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On September 20, the Peoples Bank of China announced that it would keep the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5%, respectively.On September 20, the U.S. embassies in Bahrain, Oman, the UAE, Saudi Arabia, Qatar, Kuwait, Jordan, Israel, Lebanon, and Iraq issued security alerts stating that given the tense situation in the Middle East, the current security environment remains complex, with unforeseen escalation risks. U.S. citizens currently in the Middle East should remain highly vigilant and be aware of potential flight cancellations, airspace closures, and travel disruptions. U.S. citizens outside the Middle East should seriously reconsider their travel plans to or transit through the region. The security alerts all mention the recent conflict between the Houthi rebels in Yemen and Saudi Arabia, stating that this military conflict has the potential to escalate rapidly, and U.S. citizens traveling to or from the region should closely monitor the latest information regarding airport and airline operations.On September 20th, it was reported that on the 18th, Spanish government sources estimated that, based on information provided by national security forces deployed in Ceuta, approximately 10,000 migrants remain stranded in Ceuta. Some are housed in government-established facilities, while others are displaced and forced to live in makeshift tents in mountainous areas and beaches. The Ceuta local government estimates that approximately 13,000 migrants remain in the area. In late July, a large influx of migrants from Morocco into the Spanish enclave of Ceuta triggered Spains worst border migration crisis in recent years.On September 20th, the Gaza Strip health department and Shifa Hospital stated that on September 19th, local time, the Israel Defense Forces (IDF) conducted airstrikes on areas surrounding Gaza City and the Jabaliya refugee camp in northern Gaza, resulting in the deaths of two Palestinians. As of now, the IDF has not responded to this report.On September 20th, it was reported that on the evening of September 19th local time, Mohsen Rezaei, Secretary of Irans Supreme National Security Council, stated that Iran had presented the US government with seven conditions necessary to initiate any negotiations. Irans message was clear: "If the US wishes to extricate itself from the predicament it created and avoid becoming increasingly entangled, it has no other option but to accept Irans conditions." In an interview that day, Rezaei confirmed that Qatar, as a mediator, had conveyed Irans negotiating conditions to the US and was awaiting a response from US President Trump. Rezaei said that Irans proposed negotiating conditions included the US ending all hostilities against Iran, unfreezing frozen Iranian assets, and ending the naval blockade.

Gold Price Prediction: XAU/USD cannot consolidate over $1680 as yields continue to rise

Alina Haynes

Sep 23, 2022 12:06

截屏2022-09-20 下午12.00.01.png 

 

Gold reached a new daily high of $1685 following the start of the American session, but failed to hold above $1680 and fell to $1665. It continues to move sideways in a wide range between $1655 and $1685, hovering around $1670.

 

Despite increasing volatility, XAUUSD maintains its range. The consolidation occurs within the context of an ongoing bearish trend. A sustained recovery over $1680 might pave the way for a more significant bullish correction. In contrast, the loss of $1650 might initiate an acceleration initially targeting $1640.

 

Following the Federal Reserve's 75 basis point rate hike, US rates continue to rise on Thursday. The US 10-year yield is 3.70 percent, the highest level since February 2011, while the 2-year yield is 4.15 percent, the highest level since 2007. Higher yields are typically undesirable for gold bulls. In the current setting, negative news may be favorable for gold.

 

Earlier on Thursday, the Japanese government's involvement in the currency market depressed the dollar and aided the recovery of the XAU/USD pair. Nonetheless, the recovery was brief.


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