EUR/USD 1.14859
0.096%
Gold 4376.53
0.805%
Oil 95.469
-1.085%
USD/JPY 156.726
0.486%
GBP/USD 1.33935
0.269%
GBP/JPY 209.919
0.759%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. Monday: ① Events: Speech by Chicago Fed President Goolsby, 2027 FOMC voting member; Speech by Bank of Canada Governor Macklem; Vice Premier He Lifeng leads a delegation to the US for trade consultations from September 19th to 23rd. ② Holiday: Tokyo Stock Exchange closed for Respect for the Aged Day. 2. Tuesday: ① Data: UK August public sector net borrowing; UK September CBI industrial order balance; US ADP employment change for the week ending September 5th; Eurozone September consumer confidence index (preliminary); US September Richmond Fed manufacturing index. ② Events: Speech by RBA Governor Bullock; Speech by New York Fed President Williams, permanent FOMC voting member; Speech by Federal Reserve Vice Chairman Jefferson at the 2026 US Treasury Market Conference. ③ Holiday: Tokyo Stock Exchange closed for National Day. 3. Wednesday: ① Data: US API and EIA crude oil inventories for the week ending September 18; preliminary September manufacturing and services PMIs for France, Germany, the UK, the Eurozone, and the US; ② Events: Speech by Richmond Fed President Barkin, a 2027 FOMC voting member; NYMEX crude oil October futures rollover, with the last floor trading session ending at 2:30 AM on September 23 and the last electronic trading session ending at 5:00 AM. ③ Holiday: The Tokyo Stock Exchange will be closed for the Autumn Equinox. 4. Thursday: ① Data: Australias August seasonally adjusted unemployment rate; Switzerlands central bank policy rate for the week ending September 24; Germanys September IFO Business Climate Index; UKs September CBI retail sales balance; Canadas July retail sales month-on-month rate; US initial jobless claims for the week ending September 19, Q2 current account, August new home sales (annualized), and EIA natural gas inventories for the week ending September 18. ② Events: The Swiss National Bank announces its interest rate decision; Williams, a permanent voting member of the FOMC and president of the New York Fed, holds a fireside chat with Charlie Bean, former deputy governor of the Bank of England, at the London Macroeconomic Policy Forum; Barkin, a 2027 FOMC voting member and president of the Richmond Fed, participates in a fireside chat at the Economic Club; Hamak, a 2026 FOMC voting member and president of the Cleveland Fed, delivers opening remarks at a conference; Paulson, a 2026 FOMC voting member and president of the Philadelphia Fed, speaks at a fintech conference; a new round of price adjustments for refined oil products will begin in China. ③ Holidays: The Seoul Stock Exchange in South Korea will be closed for the Mid-Autumn Festival; the Shanghai Gold Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange will not have night trading sessions before the Mid-Autumn Festival. 5. Friday: ① Data: UK September GfK Consumer Confidence Index; Germany October GfK Consumer Confidence Index; US August Durable Goods Orders MoM; US September University of Michigan Consumer Sentiment Index Final Reading; US September One-Year Inflation Rate Expectation Final Reading. ② Event: FOMC permanent voting member and New York Fed President Williams delivers a speech. ③ Holiday: The Seoul Stock Exchange in South Korea is closed for the Mid-Autumn Festival; the Taiwan Stock Exchange, Shanghai and Shenzhen Stock Exchanges, Beijing Stock Exchanges, and domestic futures exchanges are closed for the Mid-Autumn Festival; the Hong Kong Stock Exchange is open for trading, but northbound and southbound trading is closed. 6. Saturday: ① Data: Total number of US oil rigs for the week ending September 25. ② Event: 2026 FOMC voting member and Cleveland Fed President Hamak delivers a speech. 7. Sunday: ① Event: New Zealand begins Daylight Saving Time, and its financial market trading hours and economic data release times will be one hour earlier than standard time.On September 20th, according to Qianwen Big Model, Qwen-Image-2.1, an image model that balances generation quality, inference efficiency, and cost of use, was open-sourced today. Qwen-Image-2.1 integrates text generation and image editing into a single model, with only 7B parameters for visual generation and native support for generating and editing transparent images. The main features of this updated model include four aspects: 1. Small model, powerful efficiency, and extreme cost-effectiveness: Lightweight model structure and inference optimization achieve a balance between generation quality and computational cost. 2. Native transparency, integrated creation and modification: Generates ordinary or transparent images based on prompts, and supports transparent layer editing and image cutout. 3. Versatile editing, multi-frame preservation: Supports up to 10 reference images, enhances local editing, portrait and product fidelity, and covers various editing tasks. 4. Realistic texture, elegant text and beautiful figures: Improves text layout, lighting and detail rendering for more aesthetically pleasing generated results.On September 20, Iranian Army Commander Jahanshahi stated that, in response to potential threats, a large number of troops remain deployed along Irans northwestern, western, southwestern, eastern, northeastern, and southeastern borders, as well as coastal areas, since the outbreak of the conflict. Various units of the Iranian Army, including special forces, rapid reaction forces, mechanized units, and artillery, have been deployed along the countrys borders, maintaining a high state of combat readiness.September 20th - It was learned today that the International Organization for Standardization (ISO) recently approved the establishment of all seven international natural gas standards led by my country. These standards cover key upstream areas of the industry chain, including shale gas exploration and development, natural gas carbon footprint accounting, natural gas reservoir core sampling, and natural gas hydrate testing. They will contribute to the construction of globally unified natural gas technology rules and promote the development of a clean, low-carbon, safe, and efficient global energy system.On September 20, Egyptian President Abdel Fattah al-Sisi met with visiting CIA Director John Ratcliffe and expressed his support for resolving regional hotspots such as Iran and Palestine through political means. According to a statement released by the Egyptian presidential palace that day, Sisi stated during the meeting that Egypt fully supports efforts aimed at reaching a comprehensive agreement to resolve the Iranian crisis, in order to promote the restoration of regional security and stability and guarantee freedom of international navigation. He emphasized that regional crises should be resolved through political and diplomatic means.

Forecast for Gold Price: XAU/USD surpasses $1,650 on falling wedge breakthrough; US PCE inflation observed

Daniel Rogers

Sep 30, 2022 10:46

 137.png

 

Gold price (XAU/USD) is anticipating its first weekly increase in three weeks as metal investors push $1,663 following the confirmation of the falling wedge bullish chart pattern the day before. In doing so, gold celebrates a weaker U.S. dollar but disregards the market's dismal conditions.

 

Consequently, the US Dollar Index (DXY) recorded another negative day, reestablishing the weekly low around 111.95. After the latest readings of the US Gross Domestic Product (GDP) for the second quarter confirmed the early projections of -0.6%, the greenback fell against the six major currencies.

 

It should be noted that the firmer printing of the US Weekly Initial Jobless Claims, which fell to 193K for the week ending September 24 compared to 209K before (updated from 213K) and the market's forecast of 215K, may have also weighed on the DXY. The US Initial Claims for Unemployment fell to their lowest level since April.

 

While respecting the data, St. Louis Federal Reserve Bank President James Bullard praised the decline in weekly Initial Jobless Claims and stated, "We will push inflation to 2% in a reasonable compact time frame." Elsewhere, Federal Reserve Bank of Cleveland President Loretta Mester stated on Thursday that they are not yet in a position to consider stopping interest rate hikes.

 

In addition to the Fed's aggressive rhetoric, anxieties originating from the United Kingdom, Russia, and China also test sentiment and the XAU/USD bulls, but they were unable to halt the price decline.

 

It's hard to avoid the conclusion that fiscal easing announced will prompt a significant and necessary monetary policy response in November," said Bank of England Chief Economist Huw Pill. On the other hand, record high German inflation, Russia's willingness to annex more parts of Ukraine, and the chatter over China's inability to tame its recession woes were also challenging the risk appetite.

 

As a result of these bets, Wall Street benchmarks reversed all Wednesday gains, while Treasury yields recovered.

 

Traders will pay special attention to the Fed's preferred inflation gauge, namely the Core Personal Consumption Expenditures (PCE) Price Index for September, which is anticipated to increase 4.7% year-over-year compared to the prior reading of 4.4%. If the actual outcome is stronger than anticipated, the XAU/USD exchange rate may struggle to rise.

Suggestion