
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that risk-seeking investors have turned to stocks. It’s hard to ignore the surge of S&P 500, NASDAQ, and Dow Jones. More and more traders and investors want to take part in this rally, so they quit their gold longs and switch to indexes. US ADP employment report released today showed that the number of jobs in the US private sector declined in may less than expected. That has also contributed to the positive mood and reduced the appeal of the precious metal.
Traders can profit in indexes for sure, but don't forget that short positions in gold are also possible. The price is currently testing the 23.6% Fibonacci retracement level in the 1,690 area. The fix below this point will open the way down to $1,670 and $1,645.
At the same time, remember that gold is a safe haven. With various uncertainties that torment the world, the long-term trend for XAU/USD is bullish. As a result, every time the asset reaches support levels, it is necessary to look for the signals of bullish reversal.
Finally, the return above $1,700 (if the break to the downside turns out to be false), will allow bulls to try to push the price back up to $1,715 and $1,725.
Monitor the situation and be ready to profit!
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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