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Market news: ExxonMobil (XOM.N) has reached a settlement with the Australian Competition and Consumer Commission regarding the use of the "Synergy" brand at nine gas stations in Queensland.On February 17th, a delegation from Iran, led by Foreign Minister Araqchi, arrived in Geneva, Switzerland on February 16th and will hold a new round of indirect negotiations with a US delegation today (February 17th). The US government had previously set a one-month deadline for the negotiations and increased its military deployment in the Middle East. Araqchi stated on February 16th that Iran would not succumb to threats. US Secretary of State Rubio stated on the same day that he believed reaching a substantial agreement with Iran would be "extremely difficult."February 17th, Futures News – According to foreign media reports, gold prices currently appear to be consolidating around $5,000, but this doesnt mean the precious metal will remain there indefinitely – an international bank has raised its second-quarter gold price target. ANZ commodities analysts stated in their latest gold report that they expect gold prices to reach $5,800 per ounce in the second quarter, a significant upward revision from their previous target of $5,400. The analysts stated, "Although recent market volatility has raised questions about whether gold prices have peaked, we believe this rally is not yet mature and will not reverse in the short term." Gold prices have fallen sharply from their historical high of nearly $5,600 last month, causing some investors to worry about a potential price crash, similar to the price movements after the highs of 1980 or 2011. However, ANZ points out that the current market environment is very different, with gold prices receiving strong support as the market expects the Federal Reserve to cut interest rates at least twice this year. Easing inflationary pressures are also driving the market to price in a third rate cut before December. Analysts say they expect the Federal Reserve to cut interest rates by 25 basis points twice, in March and June respectively. This will continue to lower real interest rates, supporting inflows into gold. Geopolitical and economic uncertainties are expected to persist, with Trump continuing to use tariffs as a threat. The market is gradually focusing on the potential impact of tariffs, an impact that has not yet been fully reflected in economic and inflation data.February 17th - US President Trump pressured Ukraine on the 16th to reach an agreement with Russia "quickly." Answering reporters questions aboard Air Force One that day, Trump said the new round of US-Russia-Ukraine talks in Geneva on the 17th was important and would be "very easy." Trump specifically named Ukraine: "Ukraine had better get back to the negotiating table quickly... Were in position, and we hope they come."The Australian Competition and Consumer Commission (ACCC) has announced that ExxonMobil (XOM.N) will be fined A$16 million for making misleading statements about fuel sales at nine petrol stations.

The price of gold fluctuates about $1,700, and given increased hawkish Fed bets, a decline seems imminent

Alina Haynes

Jul 18, 2022 12:03

 截屏2022-07-15 下午5.36.44_1024x576.png

 

In the early Tokyo session, Gold Price (XAUUSD) tried to break above the consolidation that had been created in a constrained range between $1,703.21 and 1,705.90 on Friday. After a brief squeeze, the precious metal is now showing some symptoms of increased volatility. On Friday, the shiny metal successfully defended the psychological level of $1,700.00, which is also close to Thursday's low. The psychological support of $1,700.00 has undergone two tests, which has increased the importance of the level for market players. The precious metal is currently showing exhaustion indications at lower levels, but additional filters are needed to showcase a bullish turnaround.

 

Despite modest losses on Friday, the US dollar index (DXY) closed the week on a positive note. Weekly results showed that the asset kept winning. The DXY has been making advances for the last three weeks in a row. Despite the asset showing a stronger decline on a shorter timeline, the upside is still justified because to the DXY's overall performance. A downwards move is almost certain to occur since the asset is now auctioning in an inventory distribution phase at roughly 108.00.


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