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Investing Xau – Gold prices fell on Tuesday as the US dollar strengthened as US bond yields rose ahead of the Fed’s interest rate decision. Bond yields and the greenback remained positive despite mixed housing data from the US economy.
At the time of writing, XAU/USD is trading in the $1,665 zone, 0.65% below the opening price after touching $1,679 daily in the spot session.
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Ahead of the Federal Reserve’s decision, U.S. bond yields reached a new cycle, with 2-, 5- and 10-year interest rates — which can be considered the opportunity cost of non-yielding gold — reaching 3.992%, 3.777%. % and 3.604% respectively.
Commodities Watchlist: Upside Breakout For Gold (xau/usd)?
The WIRP tool suggests that investors favor a 75 basis point increase and bet about 20% of the small odds for a large 100 basis point increase. Swap markets are currently pricing in a final rate of 4.75%
Yield advances supported the dollar, with the DXY index up 0.55% on the day in the 110.20 area.
Gold prices could swing higher in the coming days, with the central bank of Japan, Switzerland and the UK among others to announce their monetary policy decisions on Thursday.
The BoJ is expected to cut interest rates by 0.1% and markets are expecting 50 basis point hike announcements from the Swiss National Bank and the Bank of England, which could have a significant impact on risk sentiment and gold prices.
Gold Price May Break Record In 2023? $1950 Or Key Resistance Level
According to the daily chart, the short-term technical outlook for XAU/USD is good. The RSS is moving towards oversold territory with a negative slope below its midpoint, while the MACD is printing a high red bar, indicating selling pressure.
On the downside, the next support area is at $1,654 last Friday. If this level is lost, XAU/USD could test the $1640 and $1620 areas, which were seen last April 2020.
On the other hand, resistance levels are seen at the $1,660 zone, followed by the $1,700 psychological mark and the 20-day SMA currently at $1,710.
Commodities week ahead: Oil, gold in Fed data overload week to OPEC Barani Krishnan/-2023. January 30. 5
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The OPTC meeting is likely to maintain production targets in December, weighing on crude oil prices.
Gold has staged a huge comeback since November, erasing much of the 2022 decline Also, the exchange rate hit a nine-month high last week, but quickly…
Fed week, monthly close could mean gold and silver – Jordan Roy-Byrne, CMT – January 30, 2023
Gold levels remain unchanged There is resistance at $1950, $1960 and a possible pattern target is $2020. Gold was around 1,950 percent last week. We are on guard…
Trade Gold (xau)
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Nasdaq falls as mescap misses earnings, Fed in focus – Reuters – 23/30/2023
Xau/usd Technical Outlook
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Alchemy Ahead of the Week: Can Powell Move a Quarter-Point … By Marc Chandel – January 29, 2023 Gold prices eased slightly on Monday as investor sentiment eased demand for safe havens. Sheltered property The spot, XAU/USD, is struggling to hold the $1,850 area after reaching $1,857 during the European session.
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Last week, Beijing announced an easing of Covid-related restrictions, following a similar announcement from China’s financial hub Shanghai, which helped ease concerns about a slowing economy in the Asian space and helped boost market sentiment.
Meanwhile, the rise in US bond yields – which can also be considered the opportunity cost of holding gold – is a significant headache for the yellow metal. The yield on the U.S. 10-year note increased, posting six consecutive daily gains, to around 3.01%.
From a technical perspective, XAU/USD maintains a short-term bearish tone on the daily chart as the indicator points to a continued decline in buying interest. The RSI is holding a negative slope below its midpoint, while the MACD is showing that the bullish momentum is slowly fading
If XAU/USD breaks decisively below $1,850, immediate support is seen around $1,840, which is confirmed by the convergence of the 20 and 200-day moving averages. Below this area, the next supports are at $1,828, the June 1 low and the $1,800 psychological level.
Price Of Gold (xau/usd) To Exit Its Range Soon?| Fxmag.com
On the other hand, initial resistance may be encountered at $1,860, followed by the June 3 high at $1,874 and the psychological low at $1,900.
Commodities week ahead: Oil, gold in Fed data overload week to OPEC Barani Krishnan/-2023. January 30. 5
The OPTC meeting is likely to maintain production targets in December, weighing on crude oil prices.
Gold has staged a huge comeback since November, erasing much of the 2022 decline Also, the exchange rate hit a nine-month high last week, but quickly…
Bitcoin’s Changing Correlations May Mean It’s Becoming A Haven Again: Bofa
Fed week, monthly close could mean gold and silver – Jordan Roy-Byrne, CMT – January 30, 2023
Gold levels remain unchanged There is resistance at $1950, $1960 and a possible pattern target is $2020. Gold was around 1,950 percent last week. We are on guard…
Your commenting ability is currently suspended due to negative user reports Our status is checked by our moderators
Thanks for your comment Please note that all comments are pending until approved by our moderators Therefore, it may take some time to appear on our website
Chart Of The Day: Xau/usd
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Nasdaq falls as mescap misses earnings, Fed in focus – Reuters – 23/30/2023
Oil falls 1% on rate hike, Russian flows remain strong – Reuters – 30/10/2023
1 buyable stock, 1 putable stock this week: Caterpillar, Peloton – Jesse Cohen / -2023. January 29. 7
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Week Ahead Alchemy: Power Could Move A Quarter-Point … By Mark Chandler – January 29, 2023 1 The problem with gold for the bulls is that the XAU/USD spot gold market has remained well above 1850-to-date. And support today, we’ve basically closed the 2020 high at a 38% retracement of 2020. This level has reached the 1838 level and is now likely to break below the 200-day moving average in the coming week(s). What appeared to be good news for gold (Yellen was picked by President-elect Joe Biden to be Treasury Secretary) should send gold higher at the end of the session. Instead, it traded strongly and may now be lower RSI is also pointing down Short term resistance at 1870 level
Commodities week ahead: Oil, gold in Fed data overload week to OPEC Barani Krishnan/-2023. January 30. 5
The OPTC meeting is likely to maintain production targets in December, weighing on crude oil prices.
Xau/usd Gold Buy Setup For Oanda:xauusd By Forexarmyac — Tradingview
Gold has staged a huge comeback since November, erasing much of the 2022 decline Also, the exchange rate hit a nine-month high last week, but quickly…
Fed week, monthly close could mean gold and silver – Jordan Roy-Byrne, CMT – January 30, 2023
Gold levels remain unchanged There is resistance at $1950, $1960 and a possible pattern target is $2020. Gold was around 1,950 percent last week. We are on guard…
Your commenting ability is currently suspended due to negative user reports Our status is checked by our moderators
Xau/usd: Dollar Demand Prevails Over Gold Demand| Fxmag.com
Thanks for your comment Please note that all comments are pending until approved by our moderators Therefore, it may take some time to appear on our website
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Nasdaq falls as mescap misses earnings, Fed in focus – Reuters – 23/30/2023
Oil falls 1% on rate hike, Russian flows remain strong – Reuters – 30/10/2023
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1 buyable stock, 1 putable stock this week: Caterpillar, Peloton – Jesse Cohen / -2023. January 29. 7
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