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May 15th - According to sources, Turkey has proposed building a $1.2 billion (€1 billion) military fuel pipeline to help meet the energy needs of NATO allies on its Eastern European flank. The sources indicated that the pipeline from Turkey to Romania could cost only one-fifth of other proposed options, including routes through Greece or Romanias western neighbors, but these are more vulnerable to sabotage due to their reliance on maritime transport. Turkeys proposal comes as it prepares to host the NATO summit in July. Sources suggest that Turkey hopes to garner support from its allies for the proposal, which could be decided before or during the Ankara summit.U.S. Energy Secretary Wright: Every barrel of oil the U.S. releases from its strategic petroleum reserve will be replenished.According to filings with the U.S. Securities and Exchange Commission (SEC), Mubadala Investments reported holding 39,550 shares of Broadcom (AVGO.O).Financial software provider OneStream announced an expanded strategic partnership with Microsoft (MSFT.O) to promote the application of artificial intelligence and enhance its value within the CFOs office.On May 15th, it was reported that India will cooperate with the United Arab Emirates to expand its strategic oil and gas reserves, a significant step taken by the worlds third-largest oil consumer to address the risk of future supply disruptions. According to a statement from the Abu Dhabi National Oil Company (ADNOC), the company will consider significantly increasing its crude oil storage capacity in India, aiming to reach 30 million barrels. The two countries will also cooperate on establishing a strategic natural gas reserve in India and explore the construction of crude oil storage facilities at the port of Fujairah, located outside the Strait of Hormuz. This preliminary agreement was announced during Indian Prime Minister Modis brief stopover in Abu Dhabi en route to Europe.

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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