Gold Subdued Ahead of the NFPs & after Thursday’s PCE-Fueled Rally
XAU/USD runs a profitable week helped by softer US PCE inflation and Mr Powell’s signal for smaller rate hikes, but eases today ahead of the US Employment Report
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XAU/USD runs a profitable week helped by softer US PCE inflation and Mr Powell’s signal for smaller rate hikes, but eases today ahead of the US Employment Report
As the real rate appreciated, gold declined (green trendlines). This trend then morphed into a sideways pattern (blue-shaded area). The cc is currently reading a robust -79%, implying a meaningful inverse relationship between the two instruments.
The commodity comes from three straight losing weeks and drops to 2022 lows at the start of the current one, as fears over China’s Covid-19 situation intensify
XAU/USD is on the front foot, taking advantage of the greenback’s weakness and covering the losses from the poor start to this holiday-shortened week
USOil steadies after a volatile session on Monday, due to WSJ report that OPEC is considering a rise in output, which was denied by Saudi Arabia
The commodity heads towards another losing week, as OPEC and the IEA lowered their demand growth projections, while Covid-19 infections in China are rising
The commodity is having a bad week and pauses its recent recovery, weighed by disappointing data form China and elevated Covid-19 cases
The precious metal runs an impressive month and the first profitable one since March, capitalizing on the greenback's correction, but the RSI shows overbought conditions
The Organization of the Petroleum Exporting Countries (OPEC) cut its world demand growth projection once again, with oil prices pressured after last week’s decline
XAU/USD runs it second straight profitable week on the back of a recently deflated USDollar, but it may struggle for further gains
The commodity opened the new week on the back foot amidst trade worries and China’s commitment to the zero-Covid policy
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