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Kayıt Tarihi: 13-Kasım-2019
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| Gönderen: 03-Nisan-2021 Saat 11:08 | Kayıtlı IP
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Gold Prices Rebound on Weaker USD
Gold prices traded modestly higher during Thursday‘s
APAC morning session after rebounding 1.32% a day ago.
Prices returned to above a psychological level at $1,700
as the DXY US Dollar index retreated from a four-month
high. This could be attributed to a smaller-than-expected
infrastructure plan announced by President Joe Biden, who
aims to revamp America’s infrastructure facilities,
create millions of jobs and tackle climate changes with
the proposal. Yet the $2.25 trillion spending package
came below market expectation of $3-4 trillion, resulting
in some unwinding activity.To get more news about
WikiFX, you can
visit wikifx.com official website.
A weaker US Dollar provided bullion with some
temporary relief, but this may not change its medium-term
bearish trajectory as the longer-term Treasury yields
continues to march higher on reflation optimism. The
heavily watched 10-year rate hovered near its 14-month
high of 1.744%, exerting downward pressure on precious
metal prices. The real yield, as represented by the 10-
year Treasury inflation-indexed security, climbed to
-0.63% from -0.70% a week ago. A rising real yield may
weigh on gold prices despite a temporary retreat in the
Greenback.
Friday‘s US nonfarm payrolls report will be closely
watched by traders for clues about the health of the
labor market and its ramification for the Fed’s interest
rate path. Volatility could be exacerbated by thinner
trading volume as many markets are shut for the Good
Friday holiday. Prior to this, ADP private payrolls added
517k new jobs in March, the most seen since September
2020, but still fell below the consensus forecast of
550k. If the nonfarm payrolls number fails to meet an
estimation of 647k, this could lead to a deeper pullback
in the US Dollar and buoy bullion prices. The opposite
may happen if the actual number beats.
Crude oil prices were little-changed during
Thursday‘s APAC trading session after falling over 3.8%
over the prior two sessions. Prices were facing a couple
of headwinds, including a larger-than-expected build in
API crude inventories, a revision down of this year’s
oil demand outlook by OPEC+, and the lingering impact of
a third viral wave in Europe. Against this backdrop,
market participants are expecting OPEC+ to roll over its
current production cut through May to stabilize prices.
The energy demand outlook appears to be tarnished by
renewed wave of lockdowns in Europe and rising Covid-19
infections in India and Brazil. The Canadian province of
Ontario will be put under lockdown restrictions for 28
days, marking the latest restrictive measure carried out
by a major economy to curb the spread of coronavirus.
Gold prices rebounded from a key support level at US$
1,676 and extended slightly higher. The primary trend
remains bearish-biased however, as suggested by the
downward-sloped 50- and 100-day SMA lines, although the
20-day SMA seems to be flattening. Gold prices have also
broken the minor “Ascending Channel” earlier this week,
suggesting that bears are still in control. The MACD
indicator is probably going to form a bearish crossover
beneath the neutral midpoint, underpinning downward
momentum.
WTI retreated from the 200% Fibonacci extension level
of 66.50 and entered a technical correction. Prices
appeared to be hesitant to decide a near-term direction
as traders await policy guidance from OPEC+. A daily
close below the 50-day SMA (59.67) would likely intensify
near-term selling pressure and carve a path for price to
test a key support level at 58.29 (the 127.2% Fibonacci
extension). The MACD indicator has formed a bearish cross
over and trended lower since, underscoring bearish
momentum.
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