Gold Reaches 6-Weeks High Amid Market Jitters

www.investing.com/analysis/gold-reaches-6weeks-high-amid-market-jitters-200636373

By Alex Boltyan | Mar 17, 2023 10:35AM ET

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XAU/USD

-1.09%

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-1.30%

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Gold prices resumed the advance on Friday, making fresh six-week highs, as the U.S. dollar weakened on the back of declining Treasury yields. In the absence of first-tier events, investors continue to take cues from risk flows and the bond market.

At the time of writing, spot gold, XAU/USD, is trading at $1,950 an ounce, 1.6% above its opening price and is on track to post a 4.5% weekly gain, the third in a row.

Uncertainty regarding the banking sector and how central banks will respond keeps investors on edge, favoring the demand for safe-haven, such as government bonds and the precious metal. The decline in U.S. Treasury yields has helped underpin gold prices. The U.S. 10-year yield fell to 3.45% (-3.6%), while the 2-year rate sits at 4.02% (-3.5%).

Data from the U.S. showed industrial production stagnated in February, while the University of Michigan (UoM) consumer sentiment index deteriorated in March. On a positive note, the UoM 5-year inflation expectation edged slightly lower to 2.8%.

All eyes now turn to the Federal Reserve policy decision next week in the light of the banking crisis, with markets expecting a 25 basis point rate hike this time around.

XAUUSD Daily Chart

The technical outlook remains bullish for XAU/USD on the weekly and daily charts, favoring more gains for the week ahead. Indicators point higher in positive territory, while the 20- and 100-week SMAs have completed a bullish cross. Still, the daily RSI is close to overbought territory, which could bode a consolidation phase before another leg higher.

On the upside, the $1,973 level stands as a critical resistance, where the 78.6% retracement of the $2,070-$1,615 fall stands. Beyond this level, the $2,000 psychological mark is the next barrier to consider. On the flip side, the immediate support level is seen at the $1,890-$1,900 zone, followed by the 20-day SMA at $1,855.

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Central Banks

Interest Rates

Next Meeting

FED

5.00%

May 03, 2023

ECB

3.50%

May 04, 2023

BOE

4.25%

May 11, 2023

SNB

1.50%

Jun 22, 2023

RBA

3.60%

Apr 04, 2023

BOC

4.50%

Apr 12, 2023

RBNZ

4.75%

May 24, 2023

BOJ

-0.10%

Apr 28, 2023

CBR

7.50%

Apr 28, 2023

RBI

6.50%

Apr 03, 2023

PBOC

3.65%

BCB

13.75%

May 03, 2023

US 30	32,525.3	+287.8	+0.89%
US 500	3,991.1	+20.1	+0.51%
Dow Jones	32,524.79	+287.26	+0.89%
S&P 500	3,991.13	+20.14	+0.51%
Nasdaq	11,811.68	-12.28	-0.10%
S&P 500 VIX	20.69	-1.05	-4.83%
Dollar Index	102.515	-0.249	-0.24%

Crude Oil WTI	72.93	+3.67	+5.30%
Brent Oil	77.76	+3.17	+4.25%
Natural Gas	2.235	-0.126	-5.34%
Gold	1,975.70	-26.00	-1.30%
Silver	23.183	-0.156	-0.67%
Copper	4.0940	+0.0190	+0.47%
US Soybeans	1,441.25	+13.25	+0.93%

U.S. 10Y	3.524	+0.146	+4.33%
U.S. 30Y	3.757	+0.113	+3.10%
U.S. 5Y	3.5894	+0.1810	+5.32%
U.S. 3M	4.7131	+0.0230	+0.49%
US 10Y T-Note	115.02	-1.09	-0.94%
Euro Bund	136.26	-1.49	-1.08%
10-2 Yield Spread	-39.80	+1.68	+-4.05%

Apple	158.90	-1.35	-0.84%
Alphabet A	103.09	-2.35	-2.22%
Tesla	193.09	+2.68	+1.41%
Amazon.com	98.47	+0.34	+0.34%
Netflix	328.21	-0.18	-0.05%
Meta Platforms	203.05	-2.96	-1.44%
Bank of America	28.57	+1.42	+5.25%

Gold Reaches 6-Weeks High Amid Market Jitters

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