XAUUSD lifts to $1820s from weekly lows on falling US Real yields, and a soft greenback

Gold is headed for the second consecutive week with losses, down 0.64% despite climbing on Friday. Lower US 10-year TIPS yields and a softer US dollar are a tailwind for Gold prices. Gold Price Forecast (XAUUSD): Gold is neutral-downward biased. Gold spot (XAUUSD) bounces off weekly lows near $1816, recovering some ground in the week, … Read more

Steel Price rebounds from yearly low as risk-aversion ebbs, recession fears favor bears

Steel price licks wounds at six-month low after falling nearly 500 yuan per metric tonne during the week. Lack of major data/events, softer USD allowed bears to take a breather. Fears of recession, doubts about production cuts and China’s covid conditions provide a trifecta attack on prices. Steel Price consolidates weekly losses during Friday’s sluggish … Read more

XAG/USD plummets towards the $21.00 on broad US dollar strength

The white metal remains on the defensive and dives more than 2% on Thursday. Fed officials backed further rate hikes, though Fed chair Powell acknowledged that the US might get into a recession. Silver Price Forecast (XAG/USD): Stays downward biased, and a break below $21.00 might pave the way for fresh YTD lows. Silver (XAG/USD) … Read more

Steel price extend losses after three-day consolidation as China oversupply fears escalate

Steel prices have to witness a steep fall after a three-day consolidation. Oversupply of steel has resulted in has pushed the steel prices to four-month lows. Zero Covid-19 policy in China will keep the steel prices on the tenterhooks. Steel prices have weakened further after a three-day consolidation on the Shanghai Futures Exchange. The asset … Read more

XPD/USD to sink towards $1,092 on a dip below 2021 low of $1,542 – Credit Suisse

Palladium is under pressure. scale, only below the $1,542 low of 2021 would mark a major top, changing significantly the trend lower, economists at Credit Suisse report. Resistance at $2,095/2,120 set to cap “We see risk for a test of long-term support at $1,594/$1,542 – the 61.8% retracement of the entire 2016/2022 bull trend and … Read more

Steel Price fades rebound from yearly low on China oversupply fears, risk-off mood

Steel Price consolidates the previous day’s gains from five-month low. Fears of oversupply from China magnify after the latest trade numbers. Sour sentiment amid fears of recession, hawkish Fed also weigh on commodity prices. Steel Price fails to extend the previous day’s corrective pullback from a five-month low as supply fears escalate. Also weighing on … Read more

XAG/USD seesaws in the $21.70-90 range on broad US dollar weakness

A risk-on market mood was no excuse for silver to advance, boosted by a soft US dollar. US Treasury yields fell, except for the 10-year TIPS, a headwind for silver prices. Silver Price Forecast (XAG/USD): In consolidation in the $21.50-$22.00 range. Silver (XAG/USD) snaps two consecutive days of losses and edges higher by 0.50% in … Read more

Forecast for year-end lowered to $1,050 – Commerzbank

In mid-June, platinum slipped into the lower range of the $900-$1,050 corridor and thus also slightly below the level at the start of the year. Economists at Commerzbank expect the precious metal to trade at $1,050 by end-2022. Platinum market to remain oversupplied this year “The platinum price is likely to remain strongly influenced by … Read more

XAUUSD retraces below the 200-DMA and clings to $1830s despite soft US dollar

Gold spot (XAUUSD) begins the week on the wrong foot, down some 0.12%. A risk-on impulse was a headwind for safe-haven assets and weighed much more in Gold. Gold Price Forecast (XAUUSD): Failure at the 200-DMA to send gold prices tumbling towards $1800. Gold spot (XAUUSD) slides for the second two consecutive day and fails … Read more

XPD/USD to surge towards $2,100 by year-end – Commerzbank

Palladium is currently trading well below $2,000. Strategists at Commerzbank expect the precious metal to soar towards $2,100 by end-2022. Recovery potential for palladium in the coming months “The slower demand for palladium from the automotive industry should prevent a larger supply shortage on the palladium market, provided there are no disruptions in palladium supplies … Read more