EUR/USD 1.15904
-0.169%
Gold 5186.87
-0.096%
Oil 85.191
-0.054%
USD/JPY 158.570
0.337%
GBP/USD 1.34242
0.054%
GBP/JPY 212.872
0.435%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 11, local time, Fadavi, deputy commander of the Iranian Islamic Revolutionary Guard Corps, stated that there are currently no US ships within 700 kilometers of Iranian waters. He claimed that the US Navy has "fled" the area because the US is aware that Iran has developed a special operational plan to target and sink its aircraft carrier. Furthermore, Fadavi warned the US that it must consider the possibility of becoming bogged down in a protracted war of attrition, which could lead to the complete collapse of the US and even the global economy. Fadavi also stated that Iranian armed forces shot down a US F-15 fighter jet south of Tehran.On March 11, the International Energy Agency (IEA) announced it would release 400 million barrels of oil from its emergency reserves to the market. The IEA stated that the situation in the Middle East has posed a "significant and escalating risk" to the oil market. These reserves will come from the mandatory reserves of IEA member countries. According to regulations, member countries must hold stocks equivalent to at least 90 days of net imports from the previous year. Reserves can be in the form of crude oil, refined products, or a combination of both. The latest IEA data shows that North Americas strategic reserves are primarily crude oil, while European and Asian member countries hold both crude oil and refined products. As of the end of 2025, the total amount of oil in IEA member countries public stocks will be 1.25 billion barrels, accounting for approximately 30% of the OECDs total oil stocks. This is the sixth time the IEA has issued an emergency reserve release order since its establishment in 1974.Gazprom: All attacks have been repelled.Gazprom: Drones attacked Russian gas pumping stations.Polish Central Bank Governor Grapinski: Poland has 570 tons of gold reserves.

Gold Price Prediction: XAU/USD aims for $1,620.00 as yields surge and the Fed raises rates. Powell's address targeted

Alina Haynes

Sep 28, 2022 14:47

134.png 

 

Gold price (XAU/USD) is fluctuating at $1,625.00 after falling below the Asian session consolidation range of $1,626.83-1,632.72. The precious gold continues to decline after encountering obstacles over $1,640.00. Amid increasing U.S. Treasury yields, the price of gold is anticipated to fall to around $1,620.00. In addition, market participants will keep the precious metal on edge prior to Jerome Powell's Federal Reserve (Fed) address.

 

Fed Powell will sound hawkish and present a road map for additional rate hikes in the remainder of 2022, taking into account the responsiveness of the drop in price pressures to the central bank's rate of rate hikes. The Fed will want to remain data-dependent in 2023. As the gap between current rates and the goal terminal rate of 4.6% is relatively small in 2023, it seems certain that the Fed will slow the pace of rate hikes.

 

In the meantime, the continuous battle against inflationary pressures is boosting the yields on US Treasury securities. The benchmark 10-year rate has reached 4% for the first time since 2010. After reaching a crucial level, yields have experienced selling pressure but have opened the door for additional gains.

 

On an hourly basis, gold prices are exhibiting a reduction in volatility amid auctions inside a restricted range of $1,621.46-1,648.33. An explosion in the same will produce wider ticks and a high volume. The horizontal resistance is derived from the low on September 16 of $1,654.17.

 

Around $1,640.00, the 50-period Exponential Moving Average (EMA) has performed as a significant barrier for the counter. In addition, the Relative Strength Index (RSI) has slipped into the negative 20.00-40.00 region, triggering a momentum decline.


Suggestion