Gold prices selloff, as the US GDP growth exceeds expectations [Video]

Eliman Dambell Sayvio AI

Gold prices selloff, as the U.S. GDP growth exceeds expectations

Gold prices fell to a 2-week low on Thursday, as investors chose to move away from the safe haven asset in the aftermath of yesterday’s FOMC meeting.

Wednesday’s Fed decision was followed by data today which showed that GDP in the United States had grown by more than expected.

Figures from the Commerce Department showed that Q4 GDP rose by 6.9%, versus expectations for a 5.5% increase.

Many believe that this was one of the reasons why Chair Powell and the Fed opted to keep rates unchanged, laying the foundation for a March hike instead.

XAUUSD fell to an intraday low of $1,791 on the news.

NASDAQ, S&P 500 lower, despite strong Tesla earnings

U.S. indices were lower in today’s session, as shares in Tesla fell, despite the company reporting strong Q4 earnings.

The company founded by Elon Musk, held its quarterly earnings call after Wednesday’s closing bell, with both earning and revenue exceeding forecasts.

Tesla reported earnings of $2.54 per share, which came on revenue of $17.72 billion for the quarter.

Wednesday’s results were better than the expected earnings of $2.25 per share, and revenue growth of $16.88 billion.

$TSLA was down over 8% as of writing, with the NASDAQ and S&P 500 both trading in the red.

Visit here to see raw, real-time ECN spreads

Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.