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On May 10th, Canadian Prime Minister Mark Carney stated at a political conference in Toronto on Saturday that Canada is willing to establish closer trade ties with the United States and Mexico in specific industries to boost the North American economy. He mentioned the "North American Fortress" initiative but did not specify any particular sectors. Carney indicated that if this approach fails, Canada will invest heavily in new markets and new products. The United States, Mexico, and Canada are scheduled to begin reviewing a trade agreement this year. Trump has already imposed tariffs on products such as automobiles and steel, disrupting the closely intertwined supply chains among the three countries. Carney had previously set a goal of doubling exports to countries outside the United States within ten years.The Bahraini Foreign Minister demanded that Iran cease its aggressive and provocative actions against Bahrain and other countries in the region, as well as its egregious interference in their internal affairs.Bahrains Foreign Minister: Bahrain condemns and strongly condemns Irans continued interference in its internal affairs and its actions that threaten the security and stability of the Gulf states.Commander of the Aerospace Force of the Iranian Islamic Revolutionary Guard Corps: The Aerospace Forces missiles and drones have locked onto the enemy, and we are awaiting the order to launch.On May 10th, local time, the final vote count for the 136th Local Council of England was released, completing the election results for the English Local Council, as well as the Scottish and Welsh Parliaments. In this election, both of Britains traditional two major parties, the Labour Party and the Conservative Party, suffered significant setbacks, while the Reform Party, the Green Party, and other parties saw a marked increase in strength, further highlighting the trend of "fragmentation" in British politics. Data shows that in the English Local Council elections, the Reform Party won 1453 seats, becoming one of the biggest winners; the Labour Party won 1063 seats; and the Conservative Party won 801 seats. Analysts believe that this British local election demonstrates that the traditional two-party (Labour and Conservative) dominance in Britain is being significantly challenged. British politics is further developing towards multi-party competition and political fragmentation.

Gold Price Prediction: The XAU/USD pair aims to extend its climb above $1,920 as the Federal Reserve softens its policy tightening tempo

Alina Haynes

Jan 16, 2023 10:50

截屏2023-01-16 上午10.41.37.png 

 

In the early Asian session on Monday, the gold price (XAU/USD) moved sideways following a mammoth rally to the important resistance of $1,920.00. After breaching the $1,900 round-level barrier for the first time in eight months, the precious metal attracted considerable buying interest. In addition, a decline in the US Dollar Index (DXY) boosted the Gold price.

 

The risk profile remains optimistic as the S&P500 has posted a four-day winning run and the Federal Reserve (Fed) is expected to reduce the pace of its current policy tightening in response to a decrease in December's inflation data. Despite the risk appetite trend, the yield on US Treasury bonds has increased to 3.50 percent and remains strong. Despite Friday's rise in U.S. Consumer Confidence numbers, the US Dollar Index stayed below 101.80.

 

The University of Michigan announced a Consumer Confidence reading of 64,6 as opposed to the anticipated 60.5. The street is aware that retail demand has slowed, thus the factor that has encouraged customers is the decrease in inflation caused by decreased gasoline costs.

 

Wells Fargo analysts observe that the respite on the inflation front and wage growth are boosting sentiment, but they caution that the still-sour buying conditions suggest the positive sentiments in this report may not transfer into a spending spree.

 

At $1,897.42, the gold price has surpassed the 61.8% Fibonacci retracement (set from March 8's high of $2,070.54 to September 28's low of $1,614.85) Upward-sloping 10- and 20-period Exponential Moving Averages (EMAs) at $1,881.49 and $1,856.40, respectively, contribute to the upward filters.

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