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JPMorgan Chase: Raised Goldman Sachs (GS.N) target price from $604 to $625.July 17, according to Russian media and officials, Ukrainian drones have appeared in many parts of Russia. On the night of July 17, the Ukrainian military launched a larger drone attack on western Russia, including Moscow. Moscow Mayor Sobyanin claimed that the air defense system shot down three drones approaching the Russian capital between 2:03 a.m. local time, but did not mention casualties or losses. In St. Petersburg, Pulkovo Airport suspended operations at 5 a.m. local time, possibly due to the approach of drones. The governor of Belgorod Oblast said that Ukrainian drones launched an attack in the city of Belgorod, killing one person and injuring six people. In the city of Voronezh, a drone attacked a residential building, injuring three children.Johnson, speaker of the U.S. House of Representatives, said that the vote on the GENIUS bill will take place tomorrow and the CLARITY bill may take place next week. He also added that the House of Representatives will include anti-CBDC (central bank digital currency) legislation in the National Defense Authorization Act (NDAA).On July 17, Citi Research reported that Baidus (09888.HK) advertising revenue may continue to be under pressure in the second half of the year. With the tech giant rapidly improving its AI search capabilities and low sentiment for advertising spending, the drag on advertising revenue may be greater than Citi previously expected. The bank lowered Baidus core advertising revenue forecasts for the second and third quarters by 6.1% and 8.9%, respectively. Given the greater negative impact of higher-margin advertising revenue, Citi analysts also lowered Baidus core operating profit forecasts for the second and third quarters by 21% and 24%, respectively. Citi maintained its buy rating on Baidu and raised its ADR target price from $138 to $140.The Hang Seng Index turned to decline during the session, having previously risen by more than 0.6%.

Gold Price Forecast: XAUUSD Is Being Offered and Is Approaching Critical Support

Larissa Barlow

Apr 25, 2022 10:17

Gold prices have been under pressure in Tokyo and have fallen to a new Asian session low of $1,927.50c, down 0.2 percent at the time of writing. The US dollar is firming at an hourly support level as the euro begins to stall on its opening bid following the French election results.

 

The XAU/USD bears are in early doors as the focus continues on the Federal Reserve, with market investors bracing for a faster-than-expected rate of reversion to neutral rates by the central bank.

 

"Rates continue to reprice higher as the market pencils in another rate hike in 2022, pricing in 10 additional hikes over the course of the year, implying a bigger overshoot of neutral. While gold prices have remained extremely resilient in the face of an aggressively hawkish Federal Reserve, as a protracted war in Ukraine simultaneously increased geopolitical uncertainty and inflation risks, fueling demand for safe havens, we see few participants remaining with an appetite to buy gold," TD Securities analysts said.

 

Fed Chairman Jerome Powell proposed a 50 basis point (bps) interest rate hike in his presentation to the International Monetary Fund (IMF) on Thursday. This has increased the likelihood of the Fed announcing a big rate hike in May monetary policy. Additionally, Powell stated that the US economy's multi-decade high inflation requires a rapid pace of interest rate hikes, implying that investors should brace for more than one 50 basis point rate hike announcement this year. Additionally, the market's risk-aversion trend is supporting the greenback versus the precious metal.

Technical Analysis of Gold

On an hourly basis, XAU/USD is bouncing below the 61.8 percent Fibonacci retracement level at $1,931.56 (which corresponds to the March 29 low of $1,890.21 and last week's high of $1,998.43). The 20- and 50-period Exponential Moving Averages (EMAs) are contracting, confirming the downside tendency. Meanwhile, the Relative Strength Index (RSI) (14) has moved into a bearish area of 20.00-40.00, indicating the possibility of a new bearish impulsive wave. 

Gold Hourly Chart

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