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15 Mar 2023

Gold Price Forecast: XAU/USD soars to $1,930 after US data; Credit Suisse shares tumble

  • US PPI drops unexpectable in February, Retail Sales decline more than expected.
  • Credit Suisse shares hit new lows, tumbling by almost 30%.
  • Gold bounces 2% from its daily low, and climbs to its highest since early February.

Gold price resume the upside on Wednesday, boosted by risk aversion across financial markets, triggered by worries about the health of Credit Suisse. The yellow metal rose further after the release of US data that came in below expectations, adding to speculations about a softer Federal Reserve.

XAU/USD peaked at $1,930, its highest level since February 2. From last week, gold has risen almost 8% supported by the sharp decline in global government bond yields.

Worries and data

The rally in gold has just receive another boost from US data. The US Producer Price Index dropped unexpectedly in February by 0.1%; market consensus was for a 0.3% increase. The core PPI stayed unchanged and the annual rate fell from 5.4% to 4.4%, well below the 5.2% expected. A different report showed retail sales fell by 0.4% in Febuary, more than the 0.3% estimated.

US economic numbers favors the scenario of a softer Fed that will have its meeting next week. US yield printed fresh lows, approaching to Monday’s bottom. The US 10-year yield is at 3.47% down 6% for the day; while the 2-year is at 3.90%.

Prior to US data, bonds were already on demand and gold was higher boosted by banking-industry jitters. Credit Suisse’s main shareholder, the Saudi National Bank ruled out providing more money and pushed banks stocks across the globe to the downside. Credit Suisse shares area falling almost 30%.

Technical levels

 

Mar 15, 2023

VIX: Break past the 38.94 high of 2022 would likely accompany a sharp S&P 500 fall – Credit Suisse

The VIX has surged higher after holding as expected its uptrend from 2017, but for now, the rise has been capped at the top of its broad range from Ja
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Mar 15, 2023

EUR/USD could suffer more losses toward 1.0500/50 – Scotiabank

EUR’s gains have been tapped out around the mid-1.07s. Economists at Scotiabank believe that the EUR/USD pair could fall as low as 1.0500/50. A clear
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