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News

Gold Price Forecast: XAU/USD has more room on the downside ahead of NFP
Gold climbed to its highest level since November at $1,853 on Wednesday but ended up losing more than 3% from that level to end the week deep in the n | 28/01/2022 15:37
Gold climbed to its highest level since November at $1,853 on Wednesday but ended up losing more than 3% from that level to end the week deep in the negative territory below $1,800. In the view of FXStreet’s Eren Sengezer, XAU/USD is poised for further losses.
Focus shifts to the US January jobs report
“Nonfarm Payrolls are forecast to rise by 238K in January. The low bar suggests that there is room for a positive surprise and a stronger-than-forecast NFP print should favour the dollar in the near-term. On the flip side, a third disappointing reading in a row could weigh on the dollar and open the door for a rebound in XAU/USD.”
“Average Hourly Earnings will be the key data point to watch. On a yearly basis, wage inflation is expected to rise to 5.1% from 4.7%. Fed policymakers are concerned that a steady rise in wages could cause consumer inflation to remain high for a prolonged period. Hence, high wage inflation should be seen as a dollar-positive and vice versa.”
“First support is located at $1,770 (static level). In case this level turns into resistance, the next bearish target could be seen at $1,755 (static level).”
“On the upside, the 100-day SMA forms the first resistance at $1,795. Even if XAU/USD reclaims that level, the 200-day SMA aligns as the next hurdle at $1,805. Only a daily close above the latter could attract buyers and help gold shake off the bearish pressure.”
Popular News
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When is the Preliminary US GDP report and how could it affect EUR/USD?
Thursday's US economic docket highlights the release of the Preliminary GDP print for the first quarter, scheduled at 12:30 GMT. The second estimate i | 26/05/2022 12:40
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UK Finance Minister Sunak: Will introduce a temporary levy on energy profits
In an announcement relating to the UK's worst cost-of-living crisis in multiple decades on Thursday, UK Chancellor of the Exchequer (the UK's Finance | 26/05/2022 12:36
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UK Finance Minister Sunak on Cost-of-Living Crisis: High inflation is causing acute distress
UK Chancellor of the Exchequer (the same as a Finance Minister) Rishi Sunak delivered remarks regarding the UK cost of living crisis and outlines new | 26/05/2022 11:25
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EUR/JPY Price Analysis: Further gains seen above 136.80
EUR/JPY trades in a volatile fashion after climbing as high as the 136.50 region earlier on Thursday. Extra range bound appears on the cards for the c | 26/05/2022 11:07
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CBRT leaves one-week repo rate unchanged at 14%
The Central Bank of the Republic of Turkey (CBRT) left its one-week repo rate unchanged at 14.0% on Thursday, as widely expected and despite the fact | 26/05/2022 11:04
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Turkey CBRT Interest Rate Decision in line with expectations (14%)
Turkey CBRT Interest Rate Decision in line with expectations (14%) | 26/05/2022 11:00
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Mexico Retail Sales (MoM) below forecasts (0.7%) in March: Actual (0.4%)
Mexico Retail Sales (MoM) below forecasts (0.7%) in March: Actual (0.4%) | 26/05/2022 11:00
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Mexico Retail Sales (YoY) came in at 3.8%, above expectations (2.7%) in March
Mexico Retail Sales (YoY) came in at 3.8%, above expectations (2.7%) in March | 26/05/2022 11:00
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New Zealand: RBNZ hikes rates to 2.00% - UOB
Lee Sue Ann, Economist at UOB Group, comments on the latest RBNZ event. Key Takeaways “In line with our and market expectations, the Reserve Bank of N | 26/05/2022 11:46
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NZD/USD remains confined in a range below 0.6500 mark, downside seems cushioned
The NZD/USD pair struggled for a firm intraday direction and seesawed between tepid gains/minor losses through the first half of the European session. | 26/05/2022 11:08
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Gold Price Forecast: XAUUSD bears eye $1,838 and $1,836 as next downside targets – Confluence Detector
Gold Price is feeling the pull of gravity after less hawkish FOMC minutes released on Wednesday offered a brief reprieve to XAU bulls. The bright meta | 26/05/2022 10:08
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USD/JPY remains depressed below 127.00 mark, bears await break below monthly low
The USD/JPY pair maintained its offered tone through the first half of the European session and was last seen trading around the 126.75 region, just a | 26/05/2022 10:40
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South Africa Producer Price Index (MoM) came in at 1.8%, above expectations (1.1%) in April
South Africa Producer Price Index (MoM) came in at 1.8%, above expectations (1.1%) in April | 26/05/2022 09:31
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South Africa Producer Price Index (YoY) above expectations (12.3%) in April: Actual (13.1%)
South Africa Producer Price Index (YoY) above expectations (12.3%) in April: Actual (13.1%) | 26/05/2022 09:30
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Indonesia: BI keeps rates unchanged – UOB
Economist at UOB Group Enrico Tanuwidjaja reviews the latest interest rate decision by the Bank Indonesia (BI). Key Takeaways “Bank Indonesia (BI) kep | 26/05/2022 09:08
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Moody’s: Global growth forecasts slip amid Russia-Ukraine war, China lockdowns
Global growth forecasts slip with Russia’s invasion of Ukraine and China lockdowns, Moody’s Investors Services highlighted in its latest report publis | 26/05/2022 10:06
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Silver Price Analysis: XAG/USD struggles near the lower end of one-week-old trading range
Silver witnessed some selling for the second successive day on Thursday and dropped back closer to the lower end of its weekly range during the first | 26/05/2022 10:05
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USD/CAD Price Analysis: Upside remains capped below 21-DMA ahead US/Canadian data
USD/CAD is off the daily highs near 1.2850 but remains better bid above 1.2800, as bulls find support from the pause in the US dollar sell-off ahead o | 26/05/2022 09:02
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Italy Industrial Sales n.s.a. (YoY) rose from previous 20.9% to 21.4% in March
Italy Industrial Sales n.s.a. (YoY) rose from previous 20.9% to 21.4% in March | 26/05/2022 09:00
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Italy Industrial Sales s.a. (MoM) declined to 2.4% in March from previous 2.8%
Italy Industrial Sales s.a. (MoM) declined to 2.4% in March from previous 2.8% | 26/05/2022 09:00
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AUD/USD struggles for a firm near-term direction, flat-lined below 0.7100 mark
The AUD/USD pair attracted some dip-buying in the vicinity of mid-0.7000s during the early part of the European session, albeit struggled to capitaliz | 26/05/2022 09:24
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US Dollar Index could test the 101 level near-term – Westpac
A soft US Dollar Index (DXY) backdrop is forming. Nonetheless, in the opinion of economists at Westpac, it is still too early to call a long-term DXY | 26/05/2022 08:12
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AUD/USD to struggle to surpass the 0.7135 resistance – Westpac
USD pullback has helped the aussie to probe 0.71. However, fragile equities and China worries argue for rallies to struggle around 0.7135 resistance, | 26/05/2022 08:07
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NZD/USD to advance nicely towards 0.66 during the week ahead – Westpac
In the view of analysts at Westpac, kiwi’s April low at 0.6217 is potentially a launchpad to much higher levels. They target the 0.66 area during the | 26/05/2022 08:04
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GBP/USD to flip lower on more weak UK economic data – Westpac
Escalating inflation and persistent labour market tightness, at least in the near term, are shifting yield spread trends. In the view of economists at | 26/05/2022 08:01
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Italy Consumer Confidence above expectations (100.5) in May: Actual (102.7)
Italy Consumer Confidence above expectations (100.5) in May: Actual (102.7) | 26/05/2022 08:00
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Italy Business Confidence above expectations (109) in May: Actual (109.3)
Italy Business Confidence above expectations (109) in May: Actual (109.3) | 26/05/2022 08:00
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EUR/USD: Sharper squeeze unlikely prior to ECB’s June meeting – Westpac
European Central Bank’s (ECB) hawkish highlighting of an early end of NIRP have been accompanied by overt references to unfavourable EUR weakness. Fur | 26/05/2022 07:57
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GBP/USD struggles to find acceptance above 1.2600, pares intraday gains to multi-week peak
The GBP/USD pair reversed an early European session dip to mid-1.2500s and jumped back closer to a three-week high touched earlier this Thursday. The | 26/05/2022 08:48
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Central Bank of Russia cuts policy rate by 300 bps to 11%
The Central Bank of Russia announced on Thursday that it cut its policy rate by 300 basis points to 11% from 14%. In its policy statement, the central | 26/05/2022 08:39
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