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On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.On October 12th, local time, senior Hamas official Osama Hamdan announced that 48 Israeli detainees in the Gaza Strip would begin to be released on the morning of the 13th. According to the first phase of the Gaza ceasefire agreement, within 72 hours of the Israeli withdrawal, Hamas must release all Israeli detainees in the Gaza Strip and return the remains of those who died. Israel will also release approximately 1,900 Palestinian detainees. Hamas had previously stated that it might be difficult to recover the remains of some of the detainees within the 72-hour deadline, a fact Israel is aware of. It is understood that 20 Israeli detainees remain alive in Gaza, while another 28 have died.On October 11th, Canadian Imperial Bank of Commerce Capital Markets analyst Anita Soni predicted in her latest forecast that gold prices will rise to $4,500 per ounce in 2026 and 2027, before falling back to $4,250 in 2028 and $4,000 in 2029. The analyst stated that she still expects gold to face a positive macroeconomic environment. Uncertainty regarding tariffs will persist, and the negative impact of tariffs implemented to date and those expected to be implemented on consumer purchasing power has yet to fully manifest in the US economy. Meanwhile, the Federal Reserve succumbed to Trumps calls for rate cuts earlier than Soni had anticipated. Soni believes that while the rise in gold prices earlier this year was related to rate cuts, the recent parabolic surge stems from concerns about long-term inflation and wealth preservation, as the Feds monetary policy has not specifically focused on long-term inflation.Ukrainian President Zelensky: Thank you for the United States willingness to provide support and discussed strengthening air defense capabilities.

Gold Price Forecast: XAU/USD struggles around $1,800 ahead of ISM Services PMI data

Daniel Rogers

Dec 05, 2022 12:04

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In the early Tokyo session, the gold price (XAU/USD) is under intense pressure to overcome the round-level barrier of $1,800.00. The precious metal is highly projected to display additional gains ahead and may extend towards a fresh three-month high at $1,824.63 as the bullish US Nonfarm Payrolls (NFP) failed to fade the risk appetite theme.

 

The US Dollar Index (DXY) is seeking to re-test the previous week's low around 104.40 as market investors believe that good employment growth in November is inadequate to offset forecasts of a slowdown in the Federal Reserve's interest rate hike pace (Fed). In addition, rates on 10-year US Treasuries have fallen further below 3.50 percent and are receiving no intermediate buffer.

 

Monday's publication of United States ISM Services data is the economic indicator that investors are anticipating for additional guidance. The expected economic data is 55.6, up from 54.4 in the previous release. Apart from that, the catalyst which will effect Gold prices is the ISM Services New Orders Index data. The economic statistics is anticipated to rise to 58.5, which shows healthy demand from households and may provide a cushion against future inflation.

 

After a drop to roughly its November 15 high of $1,777.32, the hourly demand for gold has increased significantly. The yellow metal is aiming for a three-month high of approximately $1,805.00. The Gold price has surpassed the 20-period Exponential Moving Average (EMA) at $1,795.90 after sensing support from the 50-period EMA near $1,790.00, indicating a shift in the short-term trend toward the upside.