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June 20 – According to the Iranian Students News Agency, the deputy head of international affairs at the Iranian Judicial Centers Lawyers Center stated: "Those claiming that Iran is not qualified to levy service fees on the Straits typically cite the 1982 United Nations Convention on the Law of the Sea (UNCLOS). However, Iran is not a member state of UNCLOS and therefore is not bound by the transit regime stipulated in the Convention. In international maritime law, charging fees for actual and clearly defined services is a recognized legal practice. Iran can charge fees for the services it provides, provided that the fees are consideration for the services provided and not simply taxes or tolls."June 20th - Several European countries have recently experienced high temperatures. The French meteorological service announced on the 19th that starting from the 20th, the number of provinces under an orange heatwave warning will increase to 60, representing approximately two-thirds of all French provinces.On June 20th, the Russian Ministry of Defense released a weekly combat report showing that from June 13th to 19th, the Russian military carried out multiple large-scale strikes against targets including Ukrainian defense industrial complexes, fuel and energy facilities, transportation and port facilities used by the Ukrainian military, and Ukrainian military airfields. In addition, Russian air defense systems shot down a total of 3,909 Ukrainian fixed-wing drones.According to RIA Novosti, Slovakia will meet most of its natural gas needs through supplies from Russia.World Bank: In March, the World Banks natural gas price index rose by 24%, while the benchmark price of LNG in Asia surged by about 94% and the benchmark price in Europe rose by 59%.

Gold Price Prediction: The XAU/USD will meet resistance around $1,875 as the USD Index strives to recover

Alina Haynes

Feb 07, 2023 15:44

截屏2022-11-24 下午3.13.23.png 

 

In the Asian session, the price of gold (XAU/USD) is under pressure to extend its recovery over the important resistance of $1,875.00. After correcting to near 103.10, the US Dollar Index (DXY) has tried a recovery, which has prompted selling interest in precious metals. Investors anticipate a volatile performance from the USD Index as they await fresh impetus from Federal Reserve (Fed) head Jerome Powell's speech.

 

The USD Index (DXY) was projected to exhibit signs of volatility shrinkage following a three-day winning streak following the release of massive United States Nonfarm Payrolls (NFP) data. After a wild ride, the USD Index bulls are weary, but the bullish bias remains intact. S&P500 futures are maintaining the modest gains made during the Asian session.

 

In light of the recent improvement in the U.S. labor market, the forthcoming speech of Fed chairman Jerome Powell has taken on greater significance. After noticing a significant decrease in inflation, the market began to anticipate a pause in the Fed's policy tightening cycle. Nonetheless, the optimistic job report for January suggests that the fight against inflation still has considerable steam.

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