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Market News: An official said that Iran told mediators Qatar and Oman that it was unwilling to negotiate a ceasefire with Israel during the Israeli attack.On June 16, Richard Bronzi, head of geopolitics at consulting firm Energy Aspects, said, "Now that Israel has crossed the threshold, the market will question whether it will further strike Irans energy infrastructure. We seem to be caught in a vicious cycle of escalating conflict." Helima Croft, head of global commodity strategy at Royal Bank of Canada Capital Markets and former CIA analyst, said, "If the supply is interrupted, Trump is likely to ask the Saudi-led OPEC+ alliance to use its considerable idle production capacity." Irans current daily output is about 3.4 million barrels, and it is uncertain whether OPEC can make up for its long-term large-scale shutdown gap. This move itself may make Saudi Arabia and the UAEs energy facilities a target of public criticism. Clay Siegel, a senior fellow at the Center for Strategic and International Studies in Washington, analyzed: "Although OPEC can use idle production capacity to replace Iranian crude oil, Saudi Arabia and the UAE will face huge political risks if they profit from it."Israels emergency organization "Red Shield of David": Irans latest round of ballistic missile attacks has injured 8 people in Israel.June 16th news, on June 15th local time, Mustafa Hayari, director of media affairs of the Jordanian Armed Forces, said that the current situation is an attempt by one party to the conflict to drag Jordan into the war, intending to undermine Jordans security and stability. But Jordans national position has been very clear from the beginning, that is, to avoid being involved in the conflict between Iran and Israel. Regarding the measures taken by the Jordanian Armed Forces to deal with this threat, Hayari emphasized that the military has increased the combat readiness level of various combat units and logistics units since the beginning of the conflict, and has placed all combat units and troops on the highest level of alert to ensure effective response to any potential threats. Hayari said that missiles and drones entering Jordanian airspace are extremely dangerous. As military weapons, these devices may have technical deviations for a variety of reasons, making Jordanian territory a potential landing point.According to the Wall Street Journal: The Washington Post suffered a cyber attack, resulting in the compromise of the email accounts of several journalists.

Forecast for Gold Price: XAU/USD corrects from $1,780, although upward stays favored on lower DXY

Alina Haynes

Aug 02, 2022 15:05

 截屏2022-08-02 下午2.58.11.png

 

Gold price (XAU/USD) has retraced to about $1,774.65 after reaching a high of $1,780.58 during the Tokyo morning session. As an upward break of consolidation is followed by a low-volume test of the breakout, there is a good chance that the precious metal will bounce once again. Earlier, the precious metal demonstrated a breakout to the upside from the consolidation created between $1,764.45 and $1,773.35.

 

In the meanwhile, the US dollar index (DXY) has experienced a minor bounce after opening at a three-week low of 105.05 points. The DXY has taken on a bearish trend as merchants and manufacturers have drastically reduced their forward demand. Monday saw the release of weak US Institute of Supply Management (ISM) Manufacturing New Orders Index data.

 

The economic data predicts merchants' and manufacturers' future demand. At 48, the numbers stayed below the forecasts of 52 and the previous reading of 49.2 A significant reduction in the demand prediction index precipitated a sharp decline in the DXY.

 

Friday's release of the US Nonfarm Payrolls (NFP) report will continue to dominate the attention of markets moving ahead. According to market consensus, the US economy created 250k jobs in July, a decrease from the 372k jobs created in June. This will increase the price of gold relative to the U.S. dollar.

 

The construction of a rising channel by gold prices on an hourly basis suggests the continuance of an upward trend. The top section of the previously described chart pattern is based on the high of July 22 at $1,739.37, while the bottom portion is based on the low of July 21 at $1,681.87.

 

The rising 50-day and 200-day exponential moving averages (EMAs) at $1,765.40 and $1,742.85, respectively, add to the upward filters. In the meantime, the Relative Strength Index (RSI) (14) is striving to recapture levels of 60.00. A similar event will necessitate a new bullish impulse wave.

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