{"id":11185,"date":"2022-06-09T05:07:24","date_gmt":"2022-06-09T05:07:24","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=11185"},"modified":"2022-06-09T05:07:24","modified_gmt":"2022-06-09T05:07:24","slug":"xau-usd-closes-in-to-the-golden-ratio-of-61-8-percent","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/xau-usd-closes-in-to-the-golden-ratio-of-61-8-percent\/","title":{"rendered":"XAU\/USD closes in to the golden ratio of 61.8 percent"},"content":{"rendered":"<h1><strong>XAU\/USD closes into the golden ratio of 61.8 percent<\/strong><\/h1>\n<p>In Asia, the price is attempting to break below the 50% mean reversion line, exposing the 61.8 percent Fibo target of $1,850 once more. Following a move into the 50 percent mean reversion level of the hourly bullish impulse highlighted in earlier trading, the gold price is backpedalling further at $1,852, as shown in the technical analysis below. The US dollar has been on the rise since mid-week and has remained steady in Asia, rising higher in the DXY index&#8217;s basket of currencies.<\/p>\n<p>The US dollar index rose on Wednesday, erasing earlier losses as investors exited stocks at the same time as the US 10-year auction touched a high yield of 3.03 percent, up from the previous auction&#8217;s high of 2.943 percent. The dollar also hit a new two-decade high against the yen, despite the Bank of Japan remaining one of the few global central banks to maintain a dovish approach. Following this, US rates have rallied, with the 10-year presently holding above 3%, bolstering the greenback.<\/p>\n<p>Following warnings from the OECD that the world will pay a high price for the war in Ukraine, gold has been promoted for its safe-haven attributes. &#8220;It cut its global growth forecast for this year from 4.5 percent to 3 percent, down from 4.5 percent in December.&#8221; This comes after the World Bank altered its growth prediction earlier this week. As the dollar rose, gold gave up some gains late in the day,&#8221; according to ANZ Bank analysts.<\/p>\n<p>&#8220;While the fighting in Ukraine helped to send the bears packing, the fading of geopolitical risk premia across global assets hasn&#8217;t seen this cohort of discretionary traders liquidate their position,&#8221; according to analysts at TD Securities. &#8220;As a result, the disparity between gold and real rates can be linked to both an excessive rise in real rates as a result of quantitative tightening, as well as the still-significant amount of complacent length maintained in gold, which keeps gold&#8217;s prices elevated.&#8221;<\/p>\n<p>The focus for the rest of the day will be on the European Central Bank before traders prepare for Friday&#8217;s US inflation report. TD Securities analysts believe the EUR\/USD has limited potential to advance unless the governor, Christine Lagarde, &#8220;commits to a series of 50s,&#8221; especially with the Euribor curve trading as it is and US CPI due the next day. For EURUSD to trade lower, the risk\/reward ratio is more advantageous.<\/p>\n<p>TDS analysts also believe the ECB will &#8220;announce that the APP will terminate within weeks&#8221; and &#8220;give a strong signal that rate rises will occur in July and September&#8221; (October remains a more interesting meeting in this sense). Forecasts show higher inflation and slower growth, reflecting the ECB&#8217;s ongoing difficulties. &#8220;As a result, gold may be appealing due to its safe-haven features. The <a href=\"https:\/\/www.xtrememarkets.com\/mu\/commodities-category\/\"><strong>precious metal<\/strong> <\/a>has found some support from investors due to the worsening economic backdrop. Despite a stronger dollar, gold has just climbed past $1,850.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>XAU\/USD closes into the golden ratio of 61.8 percent In Asia, the price is attempting to break below the 50% mean reversion line, exposing the 61.8 percent Fibo target of $1,850 once more. Following a move into the 50 percent mean reversion level of the hourly bullish impulse highlighted in earlier trading, the gold price<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/MU\/xau-usd-closes-in-to-the-golden-ratio-of-61-8-percent\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[38,272,297,187,182,64,24,58,157,60,66,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>XAU\/USD closes in to the golden ratio of 61.8 percent | Xtream markets<\/title>\r\n<meta name=\"description\" content=\"In Asia, the Gold price is attempting to break below the 50% mean reversion line, exposing the 61.8 percent Fibo target of $1,850 once more.\" \/>\r\n<link rel=\"canonical\" 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