EUR/USD 1.16440
0.018%
Gold 4632.40
1.007%
Oil 60.689
-0.258%
USD/JPY 159.245
0.052%
GBP/USD 1.34361
0.110%
GBP/JPY 213.968
0.173%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 14th, Brian Martin, Head of G3 Economy Research at ANZ Bank, stated that the Federal Reserve may keep interest rates unchanged in January, but the view that the rate-cutting cycle is on a long-term pause lacks a reasonable basis. He believes the Fed should resume rate cuts soon, with the committee likely to lower the federal funds target rate by 25 basis points in March and another 25 basis points in June, bringing the target rate down to 3.00%-3.25% by mid-year. Martin pointed out that as the impact of previous tariffs on price increases fades, wage growth slows, and housing inflation cools, US inflation will gradually moderate by 2026.A Bank of Korea official stated that the USD/KRW exchange rate above 1400 is inconsistent with economic fundamentals.On January 14th, it was reported that seven departments, including the China Meteorological Administration, jointly issued the "Guiding Opinions on Strengthening Collaborative Development and Promoting High-Quality Development of Health and Wellness Meteorological Services." The "Guiding Opinions" propose that by 2027, a nationwide collaborative and vertically integrated health and wellness meteorological technology innovation and service framework will be basically established; by 2030, a relatively complete health and wellness meteorological technology innovation and service business system will be formed, significantly improving the efficiency of collaborative development across the entire health and wellness chain and multiple fields. The "Guiding Opinions" also propose strengthening meteorological services for population health, providing refined services to different groups. Various departments will strengthen the risk prevention and control product system, providing refined risk warning services to the public, medical institutions, and elderly care institutions based on region, season, and population; collaboratively promote the prevention and control of allergenic pollen and other pollen allergens, jointly formulate standards and specifications, and coordinate observation equipment; and improve meteorological services for elderly health and wellness.On January 14th, futures market news reported that international crude oil prices rose for the fourth consecutive trading day, with Brent crude increasing by a cumulative $5.51 per barrel. This led to a positive turn in the crude oil price change rate during this pricing cycle, providing policy support for refined oil market prices. Recently, domestic gasoline and diesel prices have fallen to relatively low levels, with crack spreads at a low level and limited price differences between truck and vessel sales units. Driven by profit motives, sales units may attempt to push prices up. However, considering the current lack of substantial growth in gasoline and diesel demand, the sustainability of price increases is expected to be limited.Indonesian Deputy Minister of Energy: The government has decided to maintain the biodiesel program at the B40 level this year.

Forecast for the price of gold: XAU/USD tussles with $1,730 resistance before US inflation

Daniel Rogers

Sep 13, 2022 10:57

 124.png

 

As traders anticipate the crucial US Consumer Price Index (CPI) on Tuesday, the price of gold (XAU/USD) grinds higher above a fortnight peak after a two-day advance to $1,725 per ounce. The market's optimism and anticipated preparations for today's inflation data may be responsible for the metal's most recent increases.

 

The market's cautious optimism appears to have been supported by rumors that Ukraine is succeeding in driving the Russian troops away from some of its conflict zones, even though this also increased concerns about Russia's strong response. The expectation of additional stimulus from powerful economies like China, the US, the UK, and Europe might be on the same lines. It's important to keep in mind that a Chinese holiday and a light schedule may have contributed to the XAU/recovery USD's because Beijing's lack of political or economic problems may have supported metal prices. In addition, recent news from the Wall Street Journal (WSJ) that US gas prices have fallen for a 13th week in a row helped to relieve market pressure and encouraged a risk-taking attitude that was favorable to the gold price.

 

However, the recent easing of the headline economics and the inflation expectations seems to have pushed back the gold bears despite a light schedule, even though the policymakers from the US Federal Reserve and the European Central Bank (ECB) remain hawkish elsewhere.

 

In the midst of these maneuvers, Wall Street posted another day of profits despite rising US Treasury yields, which at the time were up five basis points (bps) to 3.36%. The US Dollar Index (DXY), which fell for a second straight day to the lowest levels in a fortnight, eventually dipped to approximately 108.30, was affected by the same factors.

 

Moving on, the US CPI for August is critical in light of the most recent easing of pricing pressure. According to the projections, the headline figure will decline to -0.1% MoM from 0.0% the previous month, while the CPI excluding food and energy is expected to hold steady at 0.3% MoM. The US dollar may continue to decline if the inflation numbers are weaker, which might support the XAU/continued USD's gain.

Suggestion