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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.Ukrainian President Zelensky: Thank you for the United States willingness to provide support and discussed strengthening air defense capabilities.

Forecast for Gold Price: XAUUSD advances to the backside of the bull micro trend

Alina Haynes

Nov 15, 2022 16:49

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Despite a stronger US Dollar, the Gold price reached a new three-month high on Monday as US yields rose in response to Friday's disappointing US Consumer Price Index report. Friday's inflation figures prompted speculators to anticipate that the Federal Reserve would hold off on large interest rate hikes. As a result, demand for gold remains strong.

 

In spite of a hawkish Federal Reserve meeting, in which Fed Chair Jerome Powell pushed back against the market's reaction to a dovish announcement by suggesting that the terminal rate could be higher than initially anticipated, commodities prices have been staging a rebound from their year-to-date lows. A number of factors contribute to the shift in opinion, including rumors that China will relax its zero-Covid restrictions. Due to a recent string of less inflationary US data outcomes, it had been speculated that a Fed policy shift was imminent.

 

US consumer prices grew 0.4% for the month of October and 7.7% year-over-year, as reported on Friday. This was down from 8.2% year-over-year in September and 0.2 percentage points below the consensus, with the ex-food and energy estimate coming in at 6.3%. This was a positive report, and the market's response included a 5.5% increase in the S&P 500 and a 26 basis point drop in the 2-year Treasury rate, which sent gold soaring and the dollar plummeting. Gold traders were already focused on the increase in money managers' short positions over the past few months, which led to significant short covering above the $1,720 resistance level.