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The XAUUSD daily chart shows the precious metal slipping back into its bearish area between the lower blue and red bands. The last candle is still active, and its close will be necessary regarding its relative position.
Oil prices are subdued at the start of this week, unable to get a lift from Monday’s strong Q3 GDP from the world’s second largest consumer
The pace of central bank interest rate hikes and Covid restrictions in Shanghai and Shenzhen are taking massive tolls. These policies will likely cap crude prices, limiting any production cuts' support.
OPEC and allies, including Russia, agreed on Wednesday on deep oil production cuts, sending USOil to three-week highs
XAU/USD makes an upbeat start to the last quarter of the year, helped by USD weakness, breaking above key technical levels
Prices staged a rebound over the last couple of days, on the back of disruption due to hurricane Ian and lower weekly inventories, but face renewed pressure today and USOIL heads towards another losing month
XAU/USD rebounds from Monday’s sump to the lowest level in more than two years, but draws towards the conclusion of its sixth straight losing month
Russian President Putin signed a partial military mobilization today and oil prices move higher on renewed energy fears
Gold has been under pressure since real rates turned positive in late April. The market expects an aggressive Fed tomorrow, weighing on the precious metal.
XAU/USD draws to the end of a bad week and breaks below key technical support, as expectations of another big rate hike by the US central bank work in the greenback’s favor
Given the need to control inflation, the prospect of higher interest rates is a headwind for gold. As such, in our view, the probability of lower prices is the path of least resistance.
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