Gold price has faltered on its previous rebound as the US dollar makes a comeback.
XAU/USD sees range play amid battle lines well-defined ahead of critical US events.Gold price is treading water in a familiar range around the $1,650 psychological level, lacking a follow-through upside bias amid a modest comeback staged by the US dollar across the board. The risk-off flows have returned to markets, as disappointing earnings from the US tech giants, Microsoft and Google, revived recession fears and revived the dollar’s safe-haven appeal. However, the risk-aversion-driven weakness in the Treasury yields combined with easing aggressive Fed rate hike expectations keep the downside cushioned in the bright metal. Investors also refrain from placing big bets on the bullion ahead of the critical event risks, including the ECB rate hike decision and the US advance Q3 GDP, scheduled later this week. The US corporate earnings reports and China’s covid updates will be closely followed for any impact on the risk sentiment, which will be pivotal for fresh dollar and gold valuations.
AUD/USD climbs firmly to near 0.6400 on higher-than-projected Australian CPI at 7.3%
The AUD/USD pair has jumped to 0.6400 as the Australian Bureau of Statistics has reported the headline Consumer Price Index (CPI) for the third quarter of CY2022 at 7.3%, higher than the expectations of 7.0% and the prior release of 6.1% on an annual basis.
USDJPY advances towards 148.50, tracks USD rebound
USD/JPY has shifted its auction profile above 148.00 as the risk aversion theme has underpinned the US dollar demand. S&P500 futures have tumbled more than 1% on a decline in Microsoft’s sales growth forecasts. The BOJ may continue its ultra-dovish path to keep the economic prospects active.
Gold buyers stay hopeful whilst above $1,644
Gold price is treading water in a familiar range around the $1,650 psychological level amid a modest comeback staged by the US dollar across the board. Cooling aggressive Fed rate hike calls, China concerns and dismal US tech earnings weigh on risk sentiment.
Bitcoin Price Prediction: Non-FOMO levels to accumulate BTC before $22,000
Bitcoin price saw a massive spike in buying pressure, resulting in a 5.6% upswing. This move pushed BTC to slice through the 30-day and 50-day EMAs, denoting a shift in market structure. A daily candlestick close below October 21 swing low at $18,600 will invalidate the bullish thesis.