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Czech National Bank Governor: The Czech National Bank plans to maintain a tight monetary policy.Venezuelas Defense Minister: The national armed forces have been fully activated to safeguard national sovereignty.Venezuelan Defense Minister: Most of Maduros security team members were killed in the US operation.On January 4th, the Russian Ministry of Defense issued a war report stating that Russian forces had taken control of the Podolsky settlement in Kharkiv Oblast. Over the past day, Russian forces launched attacks on Ukrainian troops in multiple locations including Sumy, Kharkiv, Donetsk, Zaporizhzhia, and Kherson, destroying Ukrainian armored vehicles, counter-battery radar stations, electronic warfare systems, ammunition depots, and shooting down Ukrainian-made guided-missile bombs and drones. On the same day, the General Staff of the Armed Forces of Ukraine issued a battle report stating that 211 battles had taken place in the front-line areas over the past day. Ukrainian forces launched attacks on multiple Russian personnel and equipment concentrations, and initiated or repelled Russian offensives in the directions of Kupyansk and Pokrovsk. Ukrainian forces also destroyed Russian tanks, artillery, air defense systems, and drones.On January 4th, Alexei Pushkov, a member of the Federation Council of Russia, argued that bringing Caracas under US control would mean seizing a huge "trophy" in geostrategic competition. Whether Washington can achieve this without sending troops to Venezuela and occupying the country is a major question. Pushkov stated, "Removing Venezuela from the sphere of anti-American influence and bringing it under direct US control, rather than merely its sphere of influence, means for Washington to seize a huge trophy in global geoeconomic and geostrategic competition… From this perspective, arresting Maduro is only the first step in achieving this goal. The goal itself has not yet been achieved. Whether Trump can achieve this goal without sending troops to Venezuela and occupying the country is a major question."

Gold Price Prediction: XAU/USD oscillates about $1,650 as DXY recovers recent losses

Alina Haynes

Oct 25, 2022 15:24

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Gold price (XAU/USD) is indecisive while rebounding from intraday lows to $1,650 ahead of Tuesday's European session.

 

Nevertheless, the yellow metal attracted purchasers earlier in the day due to a weaker U.S. dollar, but the currency's recent resurgence looks to have weighed on the price recently. It should be mentioned that unfavorable concerns regarding China, one of the world's largest gold consumers, have recently posed a threat to the pricing of precious metals.

 

In the absence of Fed-speak, the US Dollar Index (DXY) gains bids to reclaim the 112.00 mark while trimming its first weekly loss in three weeks. It should be emphasized that the Fed's aggressive rhetoric and weak US PMIs also support the DXY's safe-haven appeal.

 

China's efforts to protect its struggling economy and worldwide pessimism regarding Xi Jinping's third term, not to mention Hang Seng's decline to a 13-year low, impose downward pressure on market mood and the XAU/USD exchange rate.

 

US 10-year Treasury rates continue under pressure around 4.21 percent, down two basis points (bps), while US stock futures and Asia-Pacific markets are moderately bid.

 

Moving forward, second-tier US Housing data and Consumer Confidence indicators may delight gold speculators before Thursday's third-quarter US Gross Domestic Product report (Q3).

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