Gold Price Forecast: XAU/USD surges to weekly high above $2000 amidst deteriorating risk appetite – by christianborjon Gold XAUUSD Commodities Metals
te sponsored by fears around the United States banking system, increased flows to safe-haven assets. Therefore, the XAU/USD climbs 0.41%, trading at $1997.10, after hitting a low of $1976.26.
Sentiment takes a hist on First Republic Bank. US Consumer confidence drops and New Home Sales, advanced Wall Street finished the session with losses. Investors’ woes about First Republic Bank admitting a loss of $100 billion worth of deposits in Q1 2023 reignited worries of a spread contagion around the system. Another tranche ofrevealed earlier witnessed Consumer Confidence sliding to a level last seen in July 2022, at 101.3, vs. expectations of 104.0, and New Home Sales in March rising, 9.6% MoM, exceeding estimates of 1.1%.
On other data, the Dallas Fed Services Index dropped to -14.4 in April, an improvement compared to March’s -18, while the Richmond Fed Indices, both readings plunged, a signal that the economy is decelerating., a gauge of the buck’s value vs. a basket of six currencies, edges high 0.55%, at 101.872, although US Treasury bond yields continued to tumble.
That comes as speculations of a Federal Reserve rate hike for May, had diminished, as reported by the CME FedWatch Tool. Odds for a 25 bps lie at 74.7%, less than Monday’s 90.5% chance, as reflected by US bond yields. However, investors have begun discounting two 25 bps rate cuts by the year’s end, as shown by the CME probabilities table.Gold remains supported by the 20-day Exponential Moving Average at $1989.07, a dynamic demand zone from which XAU/USD has bounced.
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