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Market News: An official said that Iran told mediators Qatar and Oman that it was unwilling to negotiate a ceasefire with Israel during the Israeli attack.On June 16, Richard Bronzi, head of geopolitics at consulting firm Energy Aspects, said, "Now that Israel has crossed the threshold, the market will question whether it will further strike Irans energy infrastructure. We seem to be caught in a vicious cycle of escalating conflict." Helima Croft, head of global commodity strategy at Royal Bank of Canada Capital Markets and former CIA analyst, said, "If the supply is interrupted, Trump is likely to ask the Saudi-led OPEC+ alliance to use its considerable idle production capacity." Irans current daily output is about 3.4 million barrels, and it is uncertain whether OPEC can make up for its long-term large-scale shutdown gap. This move itself may make Saudi Arabia and the UAEs energy facilities a target of public criticism. Clay Siegel, a senior fellow at the Center for Strategic and International Studies in Washington, analyzed: "Although OPEC can use idle production capacity to replace Iranian crude oil, Saudi Arabia and the UAE will face huge political risks if they profit from it."Israels emergency organization "Red Shield of David": Irans latest round of ballistic missile attacks has injured 8 people in Israel.June 16th news, on June 15th local time, Mustafa Hayari, director of media affairs of the Jordanian Armed Forces, said that the current situation is an attempt by one party to the conflict to drag Jordan into the war, intending to undermine Jordans security and stability. But Jordans national position has been very clear from the beginning, that is, to avoid being involved in the conflict between Iran and Israel. Regarding the measures taken by the Jordanian Armed Forces to deal with this threat, Hayari emphasized that the military has increased the combat readiness level of various combat units and logistics units since the beginning of the conflict, and has placed all combat units and troops on the highest level of alert to ensure effective response to any potential threats. Hayari said that missiles and drones entering Jordanian airspace are extremely dangerous. As military weapons, these devices may have technical deviations for a variety of reasons, making Jordanian territory a potential landing point.According to the Wall Street Journal: The Washington Post suffered a cyber attack, resulting in the compromise of the email accounts of several journalists.

Forecast for the price of gold: XAU/USD fluctuates over $1,760 as investors await the US NFP

Daniel Rogers

Aug 04, 2022 11:36

截屏2022-08-03 下午3.31.13_1024x576.png 

 

In the early Asian session, the price of gold (XAU/USD) is exhibiting topsy-turvy movements above the nearby support level of $1,760.00. Prior to that, the precious metal showed a responsive purchasing action after Wednesday's low of $1,756.00. The shiny gold has risen to just shy of $1,764.00 after holding onto its two-day low. In the near future, the FX domain will lay the groundwork for the publication of the US Nonfarm Payrolls (NFP), which will influence the asset's future course.

 

There is no doubting that the Federal Reserve (Fedrising )'s interest rates have compelled corporate participants to apply additional filters to their analysis of investment prospects. Before spending large sums of money on projects, businesses conduct a lot of thinking. This has increased the likelihood that the process of creating jobs would suffer substantial harm.

 

In addition, comments from major IT companies suggesting stopping the hiring process for the remainder of the year may cause a sharp decline in job chances. In contrast to June's report of 372k, investors predict 250k job increases in the labor market in July. A vulnerable individual from this group might considerably raise gold prices.

 

On a four-hour time frame, the bottom part of the Rising Channel, which is plotted from the low of July 21 at $1,681.87, and the higher part, which is shown from the high of July 22 at $1,739.37, will see large bids for gold prices.

 

The 200-period Exponential Moving Average (EMA) at $1,764.11 overlaps with the gold prices, signaling a make-or-break situation for gold bulls. The 50-EMA at $1,752.16 is rising, which suggests further potential.

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