Expectations of a “big cooling” US interest rate hike ban buying Russian oil to supplement strategic reserves Gold resumes its rally?

At the moment, 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 enormous weight, and therefore gold has the possibility of rising further.

Overview view of gold trend

During the Asian session on Monday (December 5), spot gold rose and rose, reaching a nearly five-month high at around $1,807.83 per ounce. The price of gold rebounded sharply, and the price of gold was pulled back to around 1780 once. mark, but the price of gold was quickly supported by bargain hunters, as the market believed that the non-agricultural data could not prevent the Fed from slowing the pace of interest rate hikes, and Fed officials also reiterated their intention to slow the pace of interest rate hikes View .

Gold Technology Forecast

Gold testing the $1786.50 level and bouncing consistently bullish above it and resuming its main bullish trajectory, today’s price is starting to approach 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 that the pace of interest rate rises will “cool down” is slowing

Fed’s Evans sees slower rate hikes, but peak rates will be ‘slightly higher’ than expected 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 forecast in September.

Federal Reserve 3.jpg

“We will probably have to have a slightly higher peak in the fed funds rate, although we could slow down” the pace of rate hikes, up from 75% each in recent meetings, Evans said at an event in Chicago. base points down.

As early as last week, Federal Reserve Chairman Powell expressed a similar view.

On November 30 local time, Federal Reserve Chairman Powell delivered a speech at the Brookings Institution in the United States. He said the fight against inflation is “far from over” and that the Fed’s interest rate raising 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 increases in June, July, September and November were all 75 basis points.

The United States prohibits the purchase of Russian oil to replenish strategic reserves

According to a report by the Russian Satellite News Agency on the 6th, White House spokeswoman Karina Jean-Pierre said on December 5 that the US government is banning the purchase of Russian oil to supplement the US strategic reserve.

Asked if US President Joe Biden was prepared to consider the possibility after the G7 countries put price caps on Russian crude, Jean-Pierre told a news conference: “No, because Russian oil is under embargo,” he said the report. “

According to reports, in March this year, under the framework of tougher 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 saying they agreed to limit the adjustable price of Russian marine crude oil supply to US$60 per barrel. The price cap is set to come into effect on December 5.

Reacting to the decision and the impending embargo, Russian Deputy Prime Minister Novak said Russia would not accept caps on oil prices even if it had to cut output. He added that such restrictions are an interference with market instruments and that Russia is ready to work only with users who act according to the market.

A practical guide to gold investment, sharing high-quality investment and financial management information, and taking you on the road to wealth appreciation! Everyone lost money when the stock market plunged, but I made money investing in gold! Support precious metals to check the market price within a second 1. Click on keywords such as “gold jewelry”, “gold” and “silver” in the menu bar to know the real-time market quote. Dear, are you paying attention to the variation in gold price? Do you want to buy gold?

Gold.com Statement: Gold.com reprints the above content, does not mean to confirm its description, is for the guidance of investors only, and does not constitute investment advice. Investors act accordingly at their own risk.

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.