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On September 12th, CNN, citing two US officials, reported that Saudi Arabias crucial East-West oil pipeline system was attacked by projectiles on Thursday. Preliminary analysis indicates that pumping stations adjacent to the pipeline were hit; satellite images show one pumping station severely damaged by a fire, while another experienced a smaller fire and emitted thick smoke. It is currently unclear who was responsible for the attack, whether the pipeline itself was damaged, and the time required for repairs. A US official stated that the drone that carried out the attack originated from Iraq. The East-West oil pipeline has become increasingly important since the outbreak of the Iraq War. Due to Irans de facto closure of the Strait of Hormuz, Saudi Arabia has diverted approximately 5 million barrels per day of crude oil originally destined for the Persian Gulf to the Red Sea port of Yanbu via this pipeline. Meanwhile, the Houthi rebels have declared their intention to strike any Saudi vessels attempting to pass through the Bab el-Mandeb Strait, putting this alternative oil export route at risk.A spokesperson for the Yemeni Ministry of Defense stated that the Air Force has begun bombing the previously announced strike areas. We urge civilians to avoid using the Taiz-Muha and Muha-Zubab highways.Apple (AAPL.O): Starting at 5 a.m. Pacific Time on September 12, customers can pre-order the iPhone 18 Pro and iPhone 18 Pro Max on the Apple website and Apple Store app.Polish central bank monetary policy committee member Dabrowski: The possibility of a rate cut in Poland is slightly higher than a rate hike. Interest rates are expected to remain unchanged in the second quarter of 2027.Tesla (TSLA.O): Semi Truck is coming 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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