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SpanishGold & NATO Summit: What you Need To Know Right NOW; March 24, 2022
Gold & NATO Summit: What you Need To Know Right NOW
Gold moves in choppy boundareis from $1,950 to $1,910 mark since last 10 days. The news on Russia – Ukraine or even U.S. Economic Indicators failed to bring desire volatility in Gold. Investors from across the globe keep an eye on Extraordinary NATO summit on Ukraine due today. In addition, higher U.S. yields mean downward pressure and limited upside for gold but because of recession fears, gold’s safe-haven appeal has been gaining steam, especially in light of the war in Ukraine.
Let’s check out key points to remember:
- A meeting of the North Atlantic Council (NAC) at the level of Heads of State and Government will take place on Thursday 24 March 2022. The meeting will be in person and will be chaired by the NATO Secretary-General, Jens Stoltenberg.
- US President Joe Biden is set to attend with his European counterparts.
- Ukrainian President Volodymyr Zelensky is invited to address the summit via a video link.
- U.S. Treasury yields rise on sharp bond selloff.
- U.S. Treasury Yields on the 10 – year Treasury note advanced to their highest level since May 22, 2019.
- More severe sanctions likely against Russia as well as an embargo of Russian gas by NATO allies.
- Gold likely to remain under pressure as U.S. Federal Reserve will move more aggressively to control rising inflation and Fed shows readiness to rise interest rate forcefully.
- Gold is repricing Fed expectations, including a 50-basis-point hike in May.
- Goldman Sachs has also revised its outlook after Powell’s comment on interest rate hike, now projecting two 50-basis-point hikes at the May and June meetings and then 25-point hikes at the remaining four meetings of the year.
Technical View:
XAU/USD (GOLD):
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
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