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Gold prices are down by 2.0% to $2035 per troy ounce since the beginning of the week despite shocking upside by 3.0% to $2141 this Monday. The previous record was set at $2074 per ounce on August 7, 2020. Some investors suggest that the attack on the U.S. Navy warship in the Middle East was the reason for this spike. Some think that the World Gold Council is right labeling this spike as “short-term technical trading”. This could be interpreted as a huge stop-loss was liquidated. This required some extra buying of gold that eventually pushed prices up to $2141 per ounce.
The U.S. Dollar index gained 0.5% since the beginning of the week. The EURUSD has reached a technical target at 1.08000 to remove completely technical overbought tension. This opened a path for the dollar to weaken further towards 1.12000-1.13000 against the Euro. However, such a strong correction of 1.9% may result in further strengthening of the Dollar. Such scenarios may lead the EURUSD to 1.05000-1.06000 very rapidly. This scenario could become a reality if the pair fails to recover above 1.08800 by the end of Tuesday.
Oil prices rose 4.5% to $84.00 per barrel of Brent crude since the beginning of the week. This is inspiring after five consecutive weeks of decline. Investors were probably too much captivated debating a demand decline, OPEC+ possible oil production cuts and missed stagnation in the market. Outflows from the United States Oil Fund LP (USO) slowed down to $20.5 million last week compared to $175.9 million the week before, the largest out flow since August. Investors were betting on further decline of oil prices amid confidence in weakening demand.
Gold prices added 0.7% to $1994 per troy ounce since the beginning of the week. Prices surged even higher to $2007 per ounce on Tuesday, as they were attempting to break through the resistance at $2010 per ounce. Prices rolled back to $1986 per ounce on Wednesday. The rise of gold prices was based on the declining borrowing rates in the United States. The U.S. 10-year Treasuries yields dropped to 4.38% from 4.46% this week. The U.S. Dollar index (DXY) dropped by 0.6% during the first half of the week. There are no further reasons for the Dollar to drop further.
The U.S. Dollar index (DXY) is declining by 0.5% since the beginning of the week. Asian currencies are the most contributing to a weakening of the Dollar. The Japanese Yen strengthened by 1.5% against the Dollar since the beginning of the week, the Aussie and Kiwi are adding 1.0% and 1.4% respectively. European currencies are doing worse with the British Pound up by 0.5% to 1.25300 and the EURUSD up by 0.4% to 1.09600. Chinese Yuan is in the epicenter of the strengthening against the Dollar. As it added 1.2% to 7.13 since this week. It is the highest level since July 27.
The U.S. Dollar is weakening since the beginning of the week. The U.S. Dollar index (DXY) has dropped by 1.4. The EURUSD even climbed to 1.08870, which is the first downside target for the Greenback within the range of 1.08500-1.09500. Most of the weekly weakening of the U.S. Dollar was recorded on Tuesday after the release of the U.S. October inflation data. All indicators came in lower than expected. The headline inflation (CPI) fell to 3.2% YoY beating forecasted 3.3% YoY. Monthly inflation fell to 0.0% versus expectations of 0.1%.
Oil prices are rising since the beginning of the week. Brent crude prices added 1.1% to $83.30 extending an upside for the fourth consecutive day. Impressive. But, this is where oil prices got to the verge of important technical movements. Brent prices went down by 7.0% to $79.00 in the beginning of the last week. This is a strong drop. More importantly, prices dropped below the support at $83.00-85.00 per barrel. This was the last stand for oil prices since August. This is the point where crude prices surged above $90.00 per barrel.
Gold prices are steadily going down this week. The yellow metal lost 2.3% to $1945 per troy ounce. This is much for the moment, but prices may fell even further this week, to $1900-1930 per ounce.  Gold prices are generally supported by declining U.S. 10-year Treasuries yields that fell to 4.52% from 4.57% this week. This might seem not that much, but indeed this is a positive trend for gold. The U.S. Dollar is steady, while the idea of the end of the monetary tightening cycle is dominating in the market. The positive improvements are translated into capital inflows into gold ETFs.
The U.S. Dollar is strengthening since the beginning of the week. The U.S. Dollar index (DXY) added 0.2% to 105.30 points. But, no one should be impressed with this strengthening after a 1.5% downside during the last week. It rather looks like a strong pause before a downhill run. The Greenback fell to its lows after Nonfarm Payrolls dropped to 150,000 vs expected 180,000. The unemployment rose to 3.9%, up from 3.8% in September, while hourly earnings were up by 0.2% YoY missing expectations at 0.3% YoY. Colling U.S. labour market sent U.S. 10-year Treasuries to 4.
Oil prices are going down since the begging of the week. Brent crude prices were losing 5.0% to $85.62 per barrel on Wednesday, but rolled back to $86.70 per barrel after the Federal Reserve (Fed) released its rather soft comments on its monetary policy.  The Fed has left it interest rates unchanged at 5.25-5.5%, as was expected. But, the Fed’s Chair Jerome Powell made rather dovish comments after the meeting. He said that the Fed is ready to do what and when is needed to combat high inflation. On the other hand, he signaled that the interest rates hike cycle might be over.
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