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On November 25th, Futures News reported that crude oil prices have been trending weakly recently. The main negative factor stems from the acceptance by Ukraine of the US-proposed peace plan between Russia and Ukraine. The market anticipates that a European countrys successful later negotiations will ease oil supply, thus negatively impacting the oil market from a fundamental perspective. Zhuochuang Information predicts that the Russia-Ukraine peace talks are currently in a crucial stage, with Europe revising the final version of the peace agreement after its participation. Furthermore, with the resumption of some economic data releases, expectations for a December rate cut by the Federal Reserve are gradually increasing. These factors have contributed to the continued wide fluctuations in oil prices.The Federation of Automobile Manufacturers of Thailand: Thailands automobile production in October increased by 14.17% year-on-year (compared to 4.77% in September).On November 25th, BOCOM International issued a report stating that Minisos (09896.HK) third-quarter results were largely in line with expectations. The report believes the current trend is consistent with the full-year guidance, and the group is deepening its IP matrix and large-store strategy to further drive same-store sales recovery and strengthen growth resilience. Therefore, the target price of HK$48.7 and a "Buy" rating are maintained. The report indicates that Minisos mainland China business saw strong same-store sales recovery, with store optimization proving effective. Overseas business growth slowed slightly, but direct-operated profitability improved. Furthermore, TOPTOYs third-quarter revenue increased by 111% year-on-year to RMB 570 million, with its proprietary IP rapidly expanding and same-store sales achieving mid-single-digit growth.On November 25th, local time, the governor of Oregon declared a state of emergency on November 24th to ensure sufficient fuel supplies to the state during the shutdown of the Olympic Pipeline, which supplies more than 90% of the states fuel, due to a leak. The state of emergency, ordered by Governor Tina Koteke, is to ensure adequate fuel delivery to the state by ship and truck. The Olympic Pipeline, operated by BP, runs from Washington state to Oregon. It has been closed for a week since the leak was first reported earlier this month and intermittent shutdowns occurred. BP stated in a statement that its staff are searching for the source of the leak.On November 25th, the overnight SHIBOR was 1.3160%, unchanged from the previous trading day. The 7-day SHIBOR was 1.4330%, down 1.40 basis points; the 14-day SHIBOR was 1.5400%, down 0.20 basis points; the 1-month SHIBOR was 1.5200%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.

Gold Price Prediction: The XAU/USD pair will fall below $1870 as yields rise ahead of Fed Chair Powell's speech

Alina Haynes

Jan 10, 2023 14:55

截屏2023-01-09 下午5.31.06_1024x576.png

 

In the Tokyo session, the gold price (XAU/USD) has fallen below the immediate resistance of $1,870.00. The precious metal has broken through the consolidation formed in the band of $1,870.00-1,881.50 as demand for US government bonds deteriorates ahead of the speech by Federal Reserve (Fed) chairman Jerome Powell on Tuesday.

 

The 10-year US Treasury yields have risen beyond 3.54 percent, dampening risk appetite. Meanwhile, S&P500 futures have become volatile following a sell-off late in Monday's session, signaling caution in establishing positions in risky assets. The US Dollar Index (DXY) is anticipated to attempt a break above the immediate resistance of 103.00 into the auction area.

 

Investors anticipate Fed Powell's speech for fresh cues, as it will provide a head start for the entirety of CY2023. Despite a sharp reduction in December wage inflation, some Fed policymakers continue to endorse a terminal rate prediction of 5.00-5.25%.

 

Mary Daly, president of the San Francisco Fed Bank, argued that interest rates between 5% and 5.25 percent are fair. Also, the president of the Atlanta Federal Reserve bank, Raphael Bostic, anticipates an interest rate peak in the range of 5% to 5.25 percent and the continuation of higher interest rates through CY2023.

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