CFD Markets News and Forecasts — 12-05-2024

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12.05.2024
23:56
Gold Price Forecast: XAU/USD extends the rally near $2,360 amid geopolitical risks
  • Gold price kicks off the new week on a positive note around $2,360 on Monday. 
  • The hawkish comments from the US Fed might weigh on the yellow metal. 
  • The escalating Middle East geopolitical tensions could cap the downside of the gold price. 

The gold price (XAU/USD) extends its upside near $2,360 on Monday during the early Asian trading hours. The rising geopolitical tensions in the Middle East boost safe-haven flows and benefit precious metals. Later this week, the US Consumer Price Index (CPI), Producer Price Index (PPI), and Retail Sales will be in the spotlight and might offer some hints about the economic outlook and inflation trajectory. 

Several US Federal Reserve (Fed) officials delivered hawkish messages last week. Atlanta Fed President Raphael Bostic said that she didn’t expect it would be appropriate for the Fed to cut interest rates in 2024, citing elevated inflation in the first several months of the year. Minneapolis Fed Neel Kashkari noted that he is in “wait and see mode” about future monetary policy.

US consumer sentiment fell sharply in May to the lowest level in six months amid stubbornly high inflation. The preliminary US University of Michigan’s Consumer Sentiment Index declined to 67.4 in May from a final reading of 77.2 in April, below the market consensus of 76.0. The final reading of US CPI inflation for April is expected to ease to 3.4% YoY in April from the previous reading of 3.5%. The hotter-than-expected data might dampen hope for US rate cuts and drag the gold price lower. 

On the other hand, the Israeli military said that it launched operations in northern Gaza overnight and that "precise operations" are ongoing in eastern Rafah and near the Rafah border, as well as in the Zeitoun neighbourhood in central Gaza. The military engagement in Rafah occurs before a full-scale invasion, per CNN. The ongoing geopolitical tension in the Middle East might lift the price of precious metals, a traditional safe-haven asset. 

XAU/USD

Overview
Today last price 2360.98
Today Daily Change 0.36
Today Daily Change % 0.02
Today daily open 2360.62
 
Trends
Daily SMA20 2336.64
Daily SMA50 2264.18
Daily SMA100 2148.73
Daily SMA200 2047.8
 
Levels
Previous Daily High 2378.53
Previous Daily Low 2345.34
Previous Weekly High 2378.53
Previous Weekly Low 2291.89
Previous Monthly High 2431.61
Previous Monthly Low 2228.58
Daily Fibonacci 38.2% 2365.85
Daily Fibonacci 61.8% 2358.02
Daily Pivot Point S1 2344.46
Daily Pivot Point S2 2328.31
Daily Pivot Point S3 2311.27
Daily Pivot Point R1 2377.65
Daily Pivot Point R2 2394.69
Daily Pivot Point R3 2410.84

 


 

23:51
Japan Money Supply M2+CD (YoY) fell from previous 2.5% to 2.2% in April
23:13
AUD/USD posts modest gains above 0.6600, investors await fresh catalysts AUDUSD
  • AUD/USD trades with mild positive bias near 0.6605 on Monday. 
  • Fed officials reiterated on higher-for-longer mantra, supporting the USD against its rivals. 
  • Australia's government stated inflation could moderate to the RBA's target range by the end of 2024, faster than predicted in December.

The AUD/USD pair posts modest gains around 0.6605 during the early Asian session on Monday. Investors await the key US economic data this week for fresh catalysts, including the Consumer Price Index (CPI), Producer, Price Index (PPI), and Retail Sales. 

On Friday, San Francisco Fed President Mary Daly highlighted the need for prolonged restrictive policy to achieve the Fed's inflation targets. Meanwhile, Atlanta Fed President Raphael Bostic said that the central bank is probably still planning to cut its interest rates this year, despite the uncertain outlook. The cautious approach from the US Federal Reserve (Fed) provides some support for the US dollar (USD). 

Elsewhere, consumer sentiment tumbled as inflation fears rose, according to the University of Michigan Survey on Friday. The initial reading of the Consumer Sentiment Index came in at 67.4 in May from 77.2 in April, weaker than the expectation of 76.0. The one-year inflation outlook jumped to 3.5%, while the five-year outlook rose to 3.1%. Both figures registered the highest level since November 2023. 

On the Aussie front, Australia’s Treasury said on Sunday that they projected that inflation could return to the Reserve Bank of Australia’s (RBA) target band before the end of 2024. In the December outlook, the officials projected CPI inflation to slow to 3.75% by mid-2024 and 2.75% by mid-2025, putting it back in the RBA target band.

AUD/USD

Overview
Today last price 0.6603
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.6603
 
Trends
Daily SMA20 0.6518
Daily SMA50 0.6541
Daily SMA100 0.6575
Daily SMA200 0.6522
 
Levels
Previous Daily High 0.6623
Previous Daily Low 0.6596
Previous Weekly High 0.6638
Previous Weekly Low 0.6558
Previous Monthly High 0.6644
Previous Monthly Low 0.6362
Daily Fibonacci 38.2% 0.6606
Daily Fibonacci 61.8% 0.6613
Daily Pivot Point S1 0.6592
Daily Pivot Point S2 0.6581
Daily Pivot Point S3 0.6565
Daily Pivot Point R1 0.6619
Daily Pivot Point R2 0.6634
Daily Pivot Point R3 0.6646

 


 

22:30
New Zealand Business NZ PSI declined to 47.1 in April from previous 47.5

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