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September 21 (Reuters) - Iranian President Sergei Pezechzian plans to address the United Nations General Assembly on Wednesday, outlining Irans position on international affairs, particularly its stance on the aggressive war waged against Iran by the United States and Israel. A high-level delegation will accompany him. Pezechzian will also hold high-level meetings and consultations with leaders of several countries during the UN General Assembly session. President Trump is scheduled to address the General Assembly on Tuesday, having previously stated his openness to meeting with the Iranian president at the assembly.September 21 - According to a report by Al-Masirah TV, controlled by the Houthi rebels in Yemen, Saudi Arabian warplanes attacked a communications tower in Yemens northern Jawf province on September 20, killing four people and injuring three. The report stated that Saudi warplanes attacked the communications tower in the Hab and Shaaf districts of Jawf province, killing four workers and injuring three others. Saudi Arabia has not yet responded to the incident.According to Irans Mehr News Agency, Yemeni sources say that Saudi Arabia has launched an attack on Yemens northern province of Jawf.According to Axios, US President Trump will meet with Ukrainian President Zelensky in New York on Tuesday, as the US works toward a de-escalation agreement between Russia and Ukraine.September 21 – French President Emmanuel Macron said on the 20th that France supports the agenda of closer ties between Canada and the European Union, and supports Canada becoming a joint member of the EU. Macron made the remarks during a joint press conference with visiting Canadian Prime Minister Mark Carney in Saint-Pierre, the capital of the French overseas territory of Saint-Pierre and Miquelon. Macron said this was the first official visit by a Canadian prime minister to Saint-Pierre and Miquelon, and that the two countries would strengthen cooperation in areas such as fisheries, security, and energy.

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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