Mon, January 30, 2023

Gold Exchange Rate Stood Flat Before US-China Trade Talks

Gold and tensions between U.S. and China

On Thursday, gold prices gripped steadily ahead of Sino-U.S. trade negotiations. On the other hand, appeal for government bonds and Japanese yen and a key technical resistance restrained gains for the safe-haven metal.

Spot Gold was steady at $1,280.76 per ounce at GMT. And U.S. gold futures were also firm at $1,281.30.

Analyst at DailyFX, David Song said, “We are not in the flight to safety or panic mode despite the risk-averse market we are seeing right now and that’s why we are not seeing gold prices rally.”

After gold prices rose in its highest since April 15, the precious metal closed near session lows on Wednesday.

Song added in his statement, “There could be a deal between U.S. and China. We are watching $1,250-$1,260 levels with 200-day moving average a key for gold.” Aside from that, the small increase of Japanese yen is mainly due to the global markets’ risk-off sentiment.

The Japanese currency surged against the falling dollar. And stocks have withdrawn while government bonds heightened.

Trade Talks

Washington is accusing Beijing of backtracking from obligations it made during trade negotiations. President Donald Trump made a threat to raise existing tariffs on Chinese goods on Friday. And also, Trump wants to charge new levies if there is no deal.

Because of risk-averse markets, white gold was able to give support. But prices have not managed to record a meaningful uptrend with $1,290 levels continue playing as a key technical barrier.

In the note of Singapore-based Phillip Futures, he said, “The precious metal has struggled to hold bullish gains as technical overview remains negative for the current term.”

Futures also added, “A continuation of the negative trend scenario during intraday trading session will see market forces test the key support of $1,274.”

As spot gold failed to smash a resistance at $1,291 per ounce, it may take place into $1,267 to $1,274 range.

YOU MAY ALSO LIKE

Euro

The euro rose on Monday as hopes for an increase in eurozone

Rocket Lab’s Shares Falling, Unlike Their Rockets

Last week, Rocket Lab Inc. launched its first rocket from US territory,

Solana

What Impact Will The Helium Network Migration Have On The Solana Blockchain?

COMMENTS

490 responses to “Gold Exchange Rate Stood Flat Before US-China Trade Talks”

  1. Hello! This post couldn’t be written any better! Reading this post reminds me of my old room mate! He always kept talking about this. I will forward this write-up to him. Pretty sure he will have a good read. Many thanks for sharing!|

  2. Svvwn says:

    casino slots gambling – http://cacinowina.com/ canadian pharmacy ratings

  3. Sharen Demus says:

    Thank you for the good writeup. It in truth was a entertainment account it. Glance complicated to far delivered agreeable from you! By the way, how could we communicate?|

  4. You really make it seem so easy with your presentation but I find this matter to be really something which I think I would never understand. It seems too complicated and very broad for me. I am looking forward for your next post, I’ll try to get the hang of it!|

  5. Oumcpj says:

    custom dissertation – write my essay help paper writing websites

  6. What’s Happening i’m new to this, I stumbled upon this I have found It absolutely useful and it has helped me out loads. I’m hoping to give a contribution & help different users like its helped me. Great job.|

  7. Wonderful article! This is the type of information that are supposed to be shared around the web. Shame on Google for no longer positioning this publish higher! Come on over and visit my web site . Thank you =)|

  8. Thank you for the good writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! However, how could we communicate?|

  9. Wvlykf says:

    my childhood essay writing – http://essaywrw.com/ paperwriter

  10. Ratujackpot says:

    Quality content is the main to invite the users to visit the web page, that’s what this website is providing.

Leave a Comment

Your email address will not be published. Required fields are marked *

BROKER NEWS

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of

BROKER NEWS

Broker News

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of its