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Hong Kong-listed tech stocks fluctuated and declined, with Bilibili (09626.HK), Baidu (09888.HK), Alibaba Health (00241.HK), and many others falling by more than 5%. NetEase-S (09999.HK), Alibaba (09988.HK), Tencent Holdings (00700.HK), and JD.com (09618.HK) also followed suit.Hong Kong-listed oil giants continued to weaken, with PetroChina (00857.HK) and CNOOC (00883.HK) both falling by more than 5%, and Sinopec (00386.HK) falling by more than 3%.The UKs January Nationwide House Price Index will be released in ten minutes.February 2nd - Commodity markets declined across the board on Monday, with gold, silver, crude oil, and industrial metals leading the losses. CBA commodity strategist Vivek Dhar stated, "The markets decision to sell precious metals alongside US stocks suggests that investors perceive Warsh as more hawkish. Furthermore, a stronger dollar has also put pressure on precious metals and other commodities, including crude oil and base metals." However, he maintains his forecast that gold prices will reach $6,000 in the fourth quarter. Asian stocks followed US stock futures sharply lower, and the chaotic sell-off in precious metals added tension to the start of a week packed with corporate earnings reports, central bank meetings, and economic data. Dhar stated, "The key question is whether this marks the beginning of a structural decline in commodity prices or is merely a correction. We believe this is a correction and buying opportunity, rather than a fundamental shift."The ChiNext index fell by more than 2%, with semiconductor and memory chip concepts weakening.

Gold Price Prediction: XAU/USD bears maintain control below $1,845 - Convergence Detection

Daniel Rogers

Feb 21, 2023 15:13

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Gold price (XAU/USD) declines toward the previous week's low, which is also the lowest level since late December, as risk aversion and the restoration of full markets combine to support the US Dollar. The rising rates on US Treasury bonds may bolster the greenback and weigh on the XAU/USD.

 

Yet, geopolitical concerns regarding China and Russia appear to be driving the recent push toward risk aversion. With the good US data, there are new concerns regarding the Federal Reserve's (Fed) hawkish move. Notably, the cautious sentiment preceding the preliminary readings of the US Purchasing Managers Index (PMI) data for February appears to pose a challenge to the Gold price. Wednesday's Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes are also crucial.

 

In addition to the cautious mood and fears of a rising Fed rate, technical convergence gives gold bears reason to be optimistic.