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On July 24, local time, Israeli Prime Minister Benjamin Netanyahu and Defense Minister Katz issued a joint statement announcing that, after consultations with a small group of security cabinet members and heads of the military and intelligence agencies, they had instructed the Israel Defense Forces (IDF) to take a series of strong security measures in the West Bank. According to the joint statement, the IDF will take five specific actions: demolishing Palestinian homes accused of "attacking" during clashes near the village of Tell on the morning of the 24th; launching strong military operations in relevant Palestinian villages, including confiscating weapons and revoking work permits for local residents; further increasing troop deployments throughout the West Bank; implementing separate traffic rules for Israeli and Palestinian vehicles and establishing additional military checkpoints on relevant roads; accelerating the "legalization" of so-called "outpost farms" established by Israeli Jewish settlers in the West Bank, and approving the establishment of new "outpost farms."Oil prices continued to fall, with WTI crude oil dropping below $90 per barrel. A quick overview of the pre-market conversion of domestic and international crude oil prices in a chart.Spot gold and silver prices rebounded from their lows; a chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.EU foreign policy chief: As Tehran intensifies domestic repression, the EU will continue to hold those responsible accountable.EU foreign policy chief: We have also imposed sanctions on key figures in an online organization that has been instrumental in the Iranian regime’s suppression of information.

Gold Price Forecast: Bear Flag, Powell Teases XAU/USD Sellers, $1,750 in Focus

Daniel Rogers

Aug 26, 2022 15:08

截屏2022-07-29 上午11.06.12.png 

 

Early Friday morning in Europe, gold price (XAU/USD) recovers off intraday low as sellers retreat from $1,750 support. Gold posts its first daily loss in three around the week's high.

 

The bullion's latest downturn may be due to market pessimism ahead of the Fed's favored inflation announcement and Jackson Hole address. China, Iran, and Taiwan may add to the negative mood.

 

China's county near Beijing declared lockdown due to covid, joining the US suspension of 26 Chinese carrier flights in response to Beijing's action. An expanded defense budget, a rise in US diplomats visiting Taipei, and US President Joe Biden's stern stance on Iran's position in Syria appear to have weighed on market sentiment.

 

Mixed US data, Fedspeak, and a drop in US Treasury yields supported gold's recent run-up. The second estimate of US GDP Annualized improved to -0.6% in Q2 from -0.9% flash estimates and -0.8% market projections. US Initial Jobless Claims declined to 243K for the week ended August 19, compared to 253K predicted and 245K revised.

 

Kansas City Fed President Esther George stated Thursday, "For the near term, higher rates appear appropriate." The policymaker also said it's too early to determine what to expect in September due to upcoming critical data. Philadelphia Fed President Patrick Harker said he wants to see the next inflation number before deciding on the September rate decision, but a 50 basis point boost would still be big. Atlanta Fed President Raphael Bostic told the WSJ, "I'd toss a coin between 50 bps and 75 bps," adding, "If data remains solid and inflation doesn't fall, it may create a case for another 75 bps."

 

China's over $1 trillion stimulus and a holistic strategy by local institutions helped metal prices.

 

S&P 500 Futures deviate from Wall Street's advances and fall to 4,195. US 10-year Treasury rates rose two basis points (bps) to 3.045% at press time, illustrating the risk-off mood.

 

Before Fed Chair Powell's Jackson Hole speech, XAU/USD traders may see an idle session. The Fed's chosen inflation gauge, the US Core PCE Price Index, may interest speculators. Forecasts predict YoY growth of 4.7%, down from 4.8%, and monthly growth of 0.3%, down from 0.6%.


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