Gold Price Predictions: XAU/USD Halts An Upward Trend. Bad risk appetite is stilting gold today and the (XAU/USD) prices earlier today. Although we have still seen an 0.18% mid-day decline of around $1,800. This was down for the first time since early June this year.
COVID return worries recently came from the Asia-Pacifica rea after the United Kingdom reported to the world that they have seen a massive increase in new cases of the coronavirus. United States officials have also noted an new strain, called the Epsilon variant, that is not responding to the vaccines we have. In other news we saw South Korean reports of staggering increases in cases. Tokyo is looking like it will continue to lockdown into August.
Looking at these developments, a World Health Organization professional warned of the ‘epidemiological stupidity’ of lifting COVID bans and restrictions earlier than is wise. Also the newest FOMC minutes reported upside risk to inflation but refused to act too early regarding these findings.
Atlanta Federal Reserve President Raphael Bostic said that, “A new rise in coronavirus infections driven by the more virulent Delta variant could cause consumers to “pull back” and slow the US recovery.”
MetaNews has noted that local strain in the Middle East and Sino-American conflicts have weighed heavily on the market’s disposition. The S&P 500 Futures were down by 0.14% mid-day while the US 10-year Treasury yields stayed on the retreat around 1.31%. This is the lowest level since the beginning of the year. Peering ahead we see weekly US unemployment registrations entertaining gold traders, but attention will be paid to the European Central Bank’s Special Meeting.
Gold substantiated the early week downturns to cross two hundred-day EMA with the newest drop. MetaNews has reported on gold fluctuations consistently. Our end of week report will tie up the data for investors predictions. Gold Price Predictions: XAU/USD Halts An Upward Trend.
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