The XAU/USD pair is relatively stable, holding near 2000.00 after a modest rise the day before. Gold took advantage of the weakness of the US currency on Tuesday to partially recoup for the sharp decline last Friday, as well as the extremely uncertain start to trading this week. At the same time, the growth of the instrument is limited, as the market still predicts the tightening of monetary policy by the US Federal Reserve, the European Central Bank (ECB) and the Bank of England, whose meetings will be held in early May. All regulators are now expected to raise interest rates by at least 25 basis points. Also, gold quotes reacted positively to the noticeable growth of the Chinese economy. Gross Domestic Product (GDP) of China in the first quarter of 2023 added 2.2%, which coincided with market expectations, and in annual terms it added 4.5% after increasing by 2.9% in the previous period with a forecast of 4.0%. Observers also note a sharp increase in demand for gold and other precious metals in China: in March, the overall figure rose by 37.4% compared to 2022.
Trade closed: stop reached:
Stop hunted.
