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The SC crude oil futures contract surged 4.00% intraday, currently trading at 731.70 yuan per barrel.At the opening of the morning session, most domestic futures contracts rose. Methanol rose nearly 4%, container shipping to Europe and SC crude oil rose over 3%, fuel oil and synthetic rubber rose over 2%, and coking coal, polyvinyl chloride (PVC), benzene, caustic soda, liquefied petroleum gas (LPG), and low-sulfur fuel oil (LU) rose nearly 2%. On the downside, palladium fell nearly 3%, Shanghai gold and soybean meal fell over 1%, and rapeseed meal fell nearly 1%.On September 9th, local time, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement claiming that in response to the US militarys aggressive actions and malicious harassment of Iranian oil tankers and ships, the IRGC Aerospace Force used ballistic missiles to strike the US destroyers USS Delbert D. Black (DDG-119) and USS John Paul Jones (DDG-53), both equipped with cruise missiles and the Aegis Combat System. The IRGC stated that the attack caused serious damage to the US warships. The IRGC reiterated its firm stance against the USs desperate actions and warned the enemy against any miscalculations.On September 9th, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement early this morning (September 9th) local time, stating that in retaliation for the US aggressive attack on Iranian oil tankers, the IRGC Aerospace Force launched a fierce missile strike against US military bases in Jordan. During this ballistic missile strike, maintenance and deployment hangars and fighter bunkers for US F-35, F-16, and F-15 fighter jets were hit, inflicting heavy damage on the enemy. The statement emphasized that the Iranian armed forces vigilance and decisive fighting against the enemy are driving the aggressors into despair until their acts of aggression are completely stopped.According to Futures News on September 9th, as of 8:30 AM Beijing time, spot platinum rose 0.18%, while spot palladium fell 0.33%.

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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