XAUUSD - Gold prices suddenly escalated today

٢٣ يناير

GOLD: Gold price in yesterday's trading session mostly fluctuated in a narrow range from 2022-2030 and did not surpass the 2030 price reaction zone. This shows that the short-term trend of gold will likely remain positive. cumulative decline with the short-term goal of retesting the 2015 area. In the current context, the USD is recovering. You can consider selling GOLD around 2030
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******NEWS:
The global spot gold price was around $2,019.3/oz, down 22.7/OZ from overnight. Comex New York April 2024 gold futures price is $2,041.4 per ounce. Gold prices fell slightly at the start of US trading. The upward trend in precious metals was limited by improved economic indicators at the beginning of the year. Expectations in the market that the Federal Reserve (Fed) will cut interest rates soon are waning. Retail sales rose 0.6% in December 2023 from the previous month, beating economists' expectations and showing Americans are still driving the economy with spending, according to the U.S. Department of Commerce. she.
The US stock market was very strong when she started trading. The recovery in the US stock market has also had a negative impact on precious metals, as equities are an asset class that competes with gold and silver.
The US dollar index is slightly lower. Nymex crude oil prices rose slightly to around $73.75 per barrel. The yield on the 10-year U.S. Treasury bond is currently 4.107%.
Meanwhile, China left its main interest rate unchanged at the People's Bank of China's central bank monetary policy meeting. This is unfortunate for price speculators in the raw materials market.
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*******gold price prediction

Kitco's latest weekly gold survey shows that both institutional and retail investors are bullish on gold prices this week.

According to Wall Street, 42% expect gold prices to reach higher levels. 29% expect prices to fall, and the same proportion have a neutral opinion on gold.

Mark Chandler, CEO of Bannockburn Global Forex, said geopolitical tensions and escalating conflicts in the Middle East have had a smaller impact on gold prices than expected.

Investors are focusing on the US GDP and central bank meetings in Japan (Bank of Japan), Europe (ECB), and Canada in the fourth quarter of 2023.