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February 10, 2022

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The Gold market is subject to speculation since it is an exchangeable instrument in the foreign exchange market, you can treat it as such.

Popularity in trading XAUUSD has increased tremendously over the years and especially after the financial crisis of 2008 due to its low correlation with other commodities and its price compared to other currencies.

Central Banks play a key role in Gold prices as they can limit Gold sales.

Investors buy Gold when they look for a financial risk advantage as well as when they anticipate that market fear is increasing.

Take advantage of our Low spreads and trade XAUUSD.

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Gold report: Traders on the lookout for US Inflation rates

Gold prices seem to remain elevated so far in February, finishing in green territory in the past week and trading higher in the current. As we head into a week with limited economic releases but of significant importance, geopolitical tensions, international economic monitoring, and central bank developments continue to be among the most decisive subjects for the Gold market. The closing of this report will consist of a technical analysis that will accompany our fundamental points.

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What has happened in the past days?

During the most recent sessions Gold’s volatility increased after the release of the US employment report for January. With a substantial increase in jobs created which reached 444K, Gold’s price initially dropped upon release of the figures. However, Gold’s price quickly rebounded and by the end of the session on Friday had recovered most of the ground lost. This may have been due to the slight increase of the unemployment rate to 4.0% even though the jobs created surpassed expectations. Moreover, as Monday’s session commenced, Gold prices maintained their steady upsurge and fully recovered the ground lost, while in the US session moved even higher. Monday’s session overall favored the Gold market without the support of economic releases.

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China’s economic slowdown

Looking at the global economy, analysts are currently considering the impact of the Chinese slowdown that seems to be becoming more evident recently. In January, both Chinese Manufacturing and Services PMI figures were lower compared to previous readings. Even though the Chinese slowdown may be a consequence of the substantial growth observed at the beginning of the pandemic, it may be creating problems to the international scene. China has been dealing with a red hot real estate market and power supply shortages, along with the Omicron variant destabilizing operations in some provinces. On the other hand, Western countries may be depending on Chinese trade in order to be able to cover for their own products and operations. The uncertainty over Chinese global economic contribution can be supporting Gold’s price in the short term, as it could be limiting output in other countries including Europe or Asia. On the contrary, the US is currently in a strong economic position that could perhaps counter the Chinese slowdown. Yet, we may be observing a rather prolonged Chinese slowdown as some challenges already noted seem to persist.

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Economic releases in the current week

Turning to the economic calendar of the current week, Gold traders will be mainly focusing on the January US Inflation data to be released on Thursday the 10th of February in the early US session. In the past, Inflation data has been strongly related to Gold price volatility. Higher inflation rates are positively correlated to higher Gold prices, as the precious metal can cover for higher good prices. At the moment, the expectations are for the Yearly CPI rate to increase further-reaching 7.3% from current 7.0%. Once again, if this figure was to materialize we could see the Gold market turning bullish. For the rest of the week we note the weekly Initial Jobless claims figure to be released also on the 10th of February, while the Preliminary University of Michigan figure for February will be released on Friday the 11th.

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The Russia-Ukraine concerns

As a final note we must stress the important Russia-Ukraine concerns that are carefully being monitored by traders. We would suggest Gold traders keep their attention fixed to the matter, as it can lift Gold prices much higher if military actions were taken. On the opposite, if the issue would be resolved we could see Gold prices retreating. For the time being, talks between Nation leaders seem to be taking focus off the actual developments on the Ukraine Border which could possibly be intensifying.

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