Gold price has retreated to $1,940.00, during Thursday’s US session after US GDP revised up to 1.3% in the first quarter of 2023, while Jobless Claims come in below expectations.Core PCE inflation rises by 5% in Q1, the strong US data was dragging gold to its lowest level since March …
Read More »Gold is hitting resistance and the corrective decline is still intact 25/5/2023
The resistance levels referred to during the previous report at 1977, limited the bullish tendency and forced gold prices to complete its downward path as we expected, to gradually approach the official target of 1945, recording its lowest level at $1955 per ounce. Today’s technical vision indicates the possibility of …
Read More »How has gold reacted to FOMC minutes?
Gold price is mixed around the FOMC minutes that showed that Fed policymakers are divided on backing further rate hikes, however FOMC members still agreed that inflation risks are still unacceptably high, but the extent of further hikes is now made less certain. Gold price has ranged between a low …
Read More »Gold testing resistance, eyes on the Fed 24/5/2023
Gold prices continued the corrective decline mentioned during the last technical report, touching the first target located at 1960, recording its lowest level at $1954 per ounce. Technically, gold prices are trying to bounce back due to touching the 1954 support level, which forced it to achieve a scenario of …
Read More »Gold is falling amid the strength of dollar
Gold prices fell on Tuesday, affected by the strength of the dollar, while investors watched the continued attempts to reach an agreement to end the debt ceiling crisis in the United States. Spot gold fell 0.4 percent to $1,962.06 an ounce by 0306 GMT. US gold futures also fell 0.6 …
Read More »Market Drivers – US Session – 22/05/2023
Gold’s gains from Friday were partially reversed, with XAU/USD slipping towards $1,970/oz. Additionally falling, silver finished the day at $23.60. The performance of cryptocurrencies was uneven, with BTC/USD failing to recoup $27,000. Prices for crude oil increased somewhat; WTI got close to $72.00. On a quiet Monday in the financial …
Read More »Gold is looking for a stronger trend 22/5/2023
Gold prices ended last week’s trading sessions with a noticeable increase, after several successive sessions of the aforementioned corrective decline, to record its lowest level at $1954 per ounce, to start an upward rebound as a result of the US dollar’s decline after Jerome Powell’s statements regarding interest rates. Technically, …
Read More »Gold eyeing $1980 resistance amid hawkish Fed language
Gold climbs 0.89%, trading at $1975.05 per ounce at the time of writing, as the US dollar’s strength subsides, investors are now eyeing the $1980 resistance level.Fed Chair Jerome Powell’s comments and US Treasury Sec. Janet Yellen’s remarks on Friday were sufficient to shake the market, resulting in a significant …
Read More »Gold is heading for its biggest weekly decline since February
Gold prices rose on Friday, but headed for their largest weekly decline in three and a half months, as hopes that negotiations would reach a solution to the US government debt ceiling crisis and fading expectations of interest rate cuts by the end of the year led to a decline …
Read More »Market Drivers – US Session – 18/05/2023
On Thursday, Speaker Kevin McCarthy voiced optimism that negotiators have a structure now and are working two or three times a day. DeSantis suggests only he could beat Biden ahead of the expected 2024 launch. McCarthy also praised Biden’s picks to lead the talks – a move by the White …
Read More »