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The VIX fear index fell to a more than one-week low, last down 0.89 points to 16.79.Italys trade balance in April was €4.293 billion, compared to €4.709 billion in the previous month.June 15th Futures News: On June 15th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 236,744 tons, an increase of 63 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 3,116 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 95,070 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.The UK government is considering a nighttime curfew and an endless rolling suspension mechanism for users under 18 (regarding the social media ban), and will release more details in July.On June 15th, European Central Bank (ECB) Governing Council member Barry Kazzak stated that despite the recent improvement in geopolitical tensions following the US-Iran agreement, inflation risks in the Eurozone remain skewed to the upside. For Kazzak, the key issue is no longer merely energy prices, but whether the energy shock has already spread to the broader economy through higher inflation expectations. Kazzak also noted that "the ECB can act gradually," suggesting a willingness to pause policy decisions and observe energy price and economic data trends during the summer. However, he also stated that the ECB is prepared to act again if necessary.

Gold price forecast: US NFP, clear break above $1,717

Daniel Rogers

Sep 02, 2022 14:42

截屏2022-08-31 下午2.37.05_1024x576.png 

 

Gold price (XAU/USD) approaches $1,700 in Friday's Asian session, indicating a corrective pullback from the yearly low. Traders anticipate August's US Nonfarm Payrolls (NFP) and Unemployment Rate to determine gold's recovery.

 

XAU/USD pares recent losses at $1,698 and bounces off the lowest levels since July 21. Recent gains look to be pre-NFP market consolidation.

 

Hawkish Fedspeak and higher US data have weighed on XAU/USD values recently.

 

US ISM Manufacturing PMI for August was 52.8, compared to 52.0 expected. S&P Manufacturing PMI for August rose from 51.3 to 51.5, compared to 52.2 in July. US Initial Jobless Claims decreased to 232K from 248K and 237K. Unit Labor Cost grew 10.2% QoQ in Q2 versus 10.7% expected, while Labor Productivity fell 4.1% versus 4.5% expected and -4.6% before.

 

A covid-led lockdown in Chengdu, China, and a dismal Caixin Manufacturing PMI provide a bleak picture for the world's second-largest economy. Escalating geopolitical tension between Beijing and Washington via Taiwan might be similar.

 

Atlanta Fed President Raphael Bostic said inflation is 'far' from 2%. New Dallas Fed President Lory Logan said, "Restoring price stability is No. 1"

 

Wall Street closed neutral, but 10-year Treasury rates hit a high since late June. The 02-year rose to the 15-year top. CME's FedWatch Tool indicates 72% possibility of a rate hike in September, up from 69% earlier.

 

US Treasury rates and the US Dollar Index (DXY) fell from multi-year highs by press time.

 

US Nonfarm Payrolls (NFP) and Unemployment Rate for August are significant for gold dealers.