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February 25th - The draft law on national fire and rescue personnel was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. The draft law consists of 7 chapters and 47 articles, regulating the management of national fire and rescue personnel, clarifying recruitment and exit systems, and protecting the legitimate rights and interests of national fire and rescue personnel, specifying funding guarantees and salary benefits.February 25 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on February 25. A reporter from RIA Novosti asked, “US Republican Senator Ted Cruz said on Tuesday that the governments of Venezuela, Cuba, and Iran could be replaced by pro-US regimes within the next six months. Given China’s close relations with these three countries, what is China’s comment on this?” Mao Ning stated that China opposes interference in other countries’ internal affairs under any pretext and opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty of other countries.February 25 – On February 25, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from the German Press Agency (dpa) asked: Before departing for Beijing, German Chancellor Merz outlined five guidelines for his trip to China. Unlike the previous government, Merz did not refer to China as a "systemic rival," a term previously included in the previous governments so-called "China strategy." What is Chinas comment on this? Mao Ning stated that China and Germany are comprehensive strategic partners, having accumulated successful practices in healthy competition and integrated development. Sino-German cooperation is mutually beneficial, bringing tangible benefits to the people of both countries. Both sides should uphold the principles of mutual respect, equality, and win-win cooperation to promote greater development of Sino-German relations and jointly make greater contributions to world peace and prosperity.February 25th - The draft amendment to the Certified Public Accountants Law was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. This amendment further regulates professional conduct, improves regulatory measures, and strengthens accountability.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending February 23, total refined product inventories at the port of Fujairah were 20.528 million barrels, a decrease of 19,000 barrels (0.1%) from the previous week, marking the third decline in four weeks. Specifically, light distillate fuel oil inventories decreased by 148,000 barrels to 9.737 million barrels, falling from the six-month high reached the previous week; middle distillate fuel oil inventories decreased by 106,000 barrels to 2.921 million barrels, a three-week low; and heavy residual fuel oil inventories increased by 239,000 barrels to 7.87 million barrels, the first increase in four weeks.

Gold Price Prediction: XAU/USD aims to hold over $1,800 as market sentiment surges

Daniel Rogers

Dec 27, 2022 10:53

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Gold price (XAU/USD) has surpassed Friday's peak around $1,804.00 and is anticipated to change its auction profile over the psychological resistance of $1,800.00 during the Tokyo session. The precious metal is anticipated to maintain its upward pace as market players' risk appetite improves.

 

The risk profile has turned positive as investors anticipate a future fall in U.S. inflation, driven by a reduction in the Personal Consumption Expenditures (PCE) Price Index. A fall in consumption expenditure represents a reduction in household demand, which will be compensated by a decline in the pricing of products and services. This resulted in the S&P 500's rebound on Friday. In addition, a decrease in the demand for durable goods has bolstered prospects of a future reduction in inflation.

 

In the meantime, the US Dollar Index (DXY) has dropped abruptly to about 103.75 after struggling to surpass the immediate resistance level of 104.00 as a slowdown in family spending may compel the Federal Reserve (Fed) to reduce the upcoming peak in interest rates. Yields on 10-year US Treasuries have decreased to about 3.73 percent.

 

The gold price has rallied after testing the lower boundary of the four-hour Rising Channel chart pattern. The upper section of the aforementioned chart pattern is drawn from the high of around $1,786.55 on November 15, while the lower portion is drawn from the low of approximately $1,740.00 on November 29. The 100-period Exponential Moving Average (EMA) at approximately $1,791.00 has served as a significant support for the Gold price.