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Gold Weekly Forecast: XAU/USD could target $1,800 if US T-bond yields push lowerANALYSIS |
4/16/2021 4:47:50 PM GMT
Gold registered its largest weekly gain of 2021.
XAU/USD could target $1,800 with a daily close above $1,785.
Gold continues to react to movements in US Treasury bond yields.
The XAU/USD pair spent the first half of the day in a relatively tight range below $1,750 but rose sharply on Thursday amid a steep decline witnessed in the US Treasury bond yields. Gold managed to preserve its bullish momentum ahead of the weekend and advanced to its highest level since late February at $1,783 on Friday. On a weekly basis, the precious metal posted its largest percentage gain since December, nearly 2%.
Australian Dollar Weakens Amid Virus Fears
CANBERA (dpa-AFX) - The Australian dollar declined against its major counterparts in the Asian session on Thursday, as virus worries intensified after the global Covid-19 cases topped 138 million and the deaths surged to more than 2.97 million, prompting governments around the world to announce new restrictions on mobility.
A U.S. Centers for Disease Control and Prevention panel on Wednesday postponed making a recommendation about the continued use of the Johnson & Johnson s Covid-19 vaccine, saying that panel members want more information about the people who may be most at risk for blood clots.
Fed Chair Jerome Powell told the Economic Club of Washington on Wednesday that the central bank will taper its asset purchases before considering raising interest rates.
Nasdaq 100 Retreats as Coinbase Falls, May Cast a Shadow on Hang Seng and ASX 200
NASDAQ 100, HANG SENG, ASX 200 INDEX OUTLOOK:
Coinbase swung sharply lower after debut, pulling Bitcoin and technology shares broadly lower
Futures in Australia and Hong Kong are positioned for losses following a sour lead
Coinbase, Powell Speech, Earnings, Asia-Pacific at Open:
The Nasdaq 100 index pulled back from its all-time high as the debut of Coinbase – one of the largest cryptocurrency exchanges – closed sharply lower after debut. The price of the stock fell 23% from its intraday high of $428.9 and closed at $328.0, but still well above the IPO reference price of $250. Substantial selling pressure observed on its IPO day pulled Bitcoin prices off its all-time highs and dented sentiment across the technology sector. This may cast a shadow over Asia Pacific markets at open.
U.S. Dollar Mixed After Retail Sales Data
BRUSSELS (dpa-AFX) - The U.S. dollar showed a mixed trend against its major rivals during European deals on Thursday, after the release of positive data on the nation s retail sales and weekly jobless claims supporting a recovery in the economy.
Data from the Commerce Department showed that U.S. retail sales spiked much more than expected in the month of March.
The Commerce Department said retail sales skyrocketed by 9.8 percent in March after tumbling by a revised 2.7 percent in February.
Economists had expected retail sales to surge up by 5.9 percent compared to the 3.0 percent slump originally reported for the previous month.
Fed Chairman Powell has not yet met with President Biden Brian Cheung
Federal Reserve Chairman Jerome Powell said that he has not yet met with President Joe Biden, illustrating the administration’s caution in approaching matters at the independent central bank.
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“I think I’ve shaken his hand but I have not really met him and talked to him,” Powell said in a webinar at the Economic Club of Washington on Wednesday.
In the first three months of his presidency, Biden has had a cautious approach to the Fed. On April 6, he told reporters that he has been “very fastidious” about his communications with the central bank.