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On May 11, it was reported that Ali Al-Zaidi, a relatively unknown Iraqi businessman, has become a leading candidate for the next Iraqi prime minister after receiving support from US President Donald Trump. Trump not only invited the businessman to Washington but also stated that the US "will support him all the way." However, the White Houses support comes with conditions: Zaidi must exclude Iranian-backed militias from the next Iraqi government and weaken Tehrans influence in Baghdad. Zaidi has previously faced similar pressure from the US. Current and former US officials have stated that Zaidi owns a bank that the US Treasury Department banned from dollar transactions in 2024 due to suspicions of business dealings with a militia leader linked to the Iranian Revolutionary Guard.Goldman Sachs: Expects the Federal Reserve to cut interest rates by 25 basis points each in December 2026 and March 2027, down from previous forecasts of cuts in September and December of this year.May 11 - According to data from the China Passenger Car Association, retail sales of new energy passenger vehicles in April reached 849,000 units, a year-on-year decrease of 6.8% and a month-on-month decrease of 0.3%; from January to April, retail sales of new energy passenger vehicles reached 2.758 million units, a year-on-year decrease of 17.2%.On May 11, the Heilongjiang Provincial Communications Administration issued a notice soliciting public opinions on the "Heilongjiang Provinces 15th Five-Year Plan for the Development of the Information and Communication Industry (Draft for Comment)". The draft states that by 2027, the layout of new information infrastructure will be basically complete. 5G networks will cover cities, counties, towns, and scenic areas. Gigabit fiber broadband will achieve full coverage in urban and rural areas, and key industrial parks will achieve "10-gigabit backbones". By 2030, a high-speed, ubiquitous, integrated terrestrial and satellite information infrastructure, cloud-network convergence, intelligent and agile, green and low-carbon, and secure and controllable intelligent comprehensive information infrastructure will be basically completed.China Passenger Car Association (CPCA) reported that retail sales of passenger cars in China reached 1.384 million units in April, a year-on-year decrease of 21.5%.

Forecast for Gold Price: XAU/USD pares daily loss over 200-HMA as risk aversion subsides

Alina Haynes

Dec 08, 2022 15:04

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Gold price (XAU/USD) recovers to $1,785 during the first hour of Thursday's Asian session as market participants lick their wounds following a poor opening.

 

The most recent relaxation of the risk-averse sentiment, which originally helped the US Dollar prepare for weekly gains, may be related to news from China. Recently, Shanghai City Authorities announced that as of this Friday, they will no longer require Covid test checks at restaurants and entertainment venues. On the same line, the South China Morning Post (SCMP) reports that Hong Kong will "relax isolation regulations" for infected tourists on the fifth day after their release.

 

Even still, economic slowdown fears and Russia's use of nuclear weapons in its confrontation with Ukraine appeared to weigh on the XAU/USD exchange rate. In addition, Bloomberg released information indicating increased friction between the United States and China as a result of the current measures the United States Congress is attempting to adopt, which in turn threatens the Gold purchasers. Bloomberg reports that the United States is preparing to enact legislation that will change its policy toward Taiwan and restrict the government's use of Chinese semiconductors, steps that are guaranteed to anger Beijing despite President Joe Biden's efforts to reduce tensions.

 

As a result of these moves, the S&P 500 Futures have recovered from the three-week low to approximately 3,935 as of press time. In addition, 10-year US Treasury rates remain passive near 3.45% while trimming yesterday's losses to levels not seen since early September.

 

Ahead of next week's Federal Open Market Committee (FOMC) meeting, the Gold price may experience a period of sluggish performance. Traders may be interested in today's weekly US Initial Jobless Claims as well as Friday's first prints of the Michigan Consumer Sentiment Index and 5-year Consumer Inflation Expectations.


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