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On February 7th, the Dow Jones Industrial Average (DJIA) broke through the 50,000-point mark for the first time in US trading. This is the latest milestone achieved by the US economy after years of strong growth. During this period, the US economy not only outperformed other developed economies but also attracted a large amount of investment globally. Chris Hyzy, Chief Investment Officer of Bank of America Merrill Lynch Private Bank, said, "In any case, we dont believe the opportunities in the US market are over." The DJIAs rise in recent months marks a reversal from the trend earlier last year, when Trumps tariffs triggered market turmoil. However, since then, many of Wall Streets concerns about the impact of tariffs have not materialized, and with the continued strong growth of the US economy, investors are optimistic that the Federal Reserve will continue to lower interest rates this year. However, although the DJIA is steadily moving towards the 100,000-point mark, there are still warning signs in some areas of the economy. Inflationary pressures continue to squeeze the lives of millions of low- and middle-income Americans, and US job growth is weak. At the same time, overseas economic growth and expansionary government policies have led to international markets consistently outperforming the highly valued US market in recent months. This may mean that some of the stocks that drove the DJIAs rise may face greater pressure in the future.Market news: Apple (AAPL.O) will allow external voice-controlled chatbots to be used in CarPlay AI.February 7th - According to AXIOS, the United States and Iran held several hours of nuclear talks in Oman on Friday, and officials from both countries indicated they expect further talks in the coming days. Two sources familiar with the meeting stated that during the talks, Trumps special envoys Witkov and Kushner met directly with Iranian Foreign Minister Araghchi. In most previous meetings, Iran has insisted on communicating with the United States only through mediators, rather than directly negotiating. According to the two sources, part of Fridays meeting was conducted in this format, but officials also had direct exchanges. A US official told the media that a second round of talks is expected in the coming days.Hang Seng Index futures closed up 1.8% at 27,053 points in overnight trading, a premium of 493 points.February 7th - The CME Group stated on Friday that it is aware of the delay in the release of metal settlement data and that its technical support team is addressing the issue. The CME Group did not disclose the specific reason for the delay. Metal settlement prices are closely watched by market participants as they are used for pricing, margin calculations, and valuations in both physical and derivatives markets. Last November, the worlds largest exchange operator experienced its longest system outage in years, causing a complete disruption to trading in stocks, bonds, commodities, and currencies, and paralyzing global futures markets for several hours.

Gold Price Prediction: XAU/USD declines near $1,750 as risk aversion anticipates NFP data release

Alina Haynes

Aug 02, 2022 15:03

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During Tuesday's opening European session, the gold price (XAU/USD) deepens its retreat from a nearly three-month-old resistance line, falling below $1,773. In spite of this, the precious metal exhibits a five-day rise around the greatest levels since July 5.

 

The metal's early-day rally may have been influenced by a broad dollar decline and Treasury rates. The XAU/USD exchange rate afterwards looked to have been influenced by China-related news and rising worries of an economic downturn.

 

Nonetheless, the visit of US House Secretary Nancy Pelosi to Taiwan and the probable difficulties for Chinese chipmakers as a result of the U.S. consideration of banning supplies of American chipmaking equipment further weigh on market mood. Similarly, a Chinese media story may indicate that the dragon country is prepared for a military exercise in Bohai, South China Sea.

 

In addition, Bloomberg's report that Beijing's Gross Domestic Product (GDP) has no fixed limits tends to dampen the market's risk appetite. People acquainted with the situation were quoted in the press as saying, "China's top leaders instructed government officials last week that this year's economic growth objective of "about 5.5 percent" should serve as guideline rather than a mandatory aim."

 

It should be emphasized that China is one of the world's largest users of gold, and that bad news stories about the country might impact on gold prices.

 

Elsewhere, the recently poor US PMIs mirrored last week's US Gross Domestic Product (GDP) for the second quarter to illustrate economic anxiety. Fed Chair Jerome Powell's veiled warnings that the hawks are losing steam might also dampen sentiment.

 

As a reflection of market mood, equities in the Asia-Pacific region and US stock futures see modest losses. However, the US 10-year bond yield decreases 5.5 basis points (bps) to 2.55 percent at the latest, threatening the gold bears via the weakening US dollar. In spite of this, the US Dollar Index (DXY) reestablished the monthly minimum before rebounding from 105.00.

 

The news concerning China and the recession, as well as the remarks of Chicago Fed President Charles L. Evans and Federal Reserve Bank of St. Louis President James Bullard, will be crucial for intraday gold dealers in the future.


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