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Gold up on Evergrande Fallout, Pre-Fed Play on U.S. Yields, Dollar

By Barani Krishnan AiVIF.com - Gold rallied for a second day in a row as the dollar and U.S. Treasury yields tried to find their way amid continued pressure on risk markets...
Gold up on Evergrande Fallout, Pre-Fed Play on U.S. Yields, Dollar © Reuters.

By Barani Krishnan

AiVIF.com - Gold rallied for a second day in a row as the dollar and U.S. Treasury yields tried to find their way amid continued pressure on risk markets from the debt crisis at China’s biggest property developer, Evergrande.

Uncertainty over the outcome of the Federal Open Market Committee’s two-day policy meeting that ends with Wednesday’s news conference by Fed Chairman Jay Powell also kept risk in check. Stocks rebounded strongly in early trade before turning volatile on speculation whether Evergrande will be able to pay $83 million in interest due on its bond borrowings on Friday.

The Dollar Index, pegged against six major currencies led by the euro, was a touch lower at 93.213 by 4:09 PM ET (20:30 GMT). The yield on the U.S. 10-Year Treasury note was slightly higher at 1.32.

“Depending on how the Evergrande situation plays out with markets, gold could continue finding safe-haven buyers, or buying interest could evaporate once again as quickly as it appeared, particularly if the China government soothes nerves” of investors, said Jeff Halley, analyst at online trading platform OANDA.

“Either way, if the FOMC gives concrete guidance on a tapering timeline at Wednesday’s meeting, gold will resume its downward direction, as the former would inevitably lead to a stronger U.S. dollar."

U.S. gold futures’ most active contract, December, settled up $14.40, or 0.8%, at $1,778.20 per ounce on New York’s Comex, after a session high at $1,782.70. On Monday, when the Evergrande crisis exploded, December gold ended up 0.7%.

Halley noted that despite the two-day rebound, gold continued to have resistance at above $1770.

“Even if risk sentiment remains negative, it is hard to see gold recapturing the latter," he said. "Gold has support at $1742, followed by $1720 an ounce, followed by longer-term support in the $1675 region. Given gold’s recent price action, its path of least resistance remains lower despite the temporary respite.”

The Fed’s FOMC meeting could revisit the subject of tapering for the central bank’s stimulus program that has juiced stock prices over the past 18 months. The central bank has been buying $120 billion in bonds and other assets since the COVID-19 outbreak of March 2020 to support the economy. It has also been keeping interest rates at virtually zero.

Chairman Powell and his senior most colleagues at the central bank have so far issued mixed messages on a stimulus taper, with the broad market consensus being that any pullback will not occur until November.

An absence of any immediate announcement on the taper could weigh on the dollar and Treasury yields and extend gold’s lifeline.

Even so, gold needs to recapture the $1,800 level to sustain its uptrend, said Sunil Kumar Dixit, chief technical strategist at SK Charting in Kolkata, India.

“The main trend changes only upon a decisive trade above the $1,835 zone, and that has witnessed multiple failures,” Dixit said.

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29-03-2024 14:18:56 (UTC+7)

EUR/USD

1.0778

-0.0009 (-0.08%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

EUR/USD

1.0778

-0.0009 (-0.08%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

GBP/USD

1.2621

-0.0001 (-0.01%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (2)

USD/JPY

151.38

+0.01 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

AUD/USD

0.6509

-0.0006 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

USD/CAD

1.3552

+0.0014 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

163.12

-0.13 (-0.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (5)

EUR/CHF

0.9728

+0.0001 (+0.01%)

Summary

Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (4)

Gold Futures

2,254.80

-0.10 (0.00%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

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Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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Sell (0)

Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

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↑ Buy

Moving Avg:

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Brent Oil Futures

86.99

+0.04 (+0.05%)

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Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

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↑ Sell

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US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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DAX

18,504.51

+27.42 (+0.15%)

Summary

↑ Buy

Moving Avg:

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FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

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Siemens AG Class N

176.96

+0.04 (+0.02%)

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↑ Buy

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

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 EUR/USD1.0778↑ Buy
 GBP/USD1.2621Buy
 USD/JPY151.38Neutral
 AUD/USD0.6509↑ Buy
 USD/CAD1.3552↑ Buy
 EUR/JPY163.12↑ Sell
 EUR/CHF0.9728Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,361
SJC HCM7,900/ 8,100
(0/ 0) # 1,381
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,383
SJC Danang7,900/ 8,102
(0/ 0) # 1,383
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,383
SJC Cantho7,900/ 8,102
(0/ 0) # 1,383
Cập nhật 29-03-2024 14:18:58
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ↀ Giá vàng thế giới
$2,232.75-1.61-0.07%
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RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.610,0024.980,00
EUR26.047,4527.476,69
GBP30.507,5531.805,49
JPY159,05168,34
KRW15,9119,28
Cập nhật lúc 14:14:51 29/03/2024
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