简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Gold Price Forecast: XAU/USD balances around $1,920, establishes below 200-EMA, fresh sanctions on Russia
Fresh sanctions imposed on Russia by the US will escalate the financial shock on Moscow.
FOMC minutes advocate one or more 50 bps interest rate hikes this year.
Gold (XAU/USD) has been witnessing a lackluster performance over the last six trading sessions. The precious metal is displaying back and forth moves in a range of $1,915.22-1,949.86. It is worth noting that the release of the Federal Open Market Committee (FOMC) minutes and speeches from various Federal Reserve (Fed) policymakers this week have failed to put any substantial impact on gold prices.
The minutes that have received much attention from the FOMC in March is the expectation of one more interest rate hike by 50 basis points (bps) this year. Apart from that, the rapid pace at which the Fed will augment the balance sheet reduction is one of the major highlights. Fed policymakers are majorly agreed on monthly caps of about $60B for Treasury securities, and $35B for mortgage-backed securities (MBs).
Meanwhile, Philadelphia Fed President and FOMC member Patrick Harker in his speech on Wednesday has indicated that restoration in the interest rates is likely that will bring the lending rate back to neutral at 2.5%.
The mighty US dollar index (DXY) is aiming to tap the psychological resistance of 100.00 amid fresh sanctions on Russia by the US administration, which has triggered the negative market sentiment. The US has imposed full blocking sanctions on Russia's Sberbank and Alfa Bank, which will dramatically escalate the financial shock on Moscow as these giants of the latter holds more than one-third assets of Russia
Gold Technical Analysis
On an hourly scale, XAU/USD is juggling in a range of $1,915.22-1,949.86 over the past few trading sessions. The precious metal has established below 200-period Exponential Moving Average (EMA) at $1,930.00, which adds to the downside filters. Meanwhile, the Relative Strength Index (RSI) is oscillating in a 40.00-60.00 range, which advocates a consolidation ahead.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
London-based commodities broker Marex is poised to strengthen its operations in the Middle East with the acquisition of Abu Dhabi’s Aarna Capital Limited.
Currency movements—whether a currency strengthens or weakens—are critical indicators of a country's economic health and its position in the global market. In this article, we explore what these movements imply, and how they influence a country’s economic landscape.
TMGM Broker Review 2024: A comprehensive overview of TMGM's regulatory status, trading platforms, and customer support to guide traders in making informed decisions.
The Commodity Futures Trading Commission (CFTC) has initiated legal action against Aipu and Fidefx, alongside individual defendants Qian Bai, Lan Bai, and Chao Li, accusing them of fraudulently soliciting and misappropriating at least $3.6 million from 32 customers.