GOLD PREDICTORS

Markets are repositioning their USD trades as the month comes to a close and important economic data are about to release this week. The important economic data are ADP employment change, JOLTS Job Openings, and Pending Home Sales data. On the other hand, FED Chairman Powell's speech will have an impact on the markets. Protests against new Chinese lockdowns and increased vaccination campaigns for the elderly indicate that China is likely to abandon its strict zero-Covid policy and reopen the economy. China, the world's largest gold consumer, is relaxing Covid restrictions in a few cities. The reopening of markets in a few cities will increase ...
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The USD and Treasury bond yields are suffering from damage from the dovish US FED November meeting minutes and bad economic reports. On the other hand, the preliminary S&P Global Composite PMI for USA dropped by 3.95%, indicating increased recession risks in the world's biggest economy. The US weekly Jobless Claims reached a three-month high of 240K, as layoffs in the US technology industry increased. The markets disregarded the 1% increase in US Durable Goods Orders as the US economy slowed. The significant economic events in USA almost clinched a 50-basis point (bps) rate rise by the FED in December, causing a strong sell-off in USD along ...
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Gold prices are paused from a drop from the long-term inflection of $1,680 and consolidates its drop before the FOMC meetings on Friday. The Fed is expected to increases rates by 75 bps. Investors are avoiding any directional bets on the gold before FED announcements on interest rates decisions, which might influence precious metals and US dollar values. It was expected that gold would break lower to the inflection point of $1,680, with the next market move based on the next breakout at $1,680. However, based on the negative price action from last few months, it was predicted that $1,680 would be broken and much ...
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