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On September 11, two US officials stated that Saudi Crown Prince Mohammed bin Salman called President Trump twice on Thursday, urging him to launch an attack on the Houthi rebels after the group seized a strategic coastal city in Yemen, bringing it closer to the Bab el-Mandeb Strait. Trump rejected the request, and US officials emphasized that the government currently has no plans for direct intervention in the Houthi campaign. With Iran already disrupting traffic in the Strait of Hormuz, the Houthi control of the Bab el-Mandeb could give Tehran significant new leverage to pressure the US and its Gulf allies. The US, concerned about the rapid escalation of the situation in Yemen, is increasing its support for Saudi Arabia while simultaneously trying to avoid direct military intervention. Saudi Arabias request for direct US intervention marks a sharp reversal of its stance in July, when Riyadh told Washington it could handle the Houthis on its own. However, as the fighting intensified, Saudi Arabia began seeking increasing support.According to the Financial Times, a meeting between Iran and Gulf states is scheduled for next Monday in Salalah, a coastal city in Oman, according to two sources familiar with the matter. One of the sources said that details have not yet been finalized, but some countries have confirmed their attendance, and the meeting is expected to proceed as scheduled.According to the Financial Times, Iran and Gulf states will hold a meeting to push for the Hormuz Agreement.According to Axios, the Saudi Crown Prince urged US President Trump to take action against the Houthis to counter the Red Sea threat. Trump reportedly rejected the request, with US officials emphasizing that the government currently has no plans for direct intervention in the fight against the Houthis.Traders: The Reserve Bank of India may sell dollars to limit the rupees decline under pressure from oil prices.

Gold price prediction: XAU/USD slips to $1,690 on Fed forecasts; US retail sales expected

Daniel Rogers

Sep 15, 2022 11:37

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Gold price (XAU/USD) has adopted a downward trend after falling below Wednesday's minimum of $1,693.67. The precious metal is falling nearing $1,690.00 as bears take control of rising probabilities for a massive Federal Reserve (Fed) rate hike in the near future.

 

Earlier symptoms of weariness have dissipated as a result of Tuesday's higher-than-anticipated US Consumer Price Index (CPI) report. Despite declining gasoline costs, the headline US CPI was announced at 8.3%, which was higher than the 8.2% prediction. The investment community believed that inflation had begun to respond to the Federal Reserve's (Fed) raising interest rates and that a succession of declining price pressures would soon enable the Fed to adopt a 'neutral' stance.

 

However, a US inflation report that exceeded forecasts demonstrates that the road to a neutral monetary policy is far from complete. Moreover, predictions of a one percent rate increase are currently ascendant.

 

In today's session, the US Retail Sales report will be of paramount importance. The economic data estimates do not indicate any improvement in retail demand. This could be the outcome of a fall in consumer confidence in the economy.

 

The gold price has experienced a precipitous decline after demonstrating a textbook-style test and the collapse of a consolidation pattern. On an hourly scale, the consolidation formed within the region of $1,697.12-1,709.62. At $1,698.70, the yellow metal is trading below the 20-period Exponential Moving Average (EMA), which increases the downside filters.

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