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July 15th - The United States is advancing negotiations on an oil pipeline that would bypass the Strait of Hormuz and transport oil from Iraq to Syria, thereby reducing Irans future influence on global energy supplies. According to sources, Thomas Barak, the US Special Representative for Syria and Iraq, has convened officials from both countries, as well as businesses including Chevron, to discuss restarting a long-dormant pipeline from Iraq to the west coast of Syria. While several new route options are being considered, the talks focused on rebuilding the Kirkuk-Banias pipeline, which has been out of service for over two decades. A State Department official confirmed that the US government is supporting Iraq and Syria in repairing the pipeline between the two countries to broaden trade routes and expects US companies to play a significant role in its construction. Earlier on Tuesday, Trump met with the Iraqi Prime Minister at the White House and indicated that a "large-scale" new oil cooperation agreement would be announced this week or next.Iranian Deputy Foreign Minister: The Strait of Hormuz is part of Irans national security.Federal Reserve Governor Bowman: The Federal Reserve should not micromanage banks on issues such as artificial intelligence.Iranian Revolutionary Guard: As long as the United States continues its "evil operations" in the region, there will be no oil or gas exports from the region.Federal Reserve Governor Bowman will speak at the Fed’s annual financial inclusion conference in ten minutes.

During the Fed's "Silence," gold maintains a delicate dance

Aria Thomas

Jul 19, 2022 10:28

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A few dollars here, a few dollars there: gold maintained its delicate dance on Monday, climbing little despite the Federal Reserve's utter silence following two weeks of relative hubbub over the possibility of a major rate increase in July.


Gold bulls and bears were left to choose their next moves on their own, as the central bank adhered to its regular 'blackout' period for comments before its rate announcement on July 27.


A week of relatively sparse U.S. economic data offered traders greater control over market flows.


Despite the insignificance of the climb itself, the Dollar Index's steepest one-day loss since mid-June helped establish the direction in favor of longs.


The most commonly traded gold futures contract on the New York Comex, August, finished at $1,710.20 per ounce, up $6.60, or 0.5 percent.


Thursday's price of $1,695 for the August gold contract was the lowest level in 27 months.


The U.S. gold standard has dropped for five straight weeks, shedding 9% in total. It has declined by 7 percent year-to-date.


Since the Consumer Price Index for the year to June hit a new four-decade high of 9.1 percent on Wednesday, rate betting has been unpredictable, with the pendulum swinging between an unusual hike of 100 basis points for July and the wider consensus of a 75 basis point increase.


Prior to Monday, the dollar had also repeatedly reached two-decade highs, dealing a severe blow to non-dollar consumer oil demand.


Ed Moya, an analyst at the online trading platform OANDA, said, "The dollar is falling to begin the trading week, but this may not be the high." "As a result, gold may have difficulty surpassing $1,750," he added.


According to Sunil Kumar Dixit, the chief technical strategist at skchart.com, if gold is able to break out over $1745 it might proceed to $1770-$1800 and $1815 from there.


"As a previous safe haven, gold is not yet out of the woods, and its doors remain open for another slide below $1,700, this time targeting $1683, $1,666, and $1,652," Dixit added.

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