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According to the Financial Times, British politicians are calling for a competition review of Netflixs (NFLX.O) acquisition of Warner Bros.The European Automobile Manufacturers Association (EADA) reported that Teslas (TSLA.O) market share in the EU, UK, and EFTA fell to 3% in December, while BYDs was 2.4%; Teslas pure electric vehicle market share was 11.4%.January 27th, Futures News: Economies.com analysts latest view: Spot gold prices have risen in recent intraday trading, having successfully corrected significant overbought pressure indicated by the Relative Strength Index (RSI). The indicator is currently in deeply oversold territory relative to price action, providing new upward momentum and pushing prices further towards new historical resistance levels. This strong performance is attributed to the continued action of dynamic support, with gold prices currently trading above the 50-period exponential moving average (EMA50). With the short-term bullish trend dominating, gold prices are moving along the support trendline of this trend, further increasing the likelihood of continued gains in subsequent trading sessions.On January 27th, Amundi, Europes largest asset manager, stated that the deepening international isolation of the United States is prompting many investors to reduce their holdings of dollar assets and shift towards gold. Vincent Motiejunas, Chief Investment Officer of Amundi, said that the weakening of the dollars status also stems from the massive US fiscal deficit and the uncertainty surrounding future Federal Reserve policies. He stated, "We have consistently allocated to gold for the past two and a half years and believe this trend will continue because, in the long term, gold effectively hedges against currency devaluation risks and is an ideal tool for maintaining purchasing power." Motiejunas pointed out that current gold demand mainly comes from institutional investors such as central banks and sovereign wealth funds. He analyzed that Trumps continued pressure on traditional allies will eventually come at a price. Allies cannot tolerate this bullying forever, and new alliances are forming. Europes shift in stance on the Greenland issue is significant, indicating that pressure may give rise to new forms of resistance. Global funds are forced to seek new wealth reserves. "The key question is, where to go after selling off the dollar?" Motiejunas admitted, "Gold has become a realistic option."January 27th, Futures News: Economies.com analysts latest view: WTI crude oil prices retreated in the recent trading day, attempting to find higher support levels as a technical bottom to help accumulate the upward momentum needed for a price recovery. This pullback has placed prices under pressure from the 50-day exponential moving average (EMA50); meanwhile, the main bullish trend driving the market in the short term remains intact, with prices currently moving along the secondary trendline supporting this trend. Meanwhile, the Relative Strength Index (RSI) has entered extremely oversold territory, with a bullish divergence pattern becoming increasingly apparent, coupled with a bullish crossover signal, which could pave the way for a subsequent rebound.

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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