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Futures data for September 16: 1. WTI crude oil futures trading volume was 573,921 contracts, down 339,581 contracts from the previous trading day. Open interest was 1,949,878 contracts, down 16,733 contracts from the previous trading day. 2. Brent crude oil futures trading volume was 81,265 contracts, down 105,520 contracts from the previous trading day. Open interest was 203,946 contracts, down 468 contracts from the previous trading day. 3. Natural gas futures trading volume was 404,152 contracts, down 102,010 contracts from the previous trading day. Open interest was 1,640,220 contracts, down 5,748 contracts from the previous trading day.On September 16, Assistant Governor of the Reserve Bank of Australia (RBA), Greg Hunt, stated that the central bank is "very close" to returning inflation to the midpoint of its 2%-3% target range, while the economy is nearing full employment. "We are monitoring the situation and will remain on the sidelines," Hunt said at an industry event in Sydney on Tuesday. "The committee will formulate policy accordingly. While its impossible to predict the future completely, for now we want to maintain the status quo." The RBA will hold its next meeting on September 29-30, and most economists and traders expect it to maintain the cash rate at 3.6%. Economists generally predict the bank will cut interest rates for the fourth time this year in November, followed by another cut early next year, bringing the terminal rate to 3.1%.On September 16th, in response to a users question about whether the Macrohard project was being advanced, Musk replied, "We are indeed spray-painting the words MACROHARD on the roof of the Colossus II supercomputing cluster in Memphis, large enough to be seen from space." Musk had previously stated that he was planning to establish a pure AI software company called Macrohard. The name was a bit of a joke, but the project itself was real. At the time, he also explained, "Given that software companies like Microsoft dont produce physical hardware themselves, it should be feasible to fully simulate it using AI."SK On announced on September 16th the completion of a pilot plant for all-solid-state batteries at its Future Technology Center in Yucheng District, Daejeon, South Korea. This pilot production line will primarily be used to provide trial products to customers and systematically evaluate and verify product quality and performance. The approximately 4,628-square-meter facility will be used by SK On to develop sulfide-based all-solid-state batteries, with some production lines also developing solid-state lithium metal batteries. SK On plans to commercialize all-solid-state batteries in 2029, a year ahead of its original target of 2030.Futures News, September 16th. Economies.com analysts latest view today: WTI crude oil futures prices have risen in recent intraday trading, thanks to their stable trading above the 50-period exponential moving average (EMA50), which has provided effective support for the intraday rebound attempt. Nevertheless, the dominant downtrend remains in effect in the short term, and prices are trading along a suppressive trendline, which limits the upward momentum and weakens the possibility of a continued rebound. In addition, the Relative Strength Index (RSI) has shown negative technical signs after reaching clear overbought territory, suggesting the risk of a short-term weakening of upward momentum.

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.