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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Gold Price Forecast: XAU/USD confronts resistance above $1,650 as the DXY recovers and fears of a recession loom

Alina Haynes

Oct 18, 2022 11:39

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In the Tokyo session, the gold price (XAU/USD) has encountered selling pressure while attempting to hold above the $1,650.00 barrier. The precious metal's backward movement has ended as the US dollar index (DXY) has regained following a decline to about $1,646.83 during the late New York session.

 

The DXY has regained bids about 112.00 after lingering under the control of bears. However, the risk-taking attitude persists. The S&P500 futures are maintaining their overnight gains on a positive Monday. In addition, 10-year US Treasury rates fluctuate below the key level of 4%. As hawkish Federal Reserve (Fed) monetary policy wagers remain strong, the yellow metal may resume its decline towards $1,640.00 in the near future.

 

According to the CME FedWatch tool, the probability of a fourth straight 75-bps increase in interest rates is 99.1%.

 

Meanwhile, recession fears have increased following J.P. Morgan's bearish commentary. Regarding financial instruments, Morgan. J.P. Morgan strategists According to Reuters, Morgan is reducing their delivery longs in equities and their underweight position in bonds because to the increasing possibility that central banks may make a hawkish policy blunder.

 

On an hourly scale, gold prices have gained substantial selling pressure in a number of efforts to surpass the highest auction zone located between $1,661.70 and $1,684.50. At $1,654.43, the precious metal has detected resistance at the 20-period exponential moving average (EMA).

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