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The Dow Jones Industrial Average opened down 73.03 points, or 0.16%, to 45,638.31 on Wednesday, September 10; the S&P 500 opened up 24.92 points, or 0.38%, to 6,537.58 on Wednesday, September 10; and the Nasdaq Composite opened up 90.11 points, or 0.41%, to 21,969.60 on Wednesday, September 10.On September 10th, the U.S. stock market opened with the Dow Jones Industrial Average down 0.12%, the S&P 500 up 0.51%, and the Nasdaq up 0.47%. Oracle (ORCL.N) opened up approximately 32%, setting a new all-time high and pushing its total market capitalization close to $900 billion. The company reportedly expects to receive $500 billion in cloud orders. AI chip stocks also saw gains, with AMD (AMD.O) up approximately 5%, Broadcom (AVGO.O) up 4.5%, and Nvidia (NVDA.O) up over 3%.On September 10, Russian crude oil exports rose to a three-month high, driven by increased exports from the Black Sea port of Novorossiysk. Meanwhile, intensified drone attacks in Ukraine have disrupted Russias refining system, making more crude oil available for export. The four-week average data ending September 7 shows that Russian seaborne crude oil exports reached approximately 3.34 million barrels per day (bpd), a 4% increase from the previous period ending August 31. Using the more volatile seven-day data, exports increased by 200,000 bpd to 3.9 million bpd.NIO (NIO.N) announced the pricing of a $1 billion equity offering, issuing ADSs at $5.57 per ADS and Class A ordinary shares at HK$43.36 per ADS.Deutsche Bank warns of a "bubble risk" in the S&P 500.

Gold Price Prediction: The XAU/USD pair stabilizes around $1,850 as the DXY flounders ahead of steady US inflation

Alina Haynes

Jun 08, 2022 14:56

 截屏2022-06-07 下午5.14.47.png

 

During the Asian session, the gold price (XAU/USD) is exhibiting choppy movement. The precious gold is fluctuating within a $2 range following a retreat from Tuesday's $1,855.64 high. This week's US inflation numbers will have a big influence on the Federal Reserve's (Fed) attitude to be taken the following week, hence causing considerable volatility in the foreign exchange market.

 

Fed chair Jerome Powell may implement an aggressive interest rate strategy in light of the optimistic US Nonfarm Payrolls report and annual inflation rate above 8 percent. Undoubtedly, rising pricing pressures are eroding household incomes in the United States, a situation that requires the Fed's sole attention. Fed Powell's declaration of a 50 basis point (bps) consecutive rate rise would be the ideal approach to continue the battle against inflation.

 

In the meantime, the US dollar index (DXY) is encountering obstacles at its important resistance level of 102.48. Tuesday's rise in positive market mood diminished the DXY's attractiveness and supported risk-perceived currencies. To go higher, the DXY must surpass Tuesday's high of 102.84.

Technical Analysis of Gold

XAU/USD is exhibiting an ascending triangle pattern on a four-hour time frame. The ascending trendline is drawn from the low of May 16 at $1,786.94, while the horizontal resistance is drawn from the high of May 24 at $1,866.89. At $1,850, the 21-period Exponential Moving Average (EMA) intersects with gold prices, indicating an impending consolidation. In the meanwhile, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that forthcoming trading sessions will be volatile.

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