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On September 6th, U.S. Energy Secretary Frank Wright stated on Sunday that U.S. Navy escort ships are assisting oil tankers through the Strait of Hormuz, which is crucial for maintaining crude oil transport in the waterway, and hinted that the escort operation will not end anytime soon. Wright stated, "We are ensuring a large number of ships pass through, but this certainly requires the involvement of the U.S. military. Iran is still causing trouble, but the U.S. Navy is winning this battle." Wright claimed that more than 9 million barrels of oil are currently being transported daily through the Strait of Hormuz, and with more crude oil and refined products being transported via pipelines and other means, oil transport in the region has recovered to "two-thirds or more of pre-conflict levels." Last week, Wright stated that approximately 17 million barrels of oil passed through the Strait of Hormuz on Monday. Wright believes that with the end of the summer driving season and adjustments to the governments federal blending policy to increase supply, the price of unleaded gasoline may decline.According to the Lebanese National News Agency, an Israeli drone strike in southern Lebanon has injured several people.Israeli Prime Minister Benjamin Netanyahu: If Iran attacks us, we will suffer unimaginable damage. We are determined to complete the task of overthrowing the Iranian regime.The U.S. National Hurricane Center reports that Karina is expected to weaken into a post-tropical storm tonight.U.S. Energy Secretary Wright: The diesel supply situation has been very serious.

Forecast for the price of gold: XAU/USD upward to $1,745 with positive RSI divergence and weaker USD

Daniel Rogers

Sep 09, 2022 17:13

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Around $1,720 is where the gold price (XAU/USD) is currently leading early on Friday morning in Europe. In doing so, the yellow metal applauds widespread US dollar weakening and cautious market confidence. Technical signs can work in the buyers' advantage.

 

By press time, the US Dollar Index (DXY) had pared its largest daily loss in a month and was still near the one-week low. In doing so, the greenback indicator fails to support the aggressive remarks made by Fed Chair Jerome Powell the day before while emphasizing the stronger sentiment in the market.

 

Market confidence is influenced by tougher remarks made late Thursday by US Treasury Secretary Janet Yellen, which indicate that US-China trade relations are expected to improve. Recent stronger US statistics and optimism that global central bankers can combat inflation-driven blow with a comprehensive strategy and higher rates also appeared to have helped the market's sentiment. It should be noted that discussions about potential difficulties for Chinese technology companies and unfavorable inflation data for China recently seemed to test the XAU/USD bulls.

 

The US 10-year Treasury yields, which are indicative of the mood, are behind after a good day at around 3.32%, while the S&P 500 Futures tracks Wall Street's advances at about 4,020. The stocks in the Asia-Pacific region are also still firmer, it should be noted, as cautious optimism grows during a sluggish session.

 

The XAU/USD prices are probably going to finish the week on a high note given the risk-on mindset and depressed US dollar. The final round of Fedspeak before the blackout period, which begins this weekend, should nevertheless be paid heed to for new inspiration. Conversations on US inflation ahead of the US Consumer Price Index (CPI) statistics the following week will be crucial.


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