Gold Price Forecast: XAU/USD keeps bounce off 200-DMA on softer yields, US ADP, Fed Minutes eyed By anilpanchal7 Gold Commodities Fed Coronavirus YieldCurve
The upbeat scientific studies and comments from the World Health Organization Incident Manager Abdi Mahamud tamed fears concerning the South African covid variant, namely Omicron. However, the faster spread of the virus variant andof another strain being found in France, having more pace in spreading than Omicron, challenge the market’s optimism of overcoming the pandemic.
On a different page, mixed US data and a pause in the US Treasury yields, as well as receding inflation expectations, tease the gold buyers. The ISM Manufacturing PMI dropped to the lowest in 11 months in December, 58.7 versus 60.0 forecast and 61.1 prior whereas November’s JOLTS Jobs Openings came in lower than the upwardly revised previous reading of 11.091M to 10.562M. Further, US inflation expectations, as per 10-Year Breakeven Inflation Rate numbers from the Federal Reserve Bank of St. Louis eased from a six-week high.
It’s worth noting that Minneapolis Fed President and 2022 voting FOMC member Neil Kashkari signaled the need for two rate hikes but couldn’t match the money market bets for three such actions in 2022, which in turn probed gold buyers the previous day. Amid these plays, S&P 500 Futures drop 0.40% whereas the US 10-year Treasury yields drop 1.5 basis points to 1.65% while portraying a pullback from a six-week high.
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