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On September 20th, it was reported that on the evening of September 19th local time, Mohsen Rezaei, Secretary of Irans Supreme National Security Council, stated that Iran had presented the US government with seven conditions necessary to initiate any negotiations. Irans message was clear: "If the US wishes to extricate itself from the predicament it created and avoid becoming increasingly entangled, it has no other option but to accept Irans conditions." In an interview that day, Rezaei confirmed that Qatar, as a mediator, had conveyed Irans negotiating conditions to the US and was awaiting a response from US President Trump. Rezaei said that Irans proposed negotiating conditions included the US ending all hostilities against Iran, unfreezing frozen Iranian assets, and ending the naval blockade.Sources say the settlement talks between Paramount (PSKY.O) include a commitment to remain in California.On September 20th, Turkish Foreign Minister Fedan Hamdan stated on the 19th that Turkey will uphold its commitments under the Mecca Mutual Defense Agreement in response to the recent attacks on Saudi Arabia and may provide military-technical assistance. Speaking on Turkish NTV television, Fedan said that the signatory countries are closely monitoring the Houthi attacks on Saudi Arabia in Yemen. He said, "We are united on this issue. The agreement contains relevant provisions, and we will honor our commitments." He specifically condemned the attacks on oil infrastructure. Fedan indicated that Saudi Arabias needs for assistance may focus on certain technical aspects, which Turkey will be able to meet. Fedan also refuted claims that the Mecca Mutual Defense Agreement is progressing slowly, stating that the agreement is transformative and open to all countries in the region.Australian Prime Minister Albanese: Met with Apple Executive Chairman Tim Cook at Apple (AAPL.O) headquarters to discuss how to protect children from online harm.The Jordanian Foreign Ministry condemned the Houthi rebels for launching a ballistic missile at the Saudi capital, Riyadh.

Gold Price Prediction: XAU/USD aims for $1,620.00 as yields surge and the Fed raises rates. Powell's address targeted

Alina Haynes

Sep 28, 2022 14:47

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Gold price (XAU/USD) is fluctuating at $1,625.00 after falling below the Asian session consolidation range of $1,626.83-1,632.72. The precious gold continues to decline after encountering obstacles over $1,640.00. Amid increasing U.S. Treasury yields, the price of gold is anticipated to fall to around $1,620.00. In addition, market participants will keep the precious metal on edge prior to Jerome Powell's Federal Reserve (Fed) address.

 

Fed Powell will sound hawkish and present a road map for additional rate hikes in the remainder of 2022, taking into account the responsiveness of the drop in price pressures to the central bank's rate of rate hikes. The Fed will want to remain data-dependent in 2023. As the gap between current rates and the goal terminal rate of 4.6% is relatively small in 2023, it seems certain that the Fed will slow the pace of rate hikes.

 

In the meantime, the continuous battle against inflationary pressures is boosting the yields on US Treasury securities. The benchmark 10-year rate has reached 4% for the first time since 2010. After reaching a crucial level, yields have experienced selling pressure but have opened the door for additional gains.

 

On an hourly basis, gold prices are exhibiting a reduction in volatility amid auctions inside a restricted range of $1,621.46-1,648.33. An explosion in the same will produce wider ticks and a high volume. The horizontal resistance is derived from the low on September 16 of $1,654.17.

 

Around $1,640.00, the 50-period Exponential Moving Average (EMA) has performed as a significant barrier for the counter. In addition, the Relative Strength Index (RSI) has slipped into the negative 20.00-40.00 region, triggering a momentum decline.


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