Paralysis hits gold and the dollar before important data.. the calm before the storm by Investing.com

Paralysis hits gold and the dollar before important data.. the calm before the storm by Investing.com
Paralysis hits gold and the dollar before important data.. the calm before the storm by Investing.com
-

© Reuters.

Investing.com – A state of stagnation and anticipation dominated traders’ dealings on Thursday, with the yellow metal and the dollar heading towards marginal declines ahead of the release of important data.

Within the next few hours, markets are awaiting important economic data:

  • Core Durable Goods Orders (MoM) (Dec)
  • GDP (QoQ) (Q4)
  • Unemployment claims rates
  • Average jobless claims in 4 weeks
  • New Home Sales (Dec)

Traders are watching this data, which gives more clarity about the next step of the US Reserve Bank at the next meeting at the end of January and early February.

Things not to miss.. How to make money from gold trading?
The year 2023 is the year of gold, and the most important question is when to buy and when to sell, and how to save our money and ensure profit? And help you in solving this question trading expert d. Hisham Muhammad Younes in a free webinar presented by Investing Saudi Arabia on Tuesday, January 31 at 18:30 Riyadh time.
The focus will be on fundamental and technical analysis on MetaTrader 4.
Register here for free!

Also read..

{{news-2370388||a central bank attacks digital currencies}

gold now

And the spot contracts for gold decreased by US dollars during these moments of trading today, Thursday, within the range of 5 dollars, a decline of 0.25%, down to levels near 1940 dollars an ounce.

And in Niqab, the futures contracts for the yellow metal are hovering near yesterday’s levels, Wednesday, although the trading tends towards a marginal decline, and gold is now trading near the levels of 1942 dollars an ounce.

dollar now

The same thing happens with those who await unemployment and GDP data, as it hovers near its lowest level in 9 months and trades at the lowest levels of 102 points.

On the other hand, the bond yield rose slightly, bringing the 10-year yield within the range of 0.008 points, to 3.455%, during Thursday’s trading.

What happened?

It rose yesterday, Wednesday, for the fifth session in a row, after falling earlier in the trading due to profit-taking operations, and with investors anticipating US economic data that may guide the path of tightening federal policy.

The price of gold futures contracts increased by 0.4%, equivalent to $7.20, to reach $1942.60 an ounce, recording the highest settlement since April 2022.

--

The price of immediate delivery of the yellow metal rose by 0.2%, to record $1940.92 an ounce. At the same time, the dollar index, which monitors the performance of the US currency against 6 major currencies, fell by 0.3% to 101.637 points.

-

Market trends

“Gold prices are falling mainly due to a technical correction after reaching the highs,” said Harish Fiveth, Head of Commodities Research at Geojit Financial Services.

Harish Fiveth added: “The stability of the dollar affects the sentiment of the precious metal market, before it turned downward, as the market’s focus is now on the US GDP data for the fourth quarter.”

Also read..

Predict prices

Gold could rise if there are signs of a slowdown in the US economy, said Ilya Spivak, head of global macros at Tatsi Life, as the Federal Reserve will soon slow its tightening and cut interest rates.

“However, for gold prices to breach the $2,000 level, the US dollar must continue to decline,” added Global Head of Macro at Tatsi Live.

Most investors expect the Fed to raise interest rates by 25bps next week, as the US central bank slowed its hawkish pace to 50bps last month, after 4 consecutive increases of 75bps.

Reuters technical analyst Wang Tao believes that gold prices may rise to the range of 1956-1969 dollars an ounce.

Stay informed about the market.. and keep the news of the economy always close to you. Investing offers a comprehensive economic service, including live data, streaming news, instant alerts, special portfolios, and tools to track your investment on our website or application.

You can follow us on all social media:

Youtube: https://www.youtube.com/@investingcomsa

FB: https://www.facebook.com/investingcomSA

Twitter: https://twitter.com/investingsa

-

--

PREV Artificial intelligence: Microsoft is pouring billions of dollars into the company that developed GPT Chat
NEXT Evan Ferguson: the promising Brighton boy who refused to join Liverpool