HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Gold surges to $1,913 amid increasing market volatility and risk


14 March 2023

The XAU/USD (Gold) commodity starts the week positively, trading at $1,906.70, up by 2.11% on the day. Increased market volatility and rising risk led to a surge in demand for safe-haven assets like Gold. Technical indicators, such as the daily 20-SMA and 50-SMA, suggest a potential bullish outlook for gold.
Due to risk aversion, US yields have reached their lowest levels in recent months.

Daily price movements

XAU/USD (Gold) commodity opens the first day of the week at $1,867.24, with an intraday high of $1,913.13 and a low of $1,867.24. Gold trades at $1,906.70 at the press time for the first time since February 3rd, 2023, up by 2.11% on Monday. The sharp drop in US yields is considered the primary catalyst for the rise in the price of Gold. The US 10-year yield has fallen to 3.41%, approaching its year-to-date lows from its previous level above 4.0%. Meanwhile, the 2-year yield reached its highest since 2008 and fell to its lowest intraday level since October 2022, at 4.00%.

Following the collapse of Silicon Valley Bank (SVB), concerns have arisen about the state of the banking sector, which has caused a decrease in expectations for a rate hike by the Federal Reserve (Fed). Investors are watching the potential impact of this crisis on economic data.

Key economic events

The upcoming US February Consumer Price Index (Feb) on Tuesday and US Retail Sales (Feb) on Wednesday are expected to be critical for monetary expectations and is also closely monitored. However, following the unexpected SVB collapse, markets are now pricing in a more relaxed stance by the Fed.

Technical view

Technical indicators suggest a potential bullish outlook for Gold in the short term. The daily 20-SMA and 50-SMA are at $1,838.83 and $1,873.21, respectively, indicating a possible bullish trend. The RSI(14) is at 64.970, indicating potential bullish momentum. Resistance levels for Gold are at $1,884.08, $1,898.25, and $1,926.40, while support levels stand at $1,841.76, $1,813.61, and $1,799.44. The daily pivot point is $1,855.93.

#source

Share: Tweet this or Share on Facebook


Related

Bitcoin and Ether in area of light resistance
Bitcoin and Ether in area of light resistance

The crypto market capitalisation reached $1.99 trillion, according to CoinMarketCap estimates, an increase of over 10% in one week. Forbes estimates that the $2 trillion mark was reached last week.

19 Feb 2024

Crypto Market Takes a Breather Amidst the Storm: A Detailed Analysis
Crypto Market Takes a Breather Amidst the Storm: A Detailed Analysis

The Crypto Market Displays Stability with Bitcoin Around $40K: In the midst of the ever-volatile cryptocurrency landscape, the last 24 hours have provided a moment of respite as the market capitalization hovers...

25 Jan 2024

WTI Crude Futures Eye Critical 61.8% Fibonacci Level in Upward Surge
WTI Crude Futures Eye Critical 61.8% Fibonacci Level in Upward Surge

WTI Futures Break Above Key Resistance, Eyeing Fibonacci Milestone: Positive Momentum Indicators Suggest Potential for Further Gains. West Texas Intermediate (WTI) oil futures...

25 Jan 2024

Dollar Buyers Gain Strength Amid Key Economic Data Releases
Dollar Buyers Gain Strength Amid Key Economic Data Releases

The US dollar index, currently positioned at 103.25, is poised for potential growth as the market anticipates important economic data releases. Today's focus is on the January...

24 Jan 2024

Netflix Stock Holds Steady in Bullish Territory as Market Anticipates Q4 Earnings
Netflix Stock Holds Steady in Bullish Territory as Market Anticipates Q4 Earnings

Netflix's stock performance continues to exhibit a neutral stance as investors and analysts eagerly anticipate the release of the company's Q4 earnings after the market closes...

23 Jan 2024

Bitcoin Price Forecast for 2024 and Beyond: Analyzing Future Possibilities
Bitcoin Price Forecast for 2024 and Beyond: Analyzing Future Possibilities

Bitcoin, the pioneering decentralized cryptocurrency, has the potential to reshape the global financial landscape by challenging traditional fiat currencies...

22 Jan 2024


Editors' Picks

The Top Forex Expert Advisors 2024: Performance, Strategy, and Reliability Review

An annual roundup reviewing the most successful Forex Expert Advisors (EAs) based on their performance, strategies employed, reliability, and user feedback. This piece would provide insights into which EAs have been market leaders and why.

The Evolution of Forex Expert Advisors: Navigating the Path of Technological Revolution

The concept of automated trading has been around for decades, but the accessibility and sophistication of Forex EAs have seen significant advancements in the past few years. Initially, automated trading systems were rudimentary, focusing on simple indicators like moving averages.

The Impact of EAs on Forex Trading: A Double-Edged Sword

By enabling continuous, algorithm-based trading, EAs contribute to the efficiency of the Forex market. They can instantly react to market movements and news events, providing liquidity and stabilizing currency prices through their high-volume trading activities.

MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.