EUR/USD 1.16718
0.015%
Gold 4262.09
0.857%
Oil 56.894
-0.375%
USD/JPY 150.574
0.065%
GBP/USD 1.34375
0.003%
GBP/JPY 202.339
0.069%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures News, October 20th, Economies.com analysts latest view today: Spot gold prices rose in the last trading session, benefiting from the solidity of the 4200 main support level, which laid a solid foundation for the return of bullish momentum. This round of rise was also due to its continued operation above the EMA50 moving average, further consolidating the stability of the primary uptrend in the short term, especially when the price runs along the secondary support trend line.Futures News, October 20th, Economies.com analysts latest view today: WTI crude oil futures prices fell during the previous trading day, mainly due to the relative strength index (RSI) reaching a clearly overbought level. This level is exaggerated compared to the price trend, indicating that the bullish momentum that previously supported the trade is weakening. Previously, the price tried to stabilize around 56.35 and make up for some of the previous losses, but these rebound attempts quickly lost momentum.Futures News, October 20th. Economies.com analysts latest view today: Brent crude oil futures prices have fallen in recent intraday trading. Meanwhile, prices remain under pressure below the EMA50 moving average. The dominant short-term trend remains bearish, and prices are moving along the trendline. These factors increase the possibility of a short-term price rebound. Furthermore, the Relative Strength Index (RSI) has formed a negative crossover after reaching overbought levels, suggesting a possible positive market divergence signal.Bank of Japan (BoJ) board member Hajime Takada said Monday that Japans economy is weathering the impact of U.S. tariffs and has likely already achieved its 2% inflation target, reiterating his call for a resumption of interest rate hikes. Takada said in his speech that both the Bank of Japans October tankan business climate survey and the banks branch manager survey indicated that improving employment and income conditions are supporting consumption. He said that with businesses steadily raising prices and wages, Japan has roughly achieved the central banks 2% inflation target and now faces the risk of unexpected price increases. "I think now is the best time to raise interest rates," Takada said, explaining his call for a rate hike at the September meeting. He was one of two board members who voted against keeping interest rates at 0.5% at the September meeting, instead proposing a rate hike to 0.75%.Reuters poll: Bank Indonesia will cut its 7-day reverse repurchase rate by 25 basis points to 4.50% on October 22.

Forecast for the Gold Price: The XAU/USD pair continues to struggle below $1,850 as investors await FOMC minutes

Daniel Rogers

Jan 04, 2023 15:03

9.png 

 

After clearing the $1,800.00 barrier, the gold price (XAU/USD) has leveled off around $1,844.00 in the early European session. The precious metal continues to struggle to surpass the important resistance level of $1,850. Following the release of United States ISM Manufacturing PMI data, the gold price is anticipated to demonstrate a significant move.

 

S&P500 futures tried a recovery rise in the Asian session following a two-day decline, but require more filters to draw a responsive purchasing action, indicating cautious optimism. The US Dollar Index (DXY) is fighting to hold above the 104.20 threshold as 10-year US Treasury yields decline below 3.73 percent.

 

The ISM Manufacturing PMI is likely to decline further to 48.5, from 49.0 in November, according to forecasts. The Federal Reserve (Fed) could be compelled to scale down its policy tightening measures as a result of weakening manufacturing activity in the United States, which are anticipated to herald a further decline in inflation estimates. Thursday's release of the Federal Open Market Committee (FOMC) minutes will provide investors with greater insight into the prospects for monetary policy.


Suggestion