Everything you need to know about gold news.
Gold’s price chart shows a return to the annual bottom after a corrective pullback. Optimism from the White House and conflicting news on China’s economy are putting the XAUUSD in a better position to rebound from recent losses. The June US CPI will be critical in light of concerns about Fed aggressiveness and recession.
Written by: Winona Grant
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Gold Price had difficulty capitalizing on the slight intraday rebound from a new yearly low. Recession worries and the risk-averse disposition continued to provide some support for the commodity. A continuation of the USD’s recent strong bullish run worked as a headwind for the XAUUSD.
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The previous week was one of the worst for gold prices in 2022, and the next economic news may bring little relief. With major central banks continuing to raise interest rates and inflation prospects declining, the situation for gold prices remains challenging.
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As the US dollar strongly recovers, the gold price loses up its recovery gains. The USD is supported by risk aversion before the crucial US NFP. XAUUSD continues to get closer to $1,700.
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Recent coronavirus developments acted as an additional negative factor for oil prices. The decline in the oil markets persists. Traders are concerned that a looming recession may depress oil demand. Tomorrow’s EIA report will reveal whether domestic oil output in the United States continues to rise.
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The silver market attempted to rise to the $20 level, but was met with sufficient selling pressure there to collapse once more.
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The majority of traders are more concerned with the path of U.S. interest rates and the U.S. Dollar than they are with low pricing.
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The decline in gold and silver equities has made it clear to investors why it is not worthwhile to have a positive view on them.
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Gold prices plunged again during the trading day on Wednesday, as we continue to observe huge gains in the US dollar.
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Crude oil prices have fluctuated wildly this week, wiping out accounts at every opportunity. Since this is the case, you should generally avoid this market for the time being.
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