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According to AFP: Brazil gave Meta Platforms (META.O) 72 hours to explain its new fact-checking policy.Natural Gas of Spain: In December, liquefied natural gas accounted for 53.5% of Spains natural gas imports, and natural gas imported through pipelines accounted for 46.7%.On January 11, Donald Rissmiller, chief economist at New York research firm Strategas Research, said that the stronger-than-expected non-farm payrolls in December put a solid end to 2024, but this did not significantly change the trajectory of the US economy. Rissmiller said that growth in all industries except manufacturing should give the Federal Reserve time to cut interest rates because the cooling of the economy seems to be quite gradual. But the report also shows that one month of strong performance does not change the overall situation. The length of time workers are unemployed continues to increase, suggesting that the job market is not as tight as before.January 11th, following the shocking non-farm payrolls data in December last year, investors are now turning their attention to the December CPI data scheduled for release next Wednesday. Bank of America analysts Sarah House and Aubrey Woessner expect overall inflation to reach a five-month high of 2.9% in December, higher than 2.7% in November. They said in a report that the core CPI growth rate is expected to remain at 3.3% for the fourth consecutive month. They believe that inflation "will stagnate this year as anti-inflationary benefits from improved supply chains and falling commodity prices have faded, while new headwinds may emerge from trade policy."Morgan Stanley said the U.S. nonfarm payrolls report should reduce the likelihood of a near-term Federal Reserve rate cut.

Gold Price Prediction: XAU/USD extends advances after attracting bids near $1,650; yields target 4%

Alina Haynes

Oct 26, 2022 15:06

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The gold price (XAU/USD) has extended its advances to around $1,657.50 after a more robust recovery from $1,650.00, the key support level. Thursday's announcement of US Gross Domestic Product (GDP) data is anticipated to keep investors on the edge of their seats about the precious metal.

 

The risk profile exhibits conflicting responses as S&P500 futures seek a rebound following a large decline in Tokyo. The failure of the US dollar index (DXY) to sustain above the round-level resistance of 111.00 implies a drop in the appeal of safe-haven assets.

 

As investors have abandoned the risk-aversion thesis, the alpha generated by US Treasuries is seeking greater downside. The yields on 10-year US Treasuries have fallen below 4.10 percent, and the present downward momentum could weigh on future pressure.

 

On Thursday, the announcement of US GDP statistics is anticipated to cause extreme price volatility in gold. According to preliminary estimates, the US growth rate for the third quarter of CY 2022 is 2.4%, up from a previously reported negative rate of 0.6%.

 

After falling below the horizontal support established by Thursday's high of $1,640.55, gold prices have rebounded strongly on an hourly scale. The downward-sloping trendline drawn from the high of October 13 at $1,682.53 will act as significant resistance for gold prices going forward.

 

As the Relative Strength Index (RSI) (14) has moved into the 40.00-60.00 zone, a sideways trend is anticipated for the precious metal in the future. Near $1,651.50, the 20-period Exponential Moving Average (EMA) is providing significant support for the currency.


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