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On December 12th, Andrew Wishart of Berenberg stated that the UK economic slowdown has been stronger than expected, which could prompt inflation to fall more quickly and accelerate the Bank of Englands pace of interest rate cuts. He pointed out that the UKs three-month GDP fell by 0.1% month-on-month in October, widening the cumulative output contraction since June to 0.4%. More recent survey data suggests that this weakness is continuing, likely stemming from deteriorating fundamentals rather than budget-related confidence setbacks. Berenberg now expects the Bank of England to implement four 25-basis-point rate cuts by July 2026, bringing the benchmark interest rate down to 3.0%, lower than the previously predicted 3.5%. "An economic downturn is a necessary pain to bring inflation down to an acceptable level. It now appears that this pain may be more severe than we initially anticipated."Market news: The Bank of Japan believes its rate hike cycle may be prolonged until interest rates exceed 0.75%, and the Bank of Japan is still unable to determine the exact level of the neutral interest rate.On December 12th, Hengkun New Materials announced that its initial public offering (IPO) of 67,397,940 shares at a price of RMB 14.99 per share raised a total of RMB 1.01 billion, with net proceeds of RMB 892 million. Given that the actual net proceeds were lower than the planned investment amounts for the projects disclosed in the prospectus, the company plans to adjust the planned investment amounts for these projects. The "Phase II Project of Integrated Circuit Precursors" remains unchanged, while the "Advanced Materials for Integrated Circuits Project" is adjusted to RMB 492 million, totaling RMB 892 million. The shortfall will be covered by the companys own funds or self-raised funds. This adjustment has been approved by the board of directors and the supervisory board, and the sponsor has no objection.Mizuho Bank raised its target price for Broadcom (AVGO.O) from $435 to $450.ACMs stock price rose 3.2% in pre-market trading after Intel tested ACMs chip manufacturing tools.

Gold Price Prediction: XAU/USD cannot consolidate over $1680 as yields continue to rise

Alina Haynes

Sep 23, 2022 12:06

截屏2022-09-20 下午12.00.01.png 

 

Gold reached a new daily high of $1685 following the start of the American session, but failed to hold above $1680 and fell to $1665. It continues to move sideways in a wide range between $1655 and $1685, hovering around $1670.

 

Despite increasing volatility, XAUUSD maintains its range. The consolidation occurs within the context of an ongoing bearish trend. A sustained recovery over $1680 might pave the way for a more significant bullish correction. In contrast, the loss of $1650 might initiate an acceleration initially targeting $1640.

 

Following the Federal Reserve's 75 basis point rate hike, US rates continue to rise on Thursday. The US 10-year yield is 3.70 percent, the highest level since February 2011, while the 2-year yield is 4.15 percent, the highest level since 2007. Higher yields are typically undesirable for gold bulls. In the current setting, negative news may be favorable for gold.

 

Earlier on Thursday, the Japanese government's involvement in the currency market depressed the dollar and aided the recovery of the XAU/USD pair. Nonetheless, the recovery was brief.


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