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February 25th - The draft law on national fire and rescue personnel was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. The draft law consists of 7 chapters and 47 articles, regulating the management of national fire and rescue personnel, clarifying recruitment and exit systems, and protecting the legitimate rights and interests of national fire and rescue personnel, specifying funding guarantees and salary benefits.February 25 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on February 25. A reporter from RIA Novosti asked, “US Republican Senator Ted Cruz said on Tuesday that the governments of Venezuela, Cuba, and Iran could be replaced by pro-US regimes within the next six months. Given China’s close relations with these three countries, what is China’s comment on this?” Mao Ning stated that China opposes interference in other countries’ internal affairs under any pretext and opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty of other countries.February 25 – On February 25, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from the German Press Agency (dpa) asked: Before departing for Beijing, German Chancellor Merz outlined five guidelines for his trip to China. Unlike the previous government, Merz did not refer to China as a "systemic rival," a term previously included in the previous governments so-called "China strategy." What is Chinas comment on this? Mao Ning stated that China and Germany are comprehensive strategic partners, having accumulated successful practices in healthy competition and integrated development. Sino-German cooperation is mutually beneficial, bringing tangible benefits to the people of both countries. Both sides should uphold the principles of mutual respect, equality, and win-win cooperation to promote greater development of Sino-German relations and jointly make greater contributions to world peace and prosperity.February 25th - The draft amendment to the Certified Public Accountants Law was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. This amendment further regulates professional conduct, improves regulatory measures, and strengthens accountability.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending February 23, total refined product inventories at the port of Fujairah were 20.528 million barrels, a decrease of 19,000 barrels (0.1%) from the previous week, marking the third decline in four weeks. Specifically, light distillate fuel oil inventories decreased by 148,000 barrels to 9.737 million barrels, falling from the six-month high reached the previous week; middle distillate fuel oil inventories decreased by 106,000 barrels to 2.921 million barrels, a three-week low; and heavy residual fuel oil inventories increased by 239,000 barrels to 7.87 million barrels, the first increase in four weeks.

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.