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According to The Information, OpenAI founder Altman stated that OpenAI plans to postpone other initiatives, such as its advertising business.On December 2nd, Intel announced an additional investment of RM860 million (US$208 million) to make Malaysia its assembly and testing operations hub, a move Malaysian Prime Minister Anwar Ibrahim stated would boost the Southeast Asian nations key role in the global semiconductor supply chain. He added that Intels decision was based on confidence in Malaysias long-term plans. Anwar stated that Intel already has operations in Malaysia, including a RM12 billion advanced packaging plant in Penang, which is 99% complete. In 2021, the US company pledged a US$7 billion investment to establish a manufacturing base in Penang. Malaysia accounts for approximately 13% of the global chip packaging, assembly, and testing (the final step in semiconductor manufacturing) market, an industry that drives 40% of Malaysias export output. As major governments race to strengthen their semiconductor capabilities, Malaysia has been striving to elevate its position in the global supply chain.Futures News, December 2nd: As of December 1st, the mainstream benzene market price in East China closed at 5320 yuan/ton, down 110 yuan/ton from 5430 yuan/ton at the beginning of November. From a fundamental perspective, December arrivals in East China are concentrated, and major ports in East China will enter a period of continuous inventory accumulation. In addition, with the weather turning colder, insufficient end-user orders and low downstream operating enthusiasm continue to put pressure on price recovery across the industry chain. However, on the cost side, geopolitical tensions threaten market supply, and European and American crude oil futures rose 1.3%. Under the interplay of bullish and bearish factors, the benzene market is expected to trade within a range.On December 2nd, futures market news reported that crude oil prices traded higher yesterday, primarily driven by the return of two major geopolitical risk premiums. Firstly, the slow progress of peace talks between Russia and Ukraine, coupled with Ukraines attacks on European oil ports and pipelines; secondly, the USs air traffic control over a South American country over the weekend, leading to the breakdown of peace talks and heightened tensions in South America. Zhuochuang Information predicts that the return of geopolitical risks has led to an increase in oil prices. However, whether this upward trend can continue depends on close monitoring of developments. If the conflict escalates, oil prices will continue to rise; otherwise, if the situation remains manageable, oil prices will likely experience wider fluctuations. In the short term, the geopolitical risk premium remains high, and oil prices are expected to remain relatively strong.Fitch: Penalties imposed on South Korean banks highlight non-financial risks.

Gold Price Forecast: XAUUSD Is Being Offered and Is Approaching Critical Support

Larissa Barlow

Apr 25, 2022 10:17

Gold prices have been under pressure in Tokyo and have fallen to a new Asian session low of $1,927.50c, down 0.2 percent at the time of writing. The US dollar is firming at an hourly support level as the euro begins to stall on its opening bid following the French election results.

 

The XAU/USD bears are in early doors as the focus continues on the Federal Reserve, with market investors bracing for a faster-than-expected rate of reversion to neutral rates by the central bank.

 

"Rates continue to reprice higher as the market pencils in another rate hike in 2022, pricing in 10 additional hikes over the course of the year, implying a bigger overshoot of neutral. While gold prices have remained extremely resilient in the face of an aggressively hawkish Federal Reserve, as a protracted war in Ukraine simultaneously increased geopolitical uncertainty and inflation risks, fueling demand for safe havens, we see few participants remaining with an appetite to buy gold," TD Securities analysts said.

 

Fed Chairman Jerome Powell proposed a 50 basis point (bps) interest rate hike in his presentation to the International Monetary Fund (IMF) on Thursday. This has increased the likelihood of the Fed announcing a big rate hike in May monetary policy. Additionally, Powell stated that the US economy's multi-decade high inflation requires a rapid pace of interest rate hikes, implying that investors should brace for more than one 50 basis point rate hike announcement this year. Additionally, the market's risk-aversion trend is supporting the greenback versus the precious metal.

Technical Analysis of Gold

On an hourly basis, XAU/USD is bouncing below the 61.8 percent Fibonacci retracement level at $1,931.56 (which corresponds to the March 29 low of $1,890.21 and last week's high of $1,998.43). The 20- and 50-period Exponential Moving Averages (EMAs) are contracting, confirming the downside tendency. Meanwhile, the Relative Strength Index (RSI) (14) has moved into a bearish area of 20.00-40.00, indicating the possibility of a new bearish impulsive wave. 

Gold Hourly Chart

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