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On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.On October 12th, local time, senior Hamas official Osama Hamdan announced that 48 Israeli detainees in the Gaza Strip would begin to be released on the morning of the 13th. According to the first phase of the Gaza ceasefire agreement, within 72 hours of the Israeli withdrawal, Hamas must release all Israeli detainees in the Gaza Strip and return the remains of those who died. Israel will also release approximately 1,900 Palestinian detainees. Hamas had previously stated that it might be difficult to recover the remains of some of the detainees within the 72-hour deadline, a fact Israel is aware of. It is understood that 20 Israeli detainees remain alive in Gaza, while another 28 have died.On October 11th, Canadian Imperial Bank of Commerce Capital Markets analyst Anita Soni predicted in her latest forecast that gold prices will rise to $4,500 per ounce in 2026 and 2027, before falling back to $4,250 in 2028 and $4,000 in 2029. The analyst stated that she still expects gold to face a positive macroeconomic environment. Uncertainty regarding tariffs will persist, and the negative impact of tariffs implemented to date and those expected to be implemented on consumer purchasing power has yet to fully manifest in the US economy. Meanwhile, the Federal Reserve succumbed to Trumps calls for rate cuts earlier than Soni had anticipated. Soni believes that while the rise in gold prices earlier this year was related to rate cuts, the recent parabolic surge stems from concerns about long-term inflation and wealth preservation, as the Feds monetary policy has not specifically focused on long-term inflation.

Weekly Gold Price Prediction: Gold Markets Fall

Alina Haynes

Jul 11, 2022 11:38

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Over the course of the week, gold markets have taken a beating, breaking through the $1800 level, the uptrend line, and eventually the $1750 level. Despite the fact that the market is expected to continue to trend downward strongly, we may have a brief rebound because we are now oversold. It would be fascinating to observe whether or not there is a comeback rally after the attempts to stabilize on Thursday and Friday.

 

On the other side, it would indicate that we are headed significantly lower if we were to break down below the week's candlestick low. Having said that, I won't be persuaded about a significant shift until we break over the top of this candlestick. The US currency has a significant impact on this market as well, and it should be noted that the US dollar has been very strong. Consequently, it is clear that the situation with regard to the gold market has changed.

 

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If we were to reverse course and take out this candlestick, one would have to speculate that perhaps we are about to move to the $1880 level. However, I believe that given enough time, we will view this as a situation where we absolutely continue to go to the downside. A move to the $2000 level is possible if that level is broken, but I wouldn't hold my breath for it to happen. At this moment, the market is more likely than not going to experience further high volatility. Keep the size of your position acceptable.

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