empty
10.10.2023 02:15 PM
XAU/USD: chances of growth and decline

This image is no longer relevant

Despite strengthening during today's Asian trading session, the dollar came under selling pressure as the European session began.

As is known, yesterday was a holiday in the United States due to Columbus Day. Banks and bond markets in the country were closed. There were also no significant macroeconomic data releases yesterday. Therefore, yesterday's weakening of the dollar could mostly be attributed to its inertia following the decline last Friday.

There are no important macroeconomic statistics scheduled for release today.

Against the backdrop of events in the Middle East (where Israel officially declared war on the Palestinian group Hamas after the latter launched a rocket attack on Israel from the Gaza Strip over the weekend), market participants preferred the dollar as a safe-haven asset to gold.

Gold prices sharply rose yesterday and remains near yesterday's highs today. The recent increase in buyers in the U.S. stock market in recent days has also contributed to the weakening of the dollar, as purchases of assets on the U.S. stock market are made in dollars.

Market participants are awaiting the release of the minutes from the September Federal Reserve (Fed) meeting on Wednesday (at 18:00 GMT). Note that following the September meeting, Fed policymakers decided to pause and not change the parameters of their current policy. Market participants will now carefully study the minutes to better understand the prospects for monetary policy and interest rate hikes in the United States.

The strong rhetoric of the Fed's statements regarding the prospects of monetary policy could help the dollar regain its upward momentum. Conversely, a soft tone in the minutes could have a negative impact on the dollar.

Additionally, market participants will pay attention to the release of U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) data. These releases are scheduled for Wednesday and Thursday (at 12:30 GMT).

As for gold, which we mentioned earlier, the XAU/USD pair rose by 2.8% from the 7-month low of 1812.00 reached last Friday, opening the week and the trading day with a 218-point gap.

At the beginning of today's trading day, XAU/USD attempted further growth, rising to the 1865.00 level. However, the pair later reversed and, as of writing, was trading near the 1857.00 level, 70 points above the important short-term support level of 1850.00. A break below it could be the first signal for resuming short positions on XAU/USD.

This image is no longer relevant

In this case, a trigger for the decline could also be harsh statements from Federal Reserve representatives regarding the prospects of the U.S. monetary policy, which may be included in the minutes of the September meeting.

By the way, yesterday, former Dallas Fed President Robert Kaplan stated that to lower inflation, it is necessary to continue to restrict financial conditions. "If a strong economy is behind the rise in long-term interest rates, then the FOMC may need to make more efforts," Kaplan noted, adding that "the labor market is still very strong, and wages remain high."

The employment report in the non-farm sector in the United States for September, published last week, indicates that the labor market remains "hot" and justifies the need for further interest rate hikes.

As is known, gold prices are quite sensitive to changes in the parameters of monetary policy by major central banks, primarily the Fed.

Among the positive factors for gold are ongoing high geopolitical uncertainty, still high inflation levels, possible problems in economic growth, and expectations of a possible early change in the direction of the Fed's monetary policy. According to CME Group data, approximately half of investors expect the first rate cut by the Fed to occur as early as May 2024.

This suggests that the chances of both rising and falling gold prices are roughly equal. In the short and medium term, market participants monitoring the dynamics of the XAU/USD pair will rely on news background and technical analysis.

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Jurij Tolin
Start trade
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

推荐文章

歐元/日圓。分析與預測

今天,EUR/JPY貨幣對在昨日從今年高點173.25的回調後,重新獲得了正面動能,並維持日內增長。即期匯率目前在172.00整數關口上方略微波動,當日上漲約0.20%,主要由於日元持續面臨拋壓所推動。

Irina Yanina 19:08 2025-07-17 UTC+2

USD/CAD 分析與預測

週四,由於美元全面走強,USD/CAD貨幣對獲得買家支持,升至關鍵的1.3700水平之上。 現貨價格在修正後似乎已準備好進一步增長。

Irina Yanina 12:14 2025-07-17 UTC+2

並非所有聯儲會官員都同意鮑威爾的看法

鑑於美聯儲目前的混亂局面和對其主席 Jerome Powell 的壓力越來越大,並非所有政策制定者都認同利率應保持高位。 美聯儲里奇蒙德分行行長 Thomas Barkin 最近表示,在他看來,美國中央銀行的下一任負責人也將追求對經濟最有利的貨幣政策——而非對白宮有利的政策。

Jakub Novak 11:43 2025-07-17 UTC+2

昨日美元動盪——原因在此

昨天,由於媒體報導暗示美聯儲主席傑羅姆·鮑威爾可能在不久的將來被解職,美元遭受到猛烈的拋售壓力。 這一意外發展引發了金融市場的恐慌,促使投資者重新評估他們的風險暴露。

Jakub Novak 11:38 2025-07-17 UTC+2

美聯儲需要保持耐心

隨著特朗普的言論繼續引發美元的高波動性,波士頓聯邦儲備銀行行長蘇珊·柯林斯再次在採訪中表示,美國中央銀行在考慮降息時應保持耐心。她建議,穩健的企業和家庭資產負債表能夠減輕關稅對經濟的影響。

Jakub Novak 11:30 2025-07-17 UTC+2

是什麼阻礙了美國股市的自信反彈?(#SPX 和 #NDX 合約仍有適度的上行潛力)

美國股市已經連續第二週處於整合階段,因為相互矛盾的信號繼續在當前環境中影響股市走勢。這一趨勢背後的原因是什麼? 在4月底開始的強勁上漲之後,美國股市在7月的前兩週一直在歷史高點附近整合,受到矛盾因素的影響。

Pati Gani 10:13 2025-07-17 UTC+2

市場堅定支持聯邦儲備系統

特朗普總是退縮。而美國總統巧妙地操控市場。

Marek Petkovich 09:05 2025-07-17 UTC+2

7月17日應注意什麼?新手必看的基本事件解析

週四預計將有數項宏觀經濟數據發布。在英國,將公佈失業率、失業金申請和工資數據。

Paolo Greco 07:41 2025-07-17 UTC+2

GBP/USD 概述 – 7月17日:英國已接受特朗普的條件。影響

週三,英鎊/美元貨幣對比週二的交易較為平靜,儘管晚間出現了一波漲勢。讓我們回顧一下,我們不認為週二的下跌是合理的,因為美國的通脹報告從理論上來說不可能改變聯邦儲備局對關鍵利率的立場。

Paolo Greco 03:21 2025-07-17 UTC+2

EUR/USD 概覽 – 7月17日:美國通脹將加速上升

歐元/美元貨幣對在周三的交易比周二穩定,直到晚上才保持相對穩定。整天歐元區或美國都沒有發生重大基本面或宏觀經濟事件。

Paolo Greco 03:21 2025-07-17 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.