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On March 2nd, British Prime Minister Keir Starmer issued a statement on the evening of March 1st, stating that Britain had agreed to allow the United States to use British military bases for "specific and limited" defensive purposes. He stated that Gulf states had requested increased British defense capabilities, and that Britain had deployed fighter jets to the region, successfully intercepting Iranian attacks. Starmer also stated that Britain was not involved in any strikes against Iran. Furthermore, the leaders of Britain, France, and Germany issued a joint statement on the evening of March 1st, indicating that they might take "necessary and proportionate defensive action" against Iran to destroy its ability to launch missiles and drones.On March 2nd, Fitchs research arm, BMI, stated in a report that the temporary surge in oil prices following the US and Israeli attacks on Iran could reduce real GDP growth in several major economies by 0.1 to 0.3 percentage points. Inflation could also rise by 1.0 to 2.5 percentage points. Growth in the Gulf region, due to its proximity to the conflict zone, is likely to be hit hardest. Disruptions to shipping in the Strait of Hormuz will affect trade in both hydrocarbons and non-hydrocarbons, potentially offsetting any increased oil production from OPEC countries. This supply shock could trigger capital outflows from emerging markets, prompting some central banks to prematurely end their easing cycles and raise interest rates.According to ABC News: Trump stated, "The Iranians have contacted me. Someone within the Iranian government has reached out. I probably shouldnt tell you who he is. Hes no longer reporting to the Supreme Leader."On March 2nd, it was reported that Didi Chuxings autonomous driving division recently established the Deep Dome Voyage Lab. Based on this lab, Didi Autonomous Driving has taken the lead in establishing a deep industry-academia-research collaboration with Professor Li Shengbos research group at Tsinghua University. The two parties will focus on cutting-edge areas such as multimodal large-scale models, world models, and reinforcement learning, jointly promoting breakthroughs and industrial applications in multimodal end-to-end autonomous driving technology.An Amazon (AMZN.O) data center in the UAE has reportedly been attacked.

Forecast for Gold Price: XAU/USD corrects from $1,780, although upward stays favored on lower DXY

Alina Haynes

Aug 02, 2022 15:05

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Gold price (XAU/USD) has retraced to about $1,774.65 after reaching a high of $1,780.58 during the Tokyo morning session. As an upward break of consolidation is followed by a low-volume test of the breakout, there is a good chance that the precious metal will bounce once again. Earlier, the precious metal demonstrated a breakout to the upside from the consolidation created between $1,764.45 and $1,773.35.

 

In the meanwhile, the US dollar index (DXY) has experienced a minor bounce after opening at a three-week low of 105.05 points. The DXY has taken on a bearish trend as merchants and manufacturers have drastically reduced their forward demand. Monday saw the release of weak US Institute of Supply Management (ISM) Manufacturing New Orders Index data.

 

The economic data predicts merchants' and manufacturers' future demand. At 48, the numbers stayed below the forecasts of 52 and the previous reading of 49.2 A significant reduction in the demand prediction index precipitated a sharp decline in the DXY.

 

Friday's release of the US Nonfarm Payrolls (NFP) report will continue to dominate the attention of markets moving ahead. According to market consensus, the US economy created 250k jobs in July, a decrease from the 372k jobs created in June. This will increase the price of gold relative to the U.S. dollar.

 

The construction of a rising channel by gold prices on an hourly basis suggests the continuance of an upward trend. The top section of the previously described chart pattern is based on the high of July 22 at $1,739.37, while the bottom portion is based on the low of July 21 at $1,681.87.

 

The rising 50-day and 200-day exponential moving averages (EMAs) at $1,765.40 and $1,742.85, respectively, add to the upward filters. In the meantime, the Relative Strength Index (RSI) (14) is striving to recapture levels of 60.00. A similar event will necessitate a new bullish impulse wave.

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