Gold prices rise for fourth day on easing inflation - 14 April 2023

-

 

GOLD PRICES CONTINUE TO RISE, POISED FOR A STRONG WEEK AMID EASING INFLATION CONCERNS.

  • Gold prices rose for the fourth consecutive session on Friday, supported by evidence that U.S. inflation was easing and concerns about a possible recession in 2023. On Thursday, data showed that U.S. producer price index inflation grew at a slower pace in March, which was followed by data showing that consumer price inflation also eased. These readings reinforced the belief that inflation was subsiding, which could result in a less hawkish Federal Reserve.
  • Following the data, the dollar declined to a nearly one-year low, while Treasury yields also retreated, both of which supported gold prices. The safe-haven appeal of gold was also bolstered by several warnings of a U.S. recession this year, which could lead to less hawkish action by the Fed.
  • As of 22:16 ET (02:16 GMT), spot gold rose 0.3% to $2,046.61 an ounce, while gold futures gained 0.3% to $2,060.75 an ounce. Both instruments were poised for a fourth straight day of gains and were headed for a weekly increase of nearly 2% each.
  • Gold has been on a surge over the last month, driven by safe-haven flows triggered initially by fears of a banking crisis. While regulatory intervention helped to ease concerns of a broader crisis, the collapse of several U.S. banks led to the pricing in of a less hawkish stance by the Fed and a potential recession this year due to economic pressure from high-interest rates.
READ THE FULL REPORT - CLICK HERE 

Comments

Post a Comment

Popular posts from this blog

TECHNICAL ANALYSIS REPORT – 12 AUGUST 2022

-
Image
  WALLSTREET LOWER ON THE EXPECTATION THAT FED STILL NEEDS AN INTEREST RATE HIKE   Asia-Pacific stocks tracked Wall Street losses and the yen fell on Friday. The Shanghai Composite is down 0.11% at 3,278.39. Overall, the Singapore MSCI is down 0.03% at 308.45. Over in Hong Kong, the Hang Seng Index is up 0.61% at 20,150.00. In Japan, the Nikkei 225 is up 2.63% at 28,510.00, while the Topix index is up 2.07% at 1972.50. South Korea’s Kospi is up 0.11% at 2,526.55. Australia S&P/ASX 200 down 0.65% at 7024.90. Top News of the Day: The Nasdaq and S&P 500 retreated to close lower on Thursday on the realization the Federal Reserve still needs to aggressively boost interest rates to fully tame rising consumer prices despite fresh evidence of cooling inflation. The S&P 500 closed a tad lower after earlier hitting fresh three-month highs following data that showed the U.S. producer price index (PPI) unexpectedly fell in July. Market Summary as per 11/08/2022: European equities Thurs
Read more

GET DAILY PROFITABLE TRADE SIGNAL WITH CAPITAL STREET FX

-
Image
    USDZAR BUY = 16.7273 TARGET= 17.7765 SL= 16.6961                                                    SIEMENS AG SELL = 104.81   TARGET= 103.37 SL= 106.48                                                 BRENT CRUDE OIL SELL = 99.54 TARGET= 96.87 FOR DAILY LIVE SIGNALS VISIT US
Read more

EURCHF TECHNICAL ANALYSIS, FORECAST AND TRADE SIGNALS

-
Image
  EURCHF TECHNICAL ANALYSIS: WEEKLY CHART In the weekly charts, EURCHF is trading in an upward channel. It is trading above MA (20) but below MA (50) and MA (100). RSI is in buying zone which indicates bullishness. MACD is currently trading below zero which indicates bearishness. The immediate support is at 1.02268 and the resistance level is at 1.05095 EURCHF is trading in an upward channel until there is a trend reversal. EURCHF TECHNICAL ANALYSIS: DAILY CHART CLICK HERE FOR FUL L REPORT
Read more