1 Gold consolidates its biggest losses in six weeks and obscures the late consolidated decline.
2 The market is fighting for a clear direction after the US CPI challenged the Fed and US stimulus.
3 The Wall Street benchmark fell below 2.0% for the third day in a row, but the S&P 500 futures are printed after gaining 0.10%.
4 Geopolitical Crisis, US num bers can entertain gold traders in a mild calendar.
Update: Gold reversed the international decline to below 1,810 levels or weekly lows and climbed to the top of its daily tradin g range during the early US session. The commodity was last seen around the USD 1,820 range, an increase of 0.20% for the day.
The US dollar struggled to hold its high during the week instead of selling at a higher level amid a soft tone around US bond yields. This was again considered an important factor that provided some support for the incompatible yellow metal. However, a positive shift in U.S. stock futures acted as a headwind to traditional safe assets, keeping further gains for gold under pressure.
In U.S. data, the number of first-month unemployment claims fell by 473,000 in the week ended May 7, compared to the previous week. of 507K reads. However, U.S. manufacturing output rose 0.6% in April and annual interest rates rose to 6.2%, higher than market expectations. However, the best data has generally not had an impact on USD bulls or gains on dollar-denominated commodities, including gold.
Update: Gold traded lower with positive expectations during the early European session and saw the end of its high on the market, lower than the USD 1,820 level.
The consolidation has helped keep precious metals back in demand and support some of the recent US CPI-induced declines before the downturn. The decline in U.S. currency earnings prevented the US dollar bulls from placing bets, leading to some further support for the dollar-denominated commodity market. Beyond this, risk aversion - as seen by more and more sellers in the global commodity fair - is further benefited by traditional safe-haven practices.
Meanwhile, rising inflation in U.S. consumer spending has created speculation earlier than expected by the tightening Federal Government. This is considered to be the key that holds the cap on each rising point to the non-metallic surface. Thus, it is necessary to carefully wait for some tracking to be good around the gold before traders themselves for the renewal of the past interest seen through the months and a half ago.
Update: Gold retreated above USD 1,800, hovering around $ 1,817 ahead of Thursday's European session, as the market disappeared after the US consumer price index (CPI).
Gold fell the most in 2.5 months the day before for fear of speculation, when the final weakness was due to the US 10-year government release, which fell 1.8 basis points (bps). ) for 1.68% of the time of the press. Risky, government benefits peaked in two months on Wednesday, before investors identified the risk of coronavirus (COVID-19) mutations and regions. . The same puts below the US dollar and weighs heavier than gold.
As fewer catalysts make up the North American session, the US Dollar Index (DXY) pull will take longer and expand if both Jobless Claims and Producer Price Index (PPI) remain stable. As a result, gold prices could fall below the $ 1,840 grid.
Gold fell to $ 1,814.75 after the biggest daily drop since late March on Thursday at the Asia Summit. For example, gold traders avoided holding on Wednesday's loss of $ 1,813.36 as the market did not forget the fear of speculation from the previous day by US Consumer Price. Index (CPI).
US CPI is difficult for both Fed and Biden ...
With the highest U.S. earnings year since 2008, the Federal Reserve (Fed) doubled its 2.0% target, with global economies acknowledging fears that the financial crisis is on the rise. future restrictions. The same triggers risk dissatisfaction and supports the rise of the US Dollar Index (DXY), not to mention pulling the gold price on Wednesday.
According to the report, Fed Vice President Richard Clarida and Atlanta Federal Reserve Chairman Raphael Bostic tried to put the venue on, but to no avail. CNN also broke the news of Democratic's chief economist Larry Summers, who warned the White House on the issue of "` overheating, '' which had previously been investigated by the media. tip and miss the hot sellers.
Not only is this fear of speculation, but the ongoing conflict between Israel and Palestine weighs heavily on trade and gold. In this case, Reuters reported on the United States, which sent a representative to a quiet place in the Middle East after Israel assassinated the Hamas leader.
Against this backdrop, Wall Street scores fell by 2.0 points each, marking Wednesday the third day of the week. In addition, American ten-year cultivation
Gold daily chart
0 Comments