The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
Gold: fragile situation
Information is not investment advice
XAU/USD went back above $1 850 after it reversed from the 200-day moving average. A more cautious risk sentiment on the market underpinned the safe-haven yellow metal. Indeed, new Covid-19 cases continue surging all over the world and investors consider that.
However, increasing US bond yields can limit the further rising of gold. Since Democrats will take the control of both houses of Congress, Biden is expected to inject trillions of dollars in fiscal stimulus to support the economy. After this announcement US stocks surged as well as US Treasury bond yields. Higher yields could raise demand for the US dollar, that’s why most traders will fear to make aggressive bets on XAU/USD.
Gold has failed to break through the 200-day moving average of $1 825 and turned to the upside. It may rise till it reaches the resistance of the 50-day moving average at $1 870, where the pullback is expected. In the opposite scenario, if gold drops below the support zone of $1 835-1 825, the way to the key psychological mark of $1 800 will be clear.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.