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On February 8, the median U.S. 1-year inflation forecast rose to its highest level since November 2023. Capital Economics assistant economist Ruben Gargallo Abergus wrote: "This at least adds another reason for the Fed to remain cautious and suspend the easing cycle for a while." Higher inflation expectations are not the only inflation headwinds the Fed is currently facing. Wage growth continued to exceed expectations in January, which could push up inflation in the service sector. Economists expect Fed officials to keep interest rates unchanged at the March 18-19 policy meeting, and may even extend the suspension of rate cuts at the June meeting.The Israeli military says it has struck a Hamas weapons depot in Syria.According to Iranian state media reports, Irans Supreme Leader Khamenei met with visiting senior Hamas leaders in Tehran.On February 8, four large model application products under Baidu Smart Cloud, namely Keyue, Xiling, Yijian and Zhenzhi, were officially launched with access to the new version of the DeepSeek model.On February 8, according to Nikkei Chinese, Japans soaring food prices are dragging down personal consumption. The results of the household survey of the Ministry of Internal Affairs and Communications of Japan showed that consumer spending in 2024 actually decreased by 1.1% year-on-year. The "Engel coefficient", which indicates the proportion of food in consumer spending, is 28.3%, a 43-year high. Monthly spending in December 2024 actually increased by 2.7%, and consumption showed a recovery trend. From the perspective of the composition of consumer spending in 2024, the negative factors that actually contributed the most to consumer spending are transportation and communications, which actually decreased by 4.1% year-on-year. Due to the exposure of certification violations by some Japanese automakers, automobile production was suspended for a time, affecting consumption.

Gold Price Prediction: XAU/USD jumps $1,770 as risk appetite recovers and US NFP buzzes

Daniel Rogers

Aug 03, 2022 14:50

 截屏2022-08-02 下午5.45.26_1024x576.png

 

After reaching a low of $1,755.00 during the Asian session, the gold price (XAU/USD) has exhibited a purchasing response. The precious metal entered a corrective wave following a two-week juggernaut rally. In addition, a return in favorable market mood has strengthened the gold bulls.

 

Earlier, the escalation of Sino-American tensions over Taiwan caused a decline in risk appetite. The problem has not been resolved despite the presence of Russian and Chinese navy vessels near the disputed Taiwanese island. In response, Taiwan's Defense Ministry has stated that it will oppose any Chinese action that violates Taiwan's territorial sovereignty.

 

The US dollar index (DXY) benefited from market participants' liquidity on Tuesday, after investors supported the risk-off impulse. Now, the pessimistic forecast for US Nonfarm Payrolls (NFP) is pulling down the DXY. The DXY has printed a low of 106.00 as job gains are estimated to be 250k, which is less than the previous report of 372k. The unemployment rate is anticipated to remain unchanged at 3.6%. Major corporate players in the United States have abandoned the recruitment process for the remaining workforce, which will be reflected in the employment data.

 

The gold prices quickly recaptured $1,764.23, the 20-period Exponential Moving Average (EMA). On a four-hour period, the precious metal is trading within a Rising Channel, the higher section of which is shown from the July 22 high of $1,739.37 and the lower portion from the July 21 low of $1,681.87.

 

The 50-period exponential moving average (EMA) at $1,750.00 has held unchanged and is rising, adding to the upward filters. In addition, the Relative Strength Index (14) is striving to reclaim the bullish zone of 60.00-80.00 in order to accelerate the upward movement.