Gold Price Forecast: XAU/USD bulls move towards $1,780 and a 50% mean reversion – by fx_ross Gold DollarIndex
The US Services industry activity unexpectedly rose in November leading observers to expect that the Federal Reserve may lift interest rates more than recently projected. The Institute for Supply Management said its Non-Manufacturing PMI rose to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of US economic activity, remained resilient in the face of rising interest rates.
Meanwhile, futures contracts tied to the Fed policy rate still imply a 70% chance that central bankers will slow the pace of rate hikes when they meet Dec. 13-14, rather than adding to a string of 75-basis-point rate hikes over the past four meetings. Analysts at TD Securities said that they see signs of buying exhaustion in Gold but a notable consolidation in prices will be needed before CTA trend followers spark renewed outflows. ''At this juncture, positioning risks are no longer tilted to the upside, as a rally north $1,830 only points to marginal CTA buying from current positioning levels,'' the analysts said.Gold is now on the backside of the micro trend but it is making a bullish correction with $1,780 eyed.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD bulls gearing up for a rally toward $1,822 – Confluence DetectorGold price is trading close to its best levels in five months above $1,800 at the start of a new week, with risk flows dominating as China expands the
Read more »
Gold Price Forecast: XAU/USD bulls look to $1,780 from daily support areaGold price was smashed lower at the start of the week and is ending the North American session lower by some 1.65%. XAU/USD printed a low of $1,765.91
Read more »
Gold Price Forecast: XAU/USD struggles around $1,800 ahead of ISM Services PMI dataGold price (XAU/USD) is facing immense pressure in conquering the round-level resistance of $1,800.00 in the early Tokyo session. The precious metal i
Read more »
Gold Price Forecast: XAU/USD eases from five-month peak, retreats to sub-$1,800 levelsGold price struggles to capitalize on the intraday positive move and retreats from the $1,810 area, or a five-month peak touched earlier this Monday.
Read more »
Gold Price Forecast: The stage for an epic bull-trap in XAU/USD could be setting – TDSGold’s rally has started to show signs of exhaustion. An epic bull-trap could be developing in XAU/USD, economists at TD Securities report. Macro head
Read more »
Gold Price Forecast: XAU/USD plummets below $1,770 as solid US Services PMI fuels hawkish Fed betsGold Price Forecast: XAU/USD plummets below $1,770 as solid US Services PMI fuels hawkish Fed bets – by Sagar_Dua24 Gold XAUUSD Fed SEO Inflation
Read more »