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September 14th news: On September 14th local time, China and the United States held talks on economic and trade issues in Madrid, Spain.On September 14, according to Deutsche Presse-Agentur, Andre Tillich, head of Teslas German factory, said that more electric vehicles will be produced than previously planned because "sales data is very ideal." Tillich said that the factory has raised its production plan for the third and fourth quarters, and added that Teslas German factory still expects "positive signals from all markets we supply." However, he did not disclose specific production targets. However, this optimistic statement contrasts with recent sales data. Teslas new car registrations in Germany fell by 39% last month, and the cumulative drop in the first eight months of this year was 56%. In France, Belgium, Denmark and Sweden, Teslas sales in August also fell sharply. Norway is an exception, with registrations increasing by 21% last month and a cumulative increase of 26% so far this year.German Geoscience Research Center GFZ: A 5.71 magnitude earthquake occurred in northeastern India.On September 14th, the Russian Ministry of Defense announced that during the joint military exercises "West-2025," the frigate "Admiral Golovko" launched a Zircon hypersonic missile in the Barents Sea, successfully hitting its target. The Russian side also demonstrated footage of a Su-34 fighter jet taking off and dropping bombs. The exercises, which ran from the 12th to the 16th, were conducted at training grounds in Russia and Belarus, as well as in the waters of the Baltic and Barents Seas.On September 14th, US Secretary of State Rubio began a two-day visit to Israel to discuss the next steps in Gaza and how to address the aftermath of the Israeli militarys attack on Doha, the capital of Qatar, on September 9th, a mediator in the Gaza ceasefire negotiations. Before leaving, he told reporters that the attack had upset US President Trump but would not shake US-Israel relations.

Forecast for Gold: XAU/USD to Waver Below $1,740 Amid Steady DXY, Focus on U.S. Durable Goods Orders

Alina Haynes

Aug 23, 2022 14:51

 截屏2022-08-04 下午5.12.51_1024x576.png

 

Gold prices (XAU/USD) are exhibiting erratic behavior within a tight range of $1,733.40-1,740.00 in the early Tokyo session. After a stronger rebound from Monday's low of $1,727.85, volatility has decreased for the precious metal. Gold is stuck due to conflicting reports about how hawkish Fed chair Jerome Powell would sound at the Jackson Hole Economic Symposium.

 

After reading the Federal Reserve's minutes from last week, it's evident that Fed officials agreed on the limited data showing that inflation pressures were easing and a resolution would take some time. The Fed is also dedicated to maintaining price stability in the economy. And to serve the same, the recent trend of rate increases should continue. A rate increase of 50 basis points (bps) would be best to show deference to expert opinion.

 

However, before that can happen, all eyes will be on Wednesday's report on US Durable Goods Orders. Market analysts predict that economic growth will slow to 0.5% from the previous release of 2%. When the US economy shows no change in the US core Consumer Price Index (CPI), a drop in economic data is not good for the US dollar index (DXY).

 

Gold prices have rallied strongly after reaching the 61.8% Fibonacci retracement (placed from July 21 low at $1,680.91 to August 10 high at $1,807.93) at $1,729.44. The 20-period Exponential Moving Average (EMA) is located at $1,738.60, and it is acting as a barrier for the precious metal, preventing it from going lower.

 

The Relative Strength Index (14), which predicts future price declines, is currently fluctuating inside a negative 20.00-40.00 zone.


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