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US Vice President Vance: Trump has mentioned lifting sanctions. He also talked about things like economic cooperation. But unless Iran makes a clear commitment to cease any activities that bring it closer to developing nuclear weapons, that wont happen.On April 9th, U.S. stocks closed higher on Wednesday. The Dow Jones Industrial Average rose 2.85%, the S&P 500 gained 2.5%, and the Nasdaq Composite climbed 2.8%. Intel (INTC.O) surged 11%, SanDisk (SNDK.O) climbed nearly 10%, Nvidia (NVDA.O) gained 2%, while Tesla (TSLA.O) bucked the trend, falling 1%. The Nasdaq China Golden Dragon Index rose 3%, and Alibaba (BABA.N) gained 4.6%.April 9th - Several market experts stated on Wednesday that although wholesale fuel prices have fallen somewhat after Trump announced a two-week ceasefire in the Iraq War, American consumers will still pay high prices for gas and airline tickets during the peak summer travel season. The drop in crude oil prices is unlikely to quickly alleviate pressure on gas station prices, and the fragile ceasefire has already shown cracks. Shon Hiatt, director of the Zage Energy Business Program at the USC Marshall School of Business, said, "There is still a lot of uncertainty surrounding the practical implications of the ceasefire and when and how fuel will be able to pass through the Strait of Hormuz again. In this situation, retailers will not significantly lower prices." He added that, in any case, retail fuel prices tend to rise much faster than they fall, as sellers need to digest high-priced inventory and avoid losses until future supply becomes more certain. GasBuddy analyst Patrick De Haan said, "If the situation stabilizes now, by this time next week, the average gasoline price across the US could fall by 5 to 10 cents per gallon." Alex Hodes, head of energy market strategy at StoneX, said that regardless of whether the ceasefire continues, insurance costs will be higher than pre-war levels, and ships will be cautious about passing through the waterway.US Vice President Vance: I wonder how good the Iranian parliament speakers English comprehension is.US Vice President Vance: Sanctions will not be lifted if Iran develops nuclear weapons.

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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