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The commander of the Ukrainian drone force stated that a Ukrainian drone attacked an oil refinery in Taganrog, Russia.On May 30th, the Guangdong Provincial Peoples Government announced on its official website that the "Hong Kong vehicles traveling north" policy will be extended for another five years, until June 1, 2031. It is understood that in May 2023, the "Administrative Measures of Guangdong Province on the Entry and Exit of Hong Kong Motor Vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge" were published, effective from June 1, 2023, for a period of three years. From 00:00 on July 1, 2023, eligible Hong Kong motor vehicle owners, after obtaining approval from the Hong Kong side through an appointment for border crossing, can drive into Guangdong via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge. Data shows that since the implementation of the "Macau vehicles traveling north" and "Hong Kong vehicles traveling north" policies, the number of Hong Kong and Macau passengers entering and exiting through the port has increased by an average of 34% annually, reaching nearly 18 million in 2025. Border inspection authorities predict that the number of Hong Kong and Macau passengers entering and exiting through the port is expected to exceed 20 million in 2026.May 30th - According to several airlines, fuel surcharges for domestic flight tickets sold starting June 5th, 2026, will be reduced. The adjustment standard for adult passengers is: RMB 150 for routes over 800 kilometers, and RMB 80 for routes of 800 kilometers or less. This represents a reduction of RMB 20 and RMB 10 respectively compared to the previous standards. This reduction in fuel surcharges will, to some extent, lower travel costs for passengers.On May 30th, it was reported that on May 29th local time, the Louisiana Senate passed a new congressional district redrawing bill, splitting a district currently controlled by Democrats and predominantly populated by African American voters. The states Republican Governor Jeff Landry subsequently signed the bill into law. Analysts say that with the midterm elections approaching, the struggle between the Republican and Democratic parties over redrawing congressional districts will intensify.May 30th - According to an AFP report on May 29th, Iranian state media reported on the 29th that Iranian authorities are preparing a "grand" funeral for the countrys assassinated former Supreme Leader Ali Khamenei. The funeral had been long postponed due to Irans war with the United States and Israel. Although the specific date is still uncertain, Iranian state television quoted Mohsen Mahmoudi, head of the Islamic Propaganda Coordination Committee, as saying, "A special headquarters has been established to prepare for the funeral, and various departments are currently making preparations and arrangements." Ali Khamenei, who led Iran for more than 30 years, was killed in the first wave of US-Israeli attacks that began on February 28th. His son and successor, Mojtaba Khamenei, was also injured in the attacks and has not made a public appearance since taking office.

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.