Gold Price Forecast: XAU/USD extends gains above $1,980 despite solid US activity backs hawkish Fed bets Gold XAUUSD Fed PMI DollarIndex
an session. The precious metal has rebounded after a sheer sell-off despite solid preliminary United States S&P PMI data released on Friday.
S&P500 ended mild positive on Friday as significant movements remained stock-specific due to the quarterly result season, portraying a quiet market mood. has remained topsy-turvy, ranging in a tight boundary of 101.63-102.14 for the past four trading sessions. Meanwhile, the demand for US government bonds trimmed further as bets for one more rate hike remain solid. This has led to a further jump in US Treasury yields. The yields offered on 10-year US bonds jumped to near 3.57%.
On Friday, the preliminary S&P Manufacturing data jumped to 50.4 from the consensus of 49.0 and the former release of 49.2. The figure landed above 50.0 for the first time in the past six months. A recovery in manufacturing activities in spite of higher interestfrom the Federal Reserve and tight credit conditions from US commercial banks supports further policy tightening. This also hints that demand for labor will remain extremely tight.
In addition, preliminary Services PMI jumped to 53.7 from the estimates of 51.5 and the former release of 52.6. An all-around strength in the US economic activities is backing the need for more rate hikes from the Fed.is struggling to defend the cushion from the lower portion of a Rising Channel chart pattern formed on a two-hour scale. The precious metal has shifted below the 200-period Exponential Moving Average at $1,991.20, which indicates that the long-term trend has turned bearish.
The Relative Strength Index has shifted its oscillation range into the 20.00-60.00 range indicating a bearish range shift.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cargo containing gold worth nearly $15 million stolen from Toronto airport, police sayPolice would not speculate on whether this was a “professional” job, saying it was too early in the investigation.
Read more »
Apple turns to recycled gold, tin, and rare earth materials to go green“Every day, Apple is innovating to make technology that enriches people’s lives, while protecting the planet we all share.”
Read more »
Olympic gymnast Simone Biles is married: 'Officially Owens'Simone Biles has married fiancé NFL player Jonathan Owens, the 26-year-old Olympic gymnast revealed on social media.
Read more »
7-time Olympic gold medalist Simone Biles marries Texans' Jonathan Owens in intimate ceremonyWedded bliss! 💍 The happy couple made it down the aisle after announcing their engagement last February.
Read more »