EUR/USD 1.16376
0.009%
Gold 4193.45
0.067%
Oil 58.639
-0.029%
USD/JPY 155.940
0.013%
GBP/USD 1.33222
0.008%
GBP/JPY 207.752
0.027%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. The three major U.S. stock indexes closed slightly lower: the Dow Jones Industrial Average fell 0.45% to 47,739.32 points, the S&P 500 fell 0.35% to 6,846.51 points, and the Nasdaq Composite fell 0.14% to 23,545.9 points. 2. The three major European stock indexes closed mixed: the German DAX rose 0.07% to 24,046.01 points, the French CAC40 fell 0.08% to 8,108.43 points, and the UK FTSE 100 fell 0.23% to 9,645.09 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 1.68 basis points to 3.575%, the 3-year Treasury yield rose 2.55 basis points to 3.610%, the 5-year Treasury yield rose 3.67 basis points to 3.746%, the 10-year Treasury yield rose 2.92 basis points to 4.164%, and the 30-year Treasury yield rose 1.11 basis points to 4.802%. 4. Crude oil transport has resumed at the Lukoil West Qurna 2 oil field storage facility in Russia, with prices at $58.85 per barrel; Brent crude oil futures fell 1.98% to $62.49 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 0.54% to $4219.90 per ounce, and COMEX silver futures fell 0.94% to $58.50 per ounce. 6. Most London base metals fell. LME zinc rose 1.05% to $3,130.50/ton, LME copper rose 0.47% to $11,675.00/ton, LME lead fell 0.20% to $1,998.50/ton, LME nickel fell 0.37% to $14,885.00/ton, LME aluminum fell 0.38% to $2,886.50/ton, and LME tin fell 0.67% to $39,800.00/ton.US President Trump: Mexico continues to violate our comprehensive water treaty. Due to Mexicos failure to fulfill our treaty obligations, it still owes the United States more than 800,000 acre-feet of water.On December 9th, a new social media platform filed an application with the U.S. Patent and Trademark Office to cancel the "Twitter" trademark so it could take over. The company claims that Elon Musks X Inc. has abandoned these trademarks. Operation Bluebird, a Virginia-based startup, filed a petition on December 2nd seeking permission to use the words "Twitter" and "tweet" on its competing social platform "twitter.new," and has already applied to register the "Twitter" trademark. Musk acquired Twitter for $44 billion in 2022 and renamed it X. Operation Bluebird stated in its filing that X Inc. has "completely removed" the Twitter brand from its products, services, and marketing. Musk posted on the X platform in 2023 that the company would "say goodbye to the Twitter brand and gradually say goodbye to all the birds (Twitters original logo)."European Commission President Ursula von der Leyen: In the long run, it is essential to ensure the security of Ukraine and make it the first line of defense for our alliance.European Commission President Ursula von der Leyen: Ukraines sovereignty must be respected.

Gold Price Prediction: XAU/USD recovers to $1,700; negative potential intact

Daniel Rogers

Sep 07, 2022 16:26

 截屏2022-09-07 下午4.18.15.png

 

Gold extends Tuesday's retreat from a weekly high and continues to lose ground through the first half of Wednesday's trading session. The XAU/USD falls further below $1,700 for the third consecutive trading day, but stops just above the monthly low reached last Thursday.

 

The persistent purchasing of U.S. dollars remains ongoing and is a crucial element imposing downward pressure on dollar-denominated gold. In fact, the USD Index, which measures the performance of the greenback against a basket of currencies, reaches a new 20-year high in anticipation of a more aggressive Fed policy tightening.

 

In fact, current market pricing shows a probability of greater than 70% that the Fed will increase interest rates by 75 basis points at its upcoming meeting on September 20-21. The bets were confirmed by Tuesday's positive US ISM Services PMI, which caused a sell-off in the US government debt market and pushed the 30-year bond yield to its highest level since 2014.

 

In addition, the yield on the benchmark 10-year US Treasury note rose to levels not observed since June 16. This, in turn, provides extra support for the greenback and also contributes to a shift away from non-yielding gold. However, the existing risk-averse sentiment helps prevent deeper losses for the safe-haven precious metal for the time being.

 

Fears of a recession have been fueled by the likelihood of rapid interest rate increases, as well as the economic headwinds resulting from new COVID-19 restrictions in China and the ongoing conflict in Ukraine. This continues to weigh on investor sentiment, as evidenced by the generally gloomier tone on equities markets, and supports conventional safe-haven investments.

 

The flight to safety aids gold's comeback to the $1,700 round-number mark, but further recovery remains elusive. In the absence of market-moving economic releases from the United States, Fed officials' remarks will play a significant role in determining the USD's price dynamics. This could create chances for short-term trading in the commodity.

Suggestion