Old Niu leans bullish on $XAU , but isn’t rushing to act. Take a look at today’s market: oil is moving lower, while gold hasn’t really followed.
The catalyst was a report around 17:00 Beijing time. U.S. media said the Trump administration was continuing talks with Iran on an interim peace deal. The report came from a single source and has not been officially confirmed.
Normally, news of peace would put pressure on gold prices. Today, things haven’t quite followed that script. As of 17:09 Beijing time, Binance Gold Perpetual was at 4044.06, down 0.38% over 24 hours. The low of 4024.04 came during the 16:00 hour, and prices rebounded at 17:00. Open interest is also rising: about 162,500 at the 12:00 reading and roughly 166,600 at 17:00.
Here’s how I see it: lower oil prices ease inflation concerns, which takes some pressure off fears of rate hikes. That’s not a bad thing for gold. Just something to keep in mind.
The peace talks are still at an early stage. Iran’s seven-day proposal calls for the U.S. to first lift its naval blockade and remove sanctions on oil sales; the U.S. wants to discuss the nuclear issue first. The two sides haven’t agreed on who should make the first move.
If gold falls back to around 4025, today’s low, and finds support there, Old Niu will add a little to his long position. At 4044 for now, I’ll wait and see.
U.S. GDP and PCE data are due at 20:30 tonight. With the report unconfirmed and hard data still to come, Old Niu would rather wait than rush in.
#FOMC会议
The above reflects personal views only and does not constitute investment advice.
The catalyst was a report around 17:00 Beijing time. U.S. media said the Trump administration was continuing talks with Iran on an interim peace deal. The report came from a single source and has not been officially confirmed.
Normally, news of peace would put pressure on gold prices. Today, things haven’t quite followed that script. As of 17:09 Beijing time, Binance Gold Perpetual was at 4044.06, down 0.38% over 24 hours. The low of 4024.04 came during the 16:00 hour, and prices rebounded at 17:00. Open interest is also rising: about 162,500 at the 12:00 reading and roughly 166,600 at 17:00.
Here’s how I see it: lower oil prices ease inflation concerns, which takes some pressure off fears of rate hikes. That’s not a bad thing for gold. Just something to keep in mind.
The peace talks are still at an early stage. Iran’s seven-day proposal calls for the U.S. to first lift its naval blockade and remove sanctions on oil sales; the U.S. wants to discuss the nuclear issue first. The two sides haven’t agreed on who should make the first move.
If gold falls back to around 4025, today’s low, and finds support there, Old Niu will add a little to his long position. At 4044 for now, I’ll wait and see.
U.S. GDP and PCE data are due at 20:30 tonight. With the report unconfirmed and hard data still to come, Old Niu would rather wait than rush in.
#FOMC会议
The above reflects personal views only and does not constitute investment advice.
