At present, the speech in the market is becoming more and more inclined to slow down the pace of raising interest rates, which has caused the dollar to bear huge pressure, and therefore gold has the possibility of further rising.
Spot gold trend overview
During the Asian session on Monday (December 5), spot gold fluctuated and rose, hitting a near five-month high at around $1,807.83 an ounce. The price of gold rebounded sharply, and the price of gold was once pulled back to around the 1780 mark, but the price of gold was quickly supported by bargain hunters, because the market believed that the non-agricultural data could not prevent the Fed from slowing down the pace of raising interest rates, and Fed officials also reiterated their intention to slow down the pace of raising interest rates View.
Gold Technology Outlook
Gold testing the $1786.50 level and bouncing steadily bullish above it and resuming its primary bullish trajectory, today’s price starts approaching our first extension target at $1815 with an additional bullish bias. The rally should continue above this level and towards $1850 as the next major target.
news side
Expectations of a slowdown in the pace of interest rate hikes “cooling down”
Fed’s Evans sees slower pace of rate hikes, but rate peaks will be ‘slightly higher’ than forecast in September
Chicago Fed President Charles Evans said on Friday the central bank may need to raise borrowing costs to a “slightly higher” peak than predicted in September.
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“We’re probably going to have to have a slightly higher peak in the fed funds rate, even though we might slow down” the pace of hikes, up from 75% each in recent meetings, Evans said at an event in Chicago. basis points down.
As early as last week, Federal Reserve Chairman Powell also expressed similar views.
On November 30 local time, Federal Reserve Chairman Powell delivered a speech at the Brookings Institution in the United States. He said that the fight against inflation is “far from over” and that the Fed’s interest rate hike measures “will continue for a while.” The pace of interest rates “may ease as early as December.”
In response to high inflation, the Federal Reserve has raised interest rates several times this year, among which the rate hikes in June, July, September and November were all 75 basis points.
U.S. bans purchases of Russian oil to replenish strategic reserves
According to a report by the Russian Satellite News Agency on the 6th, White House spokesperson Karina Jean-Pierre stated on December 5 that the US government prohibits the purchase of Russian oil to supplement the US strategic reserve.
Asked whether U.S. President Joe Biden was prepared to consider the possibility after the G7 countries imposed price caps on Russian crude, Jean-Pierre told a news conference: “No, because Russian oil is embargoed,” the report said. .”
According to reports, in March this year, under the framework of stricter sanctions imposed after the conflict between Russia and Ukraine, the United States imposed an import ban on Russian oil, petroleum products, liquefied natural gas and coal.
The European Union, G7 and Australia issued a statement on the 2nd that they agreed to limit the adjustable price of Russian seaborne crude oil supply to US$60 per barrel. The price cap is limited to take effect on December 5.
Responding to the decision and the imminent embargo, Russian Deputy Prime Minister Novak said Russia would not accept oil price caps even if it had to cut output. He added that such restrictions are an interference with market instruments and that Russia is only ready to work with consumers who operate according to the market.
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