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11 Oct 2019

Gold slumps below $1,480 as risk appetite continues to dominate the market

  • 10-year United States (US) Treasury bond yield is up nearly 5%.
  • Wall Street's main indexes all gains around 1.5%.
  • US Dollar Index struggles to recover its losses despite upbeat data.

The bearish pressure surrounding the XAU/USD pair on Friday intensified in the last hour as markets continue to price a possible trade deal between the United States (US) and China. As of writing, the pair was trading at its lowest level in ten days near $1,474, erasing nearly $20 on the day.

Risk perception continues to drive the XAU/USD pair

US President Donald Trump in the last hour explained that a trade deal with China wouldn't have to be approved by the parliament and said that he would simply need to sign it when the deal if fully negotiated to hint that sides are close to reaching an agreement. 

Reflecting the strong risk appetite, the 10-year US Treasury bond yield is up nearly 5% on a daily basis. More importantly, the 3-month T-bond and the 10-year T-bond yield curve uni-inverted for the first time since July. Additionally, Wall Street's main indexes are all up more than 1.5%.

Meanwhile, heightened hopes of the United Kingdom and the European Union reaching a Brexit deal also allowed investors to stay away from safe-haven assets.

On the other hand, the University of Michigan's Consumer Sentiment Index rose to 96 in October to beat the market expectation of 92 but failed to help the US Dollar Index rebound from multi-week lows. At the moment, the index is down 0.35% on the day at 98.35.

Technical levels to watch for

 

Oct 11, 2019

DUP Source: DUP is *not* necessarily opposed to a post-Brexit customs partnership with EU - The Times

The Times quotes a Northern Irish Democratic Unionist Party (DUP) source, as saying that the DUP is *not* necessarily opposed to a post-Brexit customs
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Oct 11, 2019

USD/JPY technical analysis: Greenback at its highest since July against Yen, above 108.00 handle

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