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Russian Ministry of Defense: Air defense system shot down 45 Ukrainian drones overnight.Silver prices have hit record highs recently. Data from the Korea Gold Exchange showed that on October 17th, the price of silver reached 2,467 won (approximately 12 yuan) per gram, a year-to-date increase of nearly 70%, exceeding the increase in gold over the same period. This surge in demand for silver among South Korean investors has led to tight market supply. So far this year, major South Korean commercial banks have generated cumulative silver bar sales of 10.4 billion won (approximately 52.08 million yuan), 13 times higher than the same period last year. Due to the shortage of silver bars in the market, South Korean commercial banks and major precious metals sales platforms have announced that they will suspend silver bar sales starting on the 20th of this month.1. October 24th – Federal employees, whether furloughed or working, will miss their first full paycheck, forcing lawmakers to act. They have already missed partial paychecks, placing significant financial strain on over 2 million employees and their families. 2. October 31st – The Trump administration this week deployed $8 billion in unused research and development funds from fiscal year 2025 to ensure 1.3 million active-duty military personnel receive their October 15th paycheck. However, whether this can be done again before Halloween (November 1st) remains uncertain. 3. October 31st and November 5th – Senate clerks will miss their first full paycheck on October 20th (paid on the 5th and 20th of each month). House clerks will miss their paychecks at the end of October (paid at the end of each month) and, if they do, will not receive their paychecks until after Thanksgiving, creating significant financial hardship. 4. November 1st – Open enrollment for the Affordable Care Act. Healthcare is a primary concern for the shutdown, with Democrats aiming to pressure Republicans to reach an agreement on strengthening subsidies for Obamacare before open enrollment begins. 5. November 21 – If the shutdown continues into late November, it could lead to TSA staffing shortages and air traffic control issues for Americans during the busy Thanksgiving travel week. Air traffic control chaos in early 2019 was a key factor in forcing the government to end the longest shutdown in history.On October 19th, local time, Pakistani Deputy Prime Minister and Foreign Minister Dar welcomed the ceasefire agreement reached between Pakistan and Afghanistan in Doha, Qatar, on the evening of the 18th on social media, calling it "the first step in the right direction." Dar also expressed hope that at the next round of meetings hosted by Turkey, a concrete and verifiable monitoring mechanism would be established to address the threat of attacks from Afghanistan into Pakistan. On the same day, Afghan government spokesman Zabiullah Mujahid issued a statement announcing that negotiations between Afghan and Pakistani representatives in Qatar had concluded with the signing of a bilateral agreement. Neither side will take any hostile actions against the other, nor will they support groups that attack the Pakistani government. Both sides will refrain from targeting each others security forces, civilians, or critical infrastructure. A mechanism will be established to review bilateral positions and ensure the effective implementation of the agreement, mediated by an intermediary.The General Staff of the Ukrainian Armed Forces: In the past day, the Russian army lost about 1,000 soldiers, as well as 3 armored personnel carriers, 45 artillery systems and other equipment.

Forecast for the price of gold: XAU/USD advances toward $1,800 on a decline in consensus for US inflation

Daniel Rogers

Aug 09, 2022 15:19

 截屏2022-07-29 上午11.06.12.png

 

The price of gold (XAU/USD) has slowed down since reaching a peak over $1,790.00 during the Asian session. After a sharp rally, the precious metal is stabilizing in a higher market profile but the upward energy has not yet been exhausted. On the back of reduced projections for the US Consumer Price Index, the shiny metal is moving closer to the psychological resistance level of $1,800.00. (CPI).

 

According to market expectations, the US Consumer Price Index (CPI) will drop from its previous release of 9.1 percent to 8.7 percent. The consensus has decreased by 40 basis points, which is supported by the recent decline in oil prices. On account of growing recessionary fears and diminishing supply concerns, black gold lost its luster. This may encourage the Federal Reserve (Fed) to set interest rates a little lower this time.

 

Investors should be aware that a temporary decrease in price pressures does not signify that the Federal Reserve's (Fed) difficult work is finished. For the inflation rate to assert that the price pressures have subsided, a string of downward changes must be visible.

 

After receiving bids in the lower part of the Rising Channel that was established on a four-hour scale, gold prices have significantly recovered. The upper part of the aforementioned chart pattern is drawn from the high of July 22 at $1,739.37, and the lower part is drawn from the low of July 27 at $1,711.55.

 

The 20-period Exponential Moving Average (EMA) at $1,775.50 has been held by the bulls in gold. Although there has been a correction, the 50-EMA at $1,767.11 has held steady, showing that the short-term trend is incredibly optimistic.

 

Additionally, the Relative Strength Index (RSI) (14) has made an attempt to break above 60.00; if this is successful, it will support gold bulls even more.