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On July 23, Wang Yi stated that Prime Minister Tariqs successful official visit to China last month, during which the leaders of both countries jointly announced the building of a China-Bangladesh community with a shared future in the new era, provided new strategic guidance and outlined a new blueprint for the development of bilateral relations. As a trustworthy neighbor and good friend of Bangladesh, China will, as always, support the Bangladeshi government in its smooth governance and is willing to work with Bangladesh to implement the consensus reached by the leaders of the two countries, enhance strategic communication, deepen political mutual trust, promote high-quality Belt and Road cooperation, and push forward the building of a China-Bangladesh community with a shared future in the new era, bringing more benefits to the people of both countries. Khalid stated that Bangladesh firmly adheres to the one-China principle and is willing to work with China to implement the outcomes of this visit, advance cooperation such as the China-Myanmar-Bangladesh Economic Corridor, and jointly build a China-Bangladesh community with a shared future in the new era.The Israel Defense Forces (IDF) stopped and detained several Israeli citizens attempting to cross the border into Syria in the Hermon region on Wednesday, local time. The IDF condemned this "criminal" act that endangered border security.July 23 – First, the building of a community with a shared future with neighboring countries has deepened and become more practical. China and the eight ASEAN countries have reached an important consensus on jointly building a bilateral community with a shared future, further solidifying the foundation for building a closer China-ASEAN community with a shared future. Second, trade volume has steadily increased. The upgraded protocol of the China-ASEAN Free Trade Area 3.0 was officially signed, and the two sides have been each others largest trading partners for six consecutive years, with trade volume expected to exceed one trillion US dollars by 2025. Third, cooperation has been strengthened to overcome difficulties. After the strong earthquake in Myanmar and the earthquake in Mindanao, Philippines, China provided immediate assistance, demonstrating the fine tradition of mutual support between China and ASEAN countries. Fourth, people-to-people exchanges have become more active. The China-ASEAN Year of People-to-People Exchanges (2024-2025) will host nearly 200 high-level and popular events. China has introduced a special "ASEAN Visa" to facilitate and enhance people-to-people exchanges, further strengthening the people-to-people ties between the two sides.British Chancellor of the Exchequer Healy: The goal is to improve affordability.British Chancellor of the Exchequer Healy: I will support wealth creation.

Gold Price Prediction: XAU/USD maintains rises near $1,650 in advance of a crucial Fed decision

Alina Haynes

Nov 02, 2022 17:50

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Gold pricing is benefiting from the US dollar's continuing weakening, as Treasury yields feel the heat of normal market concern preceding a US Federal Reserve (Fed) event.

 

Asian markets were a mixed bag, as the Chinese tech stocks-led surge sputtered and growth fears reemerged in the wake of the extension of covid lockdowns in numerous cities. In the meantime, benchmark US 10-year interest rates are returning to the 4% critical level, allowing gold prices to remain buoyant.

 

Investors eagerly await any hints of a lesser rate increase in December as all eyes remain on the anticipated 75 bps Fed rate hike decision, with Chairman Jerome Powell's press conference grabbing the spotlight. The US ADP Employment Change data will also be monitored prior to the Fed event, as it may present transitory trade opportunities. Until Friday's release of Nonfarm Payrolls, traders may take signals from ADP jobs while awaiting the Nonfarm Payrolls report.

 

Even though the 14-day Relative Strength Index (RSI) is below the 50 level, a dovish Fed rate hike might turn the tables on bears, allowing XAU/USD bulls to retake the bearish 21-Daily Moving Average (DMA) around $1,660 with conviction. Gold bulls could stretch their muscles in the direction of the high at the end of October of $1,675 while gaining vigor to target the $1,700 level.

 

On the other hand, a hawkish surprise might cause the gold market to resume its broader downward trend, with initial support likely at the current range lows near $1,680. The $1,620 round number represents the next downside limit, below which the $1,617 October low could be endangered.


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