Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
4 Jan 2023

Gold Price Forecast: XAU/USD refreshes seven-month highs above $1,860 amid falling yields

  • Gold price hits fresh seven-month highs above $1,860 in European trading.
  • The US Treasury yields decline, risk-on mood smash the US Dollar.
  • Sell-off in the US Treasury yields cap the downside in the Gold price.

Gold price is holding close to the highest level in seven months above $1,860 in the Europen session, accelerating the upbeat momentum, as the US Dollar tumbled across the board following a hot start to 2023.

The US Dollar remains under heavy selling pressure, as the European equities opened higher. Further, the sell-off in the US Treasury bond yields gathered steam and exacerbated the pain in the greenback, allowing the non-yielding Gold price to extend its uptrend into the fourth straight session.

Markets continue to adjust their positions in the first week of this year, gearing up for the first top-tier US economic events release due later this Wednesday. The US ISM Manufacturing PMI and the US Federal Reserve (Fed) Minutes will be closely scrutinized for the Fed’s future policy path, which will significantly influence the US Dollar and the USD-sensitive yellow metal.

The fresh upsurge in the Gold price could be also attributed to the big technical breakout on the daily chart. Gold price confirmed an upside from the ascending triangle on Tuesday. The price closed Tuesday above the horizontal trendline (triangle) resistance at $1,825.

Gold price: Daily chart

Gold price: Technical level to watch

 

Jan 4, 2023

France S&P Global Composite PMI came in at 49.1, above expectations (48) in December

France S&P Global Composite PMI came in at 49.1, above expectations (48) in December
Read more Previous
Jan 4, 2023

Germany S&P Global/BME Composite PMI above forecasts (48.9) in December: Actual (49)

Germany S&P Global/BME Composite PMI above forecasts (48.9) in December: Actual (49)
Read more Next