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On May 3, EU Defense Commissioner Andrius Kubilius said Spains new goal is to spend 3% of GDP on defense. He also added that it will be the Spanish governments task to "find ways to increase defense spending in the near future." Trump has called on NATO allies to increase military spending to as high as 5%. Spanish Prime Minister Sanchez said on April 2 that Spains defense spending in 2024 will account for 1.3%, the lowest among NATO members. Spain said it will achieve NATOs goal of 2% of GDP for defense spending this year, while the previous self-set deadline was 2029.On May 3, according to data and public information from Castellum, an independent analysis agency, the number of sanctions imposed on Russia since 2014 has reached nearly 29,000, of which the United States, Canada and Switzerland have imposed the most restrictive measures. As of the end of April 2025, foreign countries have imposed about 28,937 non-trade sanctions on Russia. Among them, 92% have been imposed since the end of February 2022. The United States has imposed the most restrictive measures, accounting for 25.5% of the total number of sanctions imposed by various countries. The top three are Canada, accounting for 12.6%, and Switzerland, accounting for 11.3%.May 3rd news: Canadian Governor General Mary Simon announced on May 2nd that King Charles III of the United Kingdom and Queen Camilla will visit Canada from May 26th to 27th and attend the opening ceremony of the new Canadian Parliament in Ottawa.On May 3, the Russian Ministry of Defense announced that from 22:00 on May 2 to 5:00 on May 3, the Russian air defense system shot down and intercepted 170 Ukrainian drones, including 96 over the Crimea region and 47 over the Krasnodar Territory. The report also stated that the Russian army shot down 8 "Storm Shadow" cruise missiles and 3 Ukrainian "Neptune-MD" guided missiles in the Black Sea. From 2:00 to 5:00 on May 3, local time, the Black Sea Fleet destroyed 14 Ukrainian unmanned boats in the Black Sea. Ukraine has not responded to the Russian statement.On May 3, according to Irans Tasnim News Agency, Israel launched a wave of air strikes across Syria from Friday night to Saturday local time. Damascus and international observers said this was the largest air strike this year. Earlier, the situation in Druze-populated areas became tense again. According to reports, Israeli warplanes carried out more than 20 air strikes across Syria at night, targeting military positions in Damascus, Latakia, Hama and Daraa. Just hours before the airstrike, the Syrian interim government condemned Israels earlier attack near the presidential palace as a "dangerous escalation." According to the Syrian Arab News Agency (SANA), four people were injured in the attacks on Latakia and Hama, while southern areas including Daraa were also attacked. Israeli Prime Minister Netanyahu and War Minister Katz issued a joint statement calling the attack a "clear message" to the Syrian leadership.

Forecast for Gold: XAU/USD to Waver Below $1,740 Amid Steady DXY, Focus on U.S. Durable Goods Orders

Alina Haynes

Aug 23, 2022 14:51

 截屏2022-08-04 下午5.12.51_1024x576.png

 

Gold prices (XAU/USD) are exhibiting erratic behavior within a tight range of $1,733.40-1,740.00 in the early Tokyo session. After a stronger rebound from Monday's low of $1,727.85, volatility has decreased for the precious metal. Gold is stuck due to conflicting reports about how hawkish Fed chair Jerome Powell would sound at the Jackson Hole Economic Symposium.

 

After reading the Federal Reserve's minutes from last week, it's evident that Fed officials agreed on the limited data showing that inflation pressures were easing and a resolution would take some time. The Fed is also dedicated to maintaining price stability in the economy. And to serve the same, the recent trend of rate increases should continue. A rate increase of 50 basis points (bps) would be best to show deference to expert opinion.

 

However, before that can happen, all eyes will be on Wednesday's report on US Durable Goods Orders. Market analysts predict that economic growth will slow to 0.5% from the previous release of 2%. When the US economy shows no change in the US core Consumer Price Index (CPI), a drop in economic data is not good for the US dollar index (DXY).

 

Gold prices have rallied strongly after reaching the 61.8% Fibonacci retracement (placed from July 21 low at $1,680.91 to August 10 high at $1,807.93) at $1,729.44. The 20-period Exponential Moving Average (EMA) is located at $1,738.60, and it is acting as a barrier for the precious metal, preventing it from going lower.

 

The Relative Strength Index (14), which predicts future price declines, is currently fluctuating inside a negative 20.00-40.00 zone.