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July 18th - According to US media reports on the 17th, the US government has notified Israel that it will send dozens more refueling aircraft to Israel, potentially escalating military operations against Iran. Axios, citing Israeli officials, reported that the US hopes to send dozens more refueling aircraft to Israel in the coming days, restoring the number to the level at the beginning of the US-Israel conflict with Iran in late February. The report stated that the US government has requested Israel to accept the additional refueling aircraft, and Israeli Prime Minister Netanyahu will make the final decision. The US currently has approximately 30 refueling aircraft parked at Ben Gurion International Airport near Tel Aviv, Israel, and a similar number at Ramon Airport in southern Israel. The report suggests that US President Trump appears intent on escalating the conflict to create sufficient disruption to force Iran to open the Strait of Hormuz and accept US demands on the nuclear issue. According to US and Israeli officials, Trump may order an escalation of the situation in the coming days.Lucid Group (LCID.O) rose 32%, marking its biggest single-day gain in nearly a year.This week, the S&P 500 fell 1.55%, the Nasdaq fell 2.9%, and the Dow Jones fell 0.93%.The Dow Jones Industrial Average closed down 406.55 points, or 0.77%, at 52,146.42 on Friday, July 17; the S&P 500 closed down 76.11 points, or 1.01%, at 7,457.66; and the Nasdaq Composite closed down 361.70 points, or 1.40%, at 25,520.24.Hang Seng Index futures closed up 0.54% at 24,602 points in overnight trading, a premium of 40 points.

Gold Price Forecast: XAU / USD flirts with $1,850 support convergence; Fed's Powell, US NFP in focus

Daniel Rogers

Mar 06, 2023 14:40

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Gold price (XAU/USD) remains mostly illiquid around $1,855 as traders brace for the key data/events during early Monday in Europe. Adding filters to the XAU/USD movements could be the muddled headlines from China, as well as the US Dollar’s inaction despite a pullback in the Treasury bond yields.

 

The National Development and Reform Commission of the People's Republic of China (NDRC) recently stated that it "Will further discharge the potential for consumption," adding that China's economy is consistently improving, as reported by Reuters. Earlier in the day, market sentiment deteriorated after China's National People's Congress (NPC) annual session appeared to be a gloomy event due to its development target and geopolitical concerns.

 

Elsewhere, San Francisco Federal Reserve Bank President Mary Daly highlighted the significance of incoming data to determine how high the rates can go. Previously, Atlanta Fed President Raphael Bostic renewed concerns about the Fed’s policy pivot while Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it plainly said, “Ongoing increases in the Fed funds rate target are necessary.” In addition, the report stated that the Fed is committed to restoring inflation to 2%.

 

It should be noted that US 10-year Treasury bond yields rose to their highest levels since November 2022 in the previous week before falling to 3.95% by the end of Friday and circling back to the same level at the latest. More significantly, US two-year bond coupons increased to levels not seen since 2008 before retracting to 4.85% as of press time. That said, the S&P 500 Futures print mild gains, mirroring Wall Street’s movements amid a light sluggish start to the key week, whereas the US Dollar Index (DXY) remains depressed around 104.45, down 0.05% intraday by the press time.

 

Moving ahead, Gold traders may witness further inaction in the market as traders remain cautious before the key events including Fed Chair Jerome Powell’s Testimony, China’s inflation data and Friday’s US employment report for February.


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