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On June 10, Russian Foreign Ministry spokeswoman Maria Zakharova stated at a regular press conference that Russia will respond effectively and firmly to the new round of EU sanctions. Zakharova also expressed deep concern about the renewed escalation of the situation in the Middle East and called on all parties to exercise restraint. Russia hopes that all parties to the conflict will return to a political and diplomatic solution as soon as possible.It is reported that Israel is preparing to launch another strike against Iran.US President Trump: Iran cannot pay its military pay or any bills and is rapidly becoming a failing state!June 10th - US President Trump: Fake news media refuse to report how effective the US Navys blockade operation was—the most successful blockade in naval history. Nothing can get through unless we want it to. Its a wall of steel! Irans commercial activity is zero, its military isnt paid, no bills are being paid, and they are rapidly becoming a failed state! However, a large amount of oil is still flowing out.On June 10th, Jason Pride, Head of Investment Strategy and Research at Glenmede, stated that US inflationary pressures are expected to remain concentrated in the food and energy sectors, with core CPI likely to slow month-on-month. The key question is whether this pattern will begin to shift, especially if Middle East-related energy price volatility persists. Any signs of spreading price pressures will further solidify the Federal Reserves cautious policy stance; conversely, a dovish report in line with expectations would support the assessment that current inflationary pressures are temporary and supply-driven rather than demand-pull.

Forecast for Gold: XAUUSD retreats from $1800 on rising US yields

Daniel Rogers

Aug 12, 2022 11:59

 截屏2022-06-07 下午5.14.22.png

 

While it had been trending upwards, gold's daily performance took a sour turn and it is now trading below $1800. During the American session, the XAUUSD reached a high of $1799 before turning down and heading below $1785.

 

Despite predictions of a 0.2% monthly increase, data released on Thursday indicated that the US Producer Price Index decreased by 0.5% in July, bringing the annual rate down to 9.8%. The Consumer Price Index did not move in July, contrary to predictions of a 0.2% increase, according to data released on Wednesday. The US currency fell because of the inflation rate going down.

 

Investors continue to count on a rate hike of 50 basis points or more from the Federal Reserve at their September meeting. U.S. rates have risen despite though a peak in US inflation is more likely, which is surprising. Both the US 10-year yield (now at 2.83%) and the 2-year yield (3.20%) are at their highest levels in nearly a week.

 

Increased US yields capped gold's gains. The inability of the XAU/USD pair to maintain a price over $1800 despite the recent US data has fueled skepticism that the rally will continue. Weekly support is found around $1774, and the immediate support is at $1785. Additional gains appear likely if the price of gold can consolidate over $1800.


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