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On April 18, it was reported that on April 17, Ding Xuexiang, Special Representative of President Xi Jinping, Member of the Standing Committee of the Political Bureau of the CPC Central Committee, and Vice Premier of the State Council, and Gurbanguly Berdimuhamedov, Leader of the Nation of Turkmenistan and Chairman of the Council of Peoples Council, jointly attended the groundbreaking ceremony for the fourth phase of the Renaissance Gas Field project in Maly Region, Turkmenistan. Ding Xuexiang emphasized that the fourth phase of the Renaissance Gas Field project carries the earnest expectations of the top leaders of both countries and embodies the common aspirations of the people of both nations. He expressed hope that the relevant departments and enterprises of both sides would meticulously organize and scientifically construct the project, ensuring its solid and orderly progress. Ding Xuexiang stated that China is willing to work with Turkmenistan to take the fourth phase of the Renaissance Gas Field and other major projects as a new starting point to continuously deepen pragmatic cooperation in various fields, promote the development of both countries and regional prosperity and stability, and jointly build a closer China-Turkmenistan community with a shared future. Ding Xuexiang and Gurbanguly Berdimuhamedov jointly visited an oil and gas equipment exhibition, gave instructions via video link to commence drilling operations on-site, and held a groundbreaking ceremony.The Federal Reserve accepted a total of $137 million from four counterparties in its fixed-rate reverse repurchase operations.On April 18, Iranian Foreign Ministry spokesman Baghae stated on the 17th that the US-imposed maritime blockade against Iran is considered a violation of the ceasefire agreement, and Iran will take necessary measures in response. Baghae also emphasized that Iran is the "guardian" of the Strait of Hormuz, and if necessary, Iran will take uncompromising action to earnestly safeguard the interests and rights of its people.The total number of natural gas drilling rigs in the United States for the week ending April 17 was 125, compared with 127 in the previous week.The total number of oil rigs in the United States for the week ending April 17 was 410, compared with 411 in the previous week.

Gold Price Prediction: XAU/USD attempts to increase auction profile over $1,750 as the US Dollar becomes turbulent

Daniel Rogers

Nov 30, 2022 15:20

截屏2022-11-08 下午5.37.34_1024x576.png

 

After a significant recovery above $1,748.00 during the Tokyo session, the gold price (XAU/USD) aims to move its business beyond $1,750.00. As the US Dollar index (DXY) has become volatile in advance of Federal Reserve (Fed) chair Jerome Powell's speech, the precious metal has attracted buying interest. This time, the Fed Chair's speech will have a substantial influence, as investors will glean hints regarding a slower rate of interest rate hikes.

 

The USD Index has attracted some bids at 106.60 following a decline and is expected to remain on edge as Wednesday's New York session will reveal important economic catalysts in addition to Fed Chair Powell's speech. S&P500 futures have regained a portion of their early-Asia losses. The yields on 10-year US Treasuries remain rock-solid over 3.74 percent.

 

Employment data from Automatic Data Processing (ADP) in the United States will be the most influential factor on the gold price. Preliminary estimates indicate that the US economy added 200k jobs in November, compared to 239k in October. The labor market data is suffering as a result of rising interest rates, which have prompted businesses to pause the hiring process due to rising concerns of a future slowdown.

 

On an hourly scale, the gold price is fluctuating between $1,740 and $1,760 before to the announcement of significant economic catalysts and Fed Powell's speech. The 20-period Exponential Moving Average (EMA) at $1,751.00 is converging with the asset, indicating a forthcoming consolidation.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates continually between 40.00 and 60.00, indicating that investors are on the sidelines ahead of significant developments.

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