35867
0.627%
GBP/JPY 214.143
0.129%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 24th, local time, the U.S. Treasury Departments Office of Foreign Assets Control extended the operating license of ESL (Energie ...The German DAX 30 index closed up 25.17 points, or 0.10%, at 24,901.41 on Friday, January 23; the UK FTSE 100 index closed down 10.15 points, or 0.10%, at 10,139.90 on Friday, January 23; and the French CAC 40 index closed down 5.84 points, or 0.07%, at 8,143.05 on Friday, January 23; Europe The Stoxx 50 index closed down 6.67 points, or 0.11%, at 5949.50 on Friday, January 23; the Spanish IBEX 35 index closed down 120.02 points, or 0.68%, at 17543.38 on Friday, January 23; and the Italian FTSE MIB index closed down 250.73 points, or 0.56%, at 44840.50 on Friday, January 23.New York silver futures broke through $101 per ounce, up 4.80% on the day.On January 24, U.S. Energy Secretary Chris Wright stated that, given the risk of power outages due to large-scale winter storms, he has instructed grid operators to utilize backup power from data centers if necessary. While most data centers have their own backup power systems, these resources typically do not supply power to the public grid, and implementation details remain unclear. Wright pointed out that the U.S. has over 35 million kilowatts (35 gigawatts) of unused backup power capacity, and the government is taking steps to make it available. He stated that emergency powers have been invoked under the Federal Electricity Act to ensure temporary grid connection and power delivery when needed.British Prime Minister Starmer: (Regarding Trumps comments on NATOs contribution to Afghanistan) I think those comments are insulting and, frankly, appalling.

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