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Japans unemployment rate was 2.7% in January, below the expected 2.60% and the previous reading of 2.60%.1. International oil prices rose across the board, with the WTI crude oil futures contract rising 5.98% to $71.03 per barrel and the Brent crude oil futures contract rising 6.82% to $77.85 per barrel. The joint US-Israeli airstrikes on Iran triggered a sharp escalation of tensions in the Middle East, raising market concerns about shipping safety in the Strait of Hormuz and potential retaliatory production cuts by Iran. 2. International precious metals futures closed mixed. COMEX gold futures rose 1.68% to $5335.90 per ounce, while COMEX silver futures fell 3.95% to $89.61 per ounce. Escalating tensions in the Middle East disrupted shipping in the Strait of Hormuz, increasing geopolitical risks and boosting safe-haven demand. This heightened the importance of gold as a strategic neutral reserve asset, coupled with increased expectations that the Federal Reserve would maintain interest rates, all contributing to the rise in gold prices. 3. Most London base metals fell. LME aluminum rose 1.43% to $3185/ton, LME lead fell 0.05% to $1961/ton, LME zinc fell 0.29% to $3307.5/ton, LME copper fell 1.94% to $13084.5/ton, LME nickel fell 3.58% to $17205/ton, and LME tin fell 8.38% to $52890/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.15% to 48904.78 points, the S&P 500 rose 0.04% to 6881.62 points, and the Nasdaq Composite rose 0.36% to 22748.86 points. Home Depot and 3M fell more than 2%, leading the Dow Jones decline. The Wind U.S. Tech Big Seven Index rose 0.56%, with Nvidia rising nearly 3%. The Nasdaq China Golden Dragon Index fell 1.08%, Kingsoft Cloud fell nearly 5%, and Zai Lab fell over 4%. 5. European stock indices all closed lower: the German DAX fell 2.42% to 24,672.4 points, the French CAC40 fell 2.17% to 8,394.32 points, and the UK FTSE 100 fell 1.2% to 10,780.11 points. Escalating military conflict in the Middle East led to a surge in oil prices, reigniting inflation concerns and prompting investors to sell risky assets for safety. 6. Most major Asia-Pacific stock indices closed lower: the Nikkei 225 fell 1.35% to 58,057.24 points, and the Indian SENSEX 30 fell 1.29% to 80,238.85 points. The South Korean KOSPI was closed for a holiday.The Israel Defense Forces stated that they are currently conducting strikes against Hezbollah command centers and weapons storage facilities in Beirut.Japans January unemployment rate will be released in ten minutes.March 3 – Reserve Bank of Australia (RBA) Governor Claude Bullock said on Tuesday that the RBA could raise interest rates this month if it determines that inflation expectations are at risk of spiraling out of control, and the market should remain vigilant. Bullock emphasized that the RBA may not wait until late April to receive complete first-quarter inflation data before deciding whether to tighten policy. “Action is possible at every meeting,” Bullock said, referring to the next meeting on March 18, “where the committee will examine whether the pace of policy adjustments needs to be accelerated.”

Forecast for the price of gold: XAU/USD bulls target $1,732-33 barrier, focusing on US data, Fed

Alina Haynes

Jul 26, 2022 11:58

 截屏2022-07-26 上午11.42.53.png

 

As bulls again approach the 100-SMA barrier during Tuesday's Asian session after failing to breach it the previous two days, gold price (XAU/USD) consolidates the week-start losses. However, as of the time of writing, the yellow metal shows modest increases of about $1,725.

 

The recent advances in bullion may be related to the weaker US currency, which is being accompanied by low Treasury rates and recession worries in the US. The US Dollar Index (DXY) therefore declines for the fourth day in a row, down 0.18 percent intraday at roughly 106.30 as of the time of publication. Reversing the previous day's rally to 2.81 percent, the US 10-year Treasury rates are now down 3.5 basis points to 2.78 percent. Additionally, the US S&P Global PMIs for July, released on Friday, and the Chicago Fed National Activity Index for June on Monday, both increased global economic concerns regarding the US. Recent downgrades in growth projections for the US, the Eurozone, and both failed to strengthen the US dollar.

 

Additionally, Bloomberg's study indicates that the lower USD and the metal's historical role as a safe haven support the XAU/USD comeback and are supported by worries about the Chinese recession that are teasing the global economic downturn.

 

In a similar vein, Walmart's reduction in profit projections and concerns about future consumer spending declines are further drivers that support the risk-off mindset during a slow day. A further strain on risk appetite is the downgrading of the US and European GDP predictions by the global rating juggernaut Moody's.

 

While these maneuvers are going on, the S&P 500 Futures retreat to 3,955, down 0.40 percent intraday, failing to follow Wall Street.

 

Nevertheless, a light schedule in Europe may limit the movements of the gold price. However, the important indicator for pair traders to keep an eye on is today's US CB Consumer Confidence for July, which was previous to 98.7. The US New Home Sales for June, the Richmond Fed Manufacturing Index for July, and the May House Price Index data will all be crucial. The pre-Fed conversations and growth-related conversations will be especially important to monitor for clear instructions.

 

From the 50-SMA, gold continues to rise until it reaches the 100-SMA barrier at $1,732-33. However, slow MACD suggests that the metal may still be ground between the important 100-SMA and the 50-SMA, which are close to $1,732-33 and $1,712 in that order.

 

It's important to keep in mind that the swing high from July 2008 and a downward-sloping resistance line from the beginning of June, which are around $1,752 and $1,766 in that order, might potentially provide obstacles for XAU/USD buyers over $1,733.

 

On the other hand, eight-day horizontal support at $1,698-97 may stop the metal's decline from moving past the 50-SMA. The most recent multi-month low at $1,680 and the 61.8 percent Fibonacci Expansion (FE) of July 04-22 downward, around $1,656, might entice the bears should the price go below $1,698.


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