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GOLD NEWS
Gold sits at three-month highs near $1525 on New Year’s Eve
Having reached the highest level since end-September at $1525.10 last hour, Gold (XAU/USD) has entered a phase of consolidation, as the bulls take a breather and gather pace for the next push higher.
LATEST XAU/USD NEWS
Gold retreats to $1520 as markets look to wrap up 2019
By Eren Sengezer | Dec 31 2019, 14:15 GMT
Gold sits at three-month highs near $1525 on New Year’s Eve
By Dhwani Mehta | Dec 31 2019, 09:31 GMT
AUD/USD renews five-month highs above 0.7000
By Dhwani Mehta | Dec 31 2019, 06:50 GMT
Technical Overview
Chart Tools
Fundamental Overview
GMT
Event
Vol.
Actual
Consensus
Previous
TUESDAY, DEC 31
24h
EUR New Year's Day
24h
EUR New Year's Day
24h
EUR New Year's Day
24h
EUR New Year's Day
24h
CHF New Year's Day
24h
EUR New Year's Day
WEDNESDAY, JAN 01
24h
GBP New Year's Day
24h
EUR New Year's Day
24h
USD New Year's Day
24h
CAD New Year's Day
24h
NZD Day after New Year's Day
22:00
AUD Commonwealth Bank Manufacturing PMI
49.4
49.4
THURSDAY, JAN 02
00:30
AUD ANZ Job Advertisements
-1.7%
01:45
CNY Caixin Manufacturing PMI
51.7
51.8
05:30
AUD RBA Commodity Index SDR (YoY)
-10.9%
-5.0%
08:15
EUR Markit Manufacturing PMI
47.0
47.5
08:45
EUR Markit Manufacturing PMI
47.2
47.6
08:50
EUR Markit Manufacturing PMI
50.3
50.3
Big Picture
THEMES AFFECTING METALS
METALS BULLISH
Counter-oarty risks in gold-linked exchange-traded products
Banks have grown weary of committing liquidity to each other
Repo crisis: bullion tends to go up during times of fear
Recessionary fears which remain elevated
US slower growth, softer wages and hours worked
Precious metals are rallying versus all currencies
Competition for a real store of value is going to increase exponentially
The politicization of major central banks
ECB to establish a new borrowing rate at -200 basis points
Gold market de-linking from the dollar
Gold as an insurance policy
Gold as an hedge against food price inflation.
Highest level in gold-silver ratio for 26 years
USD BULLISH
METALS BEARISH
USD Index rallies trigger declines in gold
USD robust status as a high yielding currency
Palladium affected by decreasing car sales worldwide
The US unemployment rate is still declining
China has started again to focus on growth
Rising US yields causes outflow from Gold into bonds
M&As in gold mining firms doesn’t translate into more supply of gold
Extreme Comex short positioning get more extreme
Gold underperformed cash during inflation periods historically.
Copper remains susceptible to further Chinese slowing.
Expanding US economy.
Resorting to the dollar in case of crashes in developing countries.
Gold yields no interest
USD BEARISH
SPECIAL YEARLY FORECAST
Gold Price Forecast 2020: XAU/USD bulls likely to remain in control
Omkar Godbole Omkar Godbole
FXStreet
Gold looks set to end the year with double-digit gains and is likely to maintain its upward trajectory in 2020. At press time, the yellow metal is trading at $1477 per Oz, representing 15.25% gains on a year-to-date basis. Anything above 13.2% would be the biggest yearly gain since 2010 when prices had rallied by 29.6%. The year gone by will be remembered for the US-China trade war escalation, persistent recession fears and more importantly, for the US Federal Reserve’s remarkable dovish U-turn. The Fed had raised rates by 25 basis points in December 2018 and penciled in two rate hikes for 2019.


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