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On October 12, Afghan government spokesman Zabiullah Mujahid denied media reports that Afghanistan and the United States had reached an agreement on Bagram Air Base at a press conference in Kabul, the capital. He stated that Afghans would not hand over any of their land to any other country. Mujahid pointed out that the Afghan government is willing to engage in political and economic exchanges with all countries, including the United States, and hopes that "the United States will reopen its embassy in Kabul and initiate active engagement through diplomatic channels, rather than focusing solely on Bagram Air Base."On October 12, Bama Tea Co., Ltd. updated its post-hearing information package, which means that the companys IPO on the Hong Kong Stock Exchange has passed the hearing. The sponsors are Huatai International, ABC International, and Tianfeng International.Pakistani military: 23 Pakistani soldiers were killed in the border conflict with Afghanistan, and more than 200 people were killed on the Afghan side.Iraqs State Oil Marketing Organization SOMO: Iraq set the official selling price of Basra Medium crude oil to Asia in November at a premium of $0.85 per barrel over the average Oman/Dubai price.On October 12th, Ukrainian President Volodymyr Zelensky stated that Russian forces have continued to conduct airstrikes and artillery bombardments across Ukraine over the past week. The Russian military has used over 3,100 drones, 92 missiles, and approximately 1,360 precision-guided bombs in this weeks attacks. Zelensky stated that Russia has intensified its attacks on Ukrainian cities and energy facilities, causing significant casualties and damage to infrastructure.

Gold Price Forecast: XAU/USD struggles around $1,800 ahead of ISM Services PMI data

Daniel Rogers

Dec 05, 2022 12:04

 截屏2022-09-15 下午3.06.36.png

 

In the early Tokyo session, the gold price (XAU/USD) is under intense pressure to overcome the round-level barrier of $1,800.00. The precious metal is highly projected to display additional gains ahead and may extend towards a fresh three-month high at $1,824.63 as the bullish US Nonfarm Payrolls (NFP) failed to fade the risk appetite theme.

 

The US Dollar Index (DXY) is seeking to re-test the previous week's low around 104.40 as market investors believe that good employment growth in November is inadequate to offset forecasts of a slowdown in the Federal Reserve's interest rate hike pace (Fed). In addition, rates on 10-year US Treasuries have fallen further below 3.50 percent and are receiving no intermediate buffer.

 

Monday's publication of United States ISM Services data is the economic indicator that investors are anticipating for additional guidance. The expected economic data is 55.6, up from 54.4 in the previous release. Apart from that, the catalyst which will effect Gold prices is the ISM Services New Orders Index data. The economic statistics is anticipated to rise to 58.5, which shows healthy demand from households and may provide a cushion against future inflation.

 

After a drop to roughly its November 15 high of $1,777.32, the hourly demand for gold has increased significantly. The yellow metal is aiming for a three-month high of approximately $1,805.00. The Gold price has surpassed the 20-period Exponential Moving Average (EMA) at $1,795.90 after sensing support from the 50-period EMA near $1,790.00, indicating a shift in the short-term trend toward the upside.

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