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On October 31st, European Central Bank (ECB) Governing Council member Kazakowski stated that the ECB must be cautious in interpreting the inflation forecasts to be released in December to avoid making capricious policy decisions based on these projections. The Latvian central bank governor pointed out that while seeing the price trend forecasts for 2028 for the first time will help officials assess whether the ECB is still on track to achieve its 2% target, the high level of uncertainty means the forecasts are exceptionally likely to be revised. He added that prudence is a virtue that policymakers should uphold. Kazakowski stated, “The 2028 forecasts are very important; we need to see the direction of inflation, but I wouldn’t overestimate their importance. Uncertainty remains high and is unlikely to disappear, therefore these forecasts will come with a very large margin of error.”Hua Hong Semiconductor (01347.HK): Mr. Bai Peng has been appointed as Chairman of the Board, Chairman of the Nomination Committee, and Authorized Representative of the Company. Mr. Tang Junjun has resigned as Executive Director, Chairman of the Board, and Chairman of the Nomination Committee of the Company. Mr. Tang will also cease to be an Authorized Representative of the Company.Netflix (NFLX.O) rose 3.3% in pre-market trading after the company announced a 10-for-1 stock split.The onshore yuan closed at 7.1135 against the US dollar at 16:30 on October 31, down 28 points from the previous trading day.JPMorgan Chase raised its price target for Reddit (RDDT.N) from $190 to $227.

Gold Price Prediction: The XAU/USD pair stabilizes around $1,850 as the DXY flounders ahead of steady US inflation

Alina Haynes

Jun 08, 2022 14:56

 截屏2022-06-07 下午5.14.47.png

 

During the Asian session, the gold price (XAU/USD) is exhibiting choppy movement. The precious gold is fluctuating within a $2 range following a retreat from Tuesday's $1,855.64 high. This week's US inflation numbers will have a big influence on the Federal Reserve's (Fed) attitude to be taken the following week, hence causing considerable volatility in the foreign exchange market.

 

Fed chair Jerome Powell may implement an aggressive interest rate strategy in light of the optimistic US Nonfarm Payrolls report and annual inflation rate above 8 percent. Undoubtedly, rising pricing pressures are eroding household incomes in the United States, a situation that requires the Fed's sole attention. Fed Powell's declaration of a 50 basis point (bps) consecutive rate rise would be the ideal approach to continue the battle against inflation.

 

In the meantime, the US dollar index (DXY) is encountering obstacles at its important resistance level of 102.48. Tuesday's rise in positive market mood diminished the DXY's attractiveness and supported risk-perceived currencies. To go higher, the DXY must surpass Tuesday's high of 102.84.

Technical Analysis of Gold

XAU/USD is exhibiting an ascending triangle pattern on a four-hour time frame. The ascending trendline is drawn from the low of May 16 at $1,786.94, while the horizontal resistance is drawn from the high of May 24 at $1,866.89. At $1,850, the 21-period Exponential Moving Average (EMA) intersects with gold prices, indicating an impending consolidation. In the meanwhile, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that forthcoming trading sessions will be volatile.

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