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September 18th - According to Axios, US President Donald Trump is planning his first meeting with Venezuelan interim president Delcy Rodriguez as early as next week. Sources say the talks may take place during the UN General Assembly in New York. Trump plans to discuss the situation in Iran with Gulf leaders concurrently and hopes to arrange a meeting with Rodriguez. A Trump advisor stated that Venezuela is one of the Trump administrations key achievements, and Rodriguez is a key figure in promoting US-Venezuela relations. A senior US government official said the meeting is not yet finalized and the final arrangements depend on Trump himself. Trump previously responded "maybe" when asked if he would meet with Rodriguez. Rodriguez assumed power after the capture of former leader Nicolás al-Nimadro in a US military operation and has worked with the Trump administration and Secretary of State Marco Rubio to normalize US-Venezuela relations, including a previously reported major Venezuelan oil deal. The report points out that Trumps side is more focused on domestic political issues such as energy prices and immigration policy than on promoting democratic elections in Venezuela.According to Axios, US President Trump plans to hold his first meeting with Venezuelan interim president Rodriguez as early as next week.Disney (DIS.N) said that pressure from the Trump administration’s previous criticism and regulatory actions against ABC has led it to ask the court to block the Federal Communications Commission (FCC) from reviewing its broadcast license ahead of schedule.Conflict Update: 1. According to Lebanons Al-Ahram newspaper: Saudi Arabia has requested Oman to mediate a two-week ceasefire with the Houthi rebels. 2. Saudi Civil Defense stated that the Houthi rebels launched a drone at Taif, Saudi Arabia. 3. Iranian Revolutionary Guard: At 10:12 AM on the 17th, an advanced air defense system intercepted and destroyed the 53rd US MQ-9 drone over Qeshm Island. 4. UK Maritime Trade Operations Office: A westbound oil tanker reported being pursued and attempted to intercept by a small boat 75 nautical miles east of Aden, Yemen. 5. Trump stated that the war with Iran is approaching a critical juncture, and he needs to decide whether to resume large-scale military operations to push for an end to the conflict. 6. US media: Iranian forces recently shot down at least two US MQ-1 series drones; the specific model involved is currently unclear. 7. Iranian Foreign Ministry: Any act of aggression against Islamic holy sites should be condemned. Meanwhile, the mere claim of intercepting a drone bound for Mecca is insufficient grounds for accusing any particular party, especially since the Houthis have explicitly denied this claim. Other developments: 1. The US approved the Iranian president and foreign ministers trip to New York for next weeks high-level UN General Assembly meeting. 2. Turkeys Ministry of Defense condemned the Houthi drone attack on Saudi Arabia. The Houthi threat to the Red Sea and the Bab el-Mandeb Strait harms global maritime trade. 3. Irans Foreign Ministry, in retaliation for a similar action by Sweden, demanded the departure of a Swedish diplomat. 4. Satellite imagery shows Saudi Arabia is constructing a bypass for a key east-west oil pipeline to bypass pumping stations damaged in previous attacks. 5. Israeli Prime Minister Netanyahu: We must carry this mission through to the end and overthrow the Iranian regime. The U.S. Federal Communications Commission approved foreign funding for the merger between Paramount and Warner Bros.

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).