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U.S. stocks pared gains, with some indices turning negative. The S&P 500 fell 0.03%, the Nasdaq fell 0.62%, and the Dow Jones Industrial Average was up 0.44%.June 25th - Following the 4.1% year-on-year increase in PCE in May, some economists predicted this could be the peak of price increases. However, RSM Chief Economist Joseph Brusuelas stated that the 0.3% increase in core inflation, compared to the 3.4% year-on-year increase, is likely to be sustained. Given the significant transmission pressure within the PPI index over the past few months, these prices, unlike the overall data, will not fall back so easily.On June 25, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Austrian Foreign Minister Reisinger in Beijing. Wang Yi stated that the current international situation is fraught with chaos, and China congratulates Austria on its election as a non-permanent member of the UN Security Council. China is willing to strengthen communication and cooperation with Austria, support multilateralism and free trade, and promote the reform and improvement of the global governance system. The correct positioning of China-EU relations is partnership, not adversarial; Chinas development is an opportunity, not a challenge, for Europe. China appreciates Austrias rational and pragmatic policy towards China and hopes that Austria will continue to play a constructive role in the development of China-EU relations. Reisinger stated that Austria attaches great importance to developing relations with China and is willing to strengthen strategic dialogue with China, expand cooperation in various fields such as trade and investment, and green development. Austrian companies are willing to continue to deepen their presence in the Chinese market and participate in Chinas modernization. The two sides also exchanged in-depth views on the Ukraine crisis and the situation in the Middle East.Shares of U.S. memory chip manufacturers rose, with SanDisk (SNDK.O) up 16%, Western Digital (WDC.O) up 9.5%, and Seagate Technology (STX.O) up 9.7%.On June 25th, the Network Audiovisual Department of the State Administration of Radio and Television issued the "Management Guidelines (Classification and Tiering Standards for AI Micro-Dramas)". The guidelines state that the widespread application of artificial intelligence technology in the micro-drama field has improved work efficiency, expanded creative boundaries, and empowered industry development, while significantly reducing production costs. To further implement the State Administration of Radio and Televisions requirements for the classification and tiering management of micro-dramas and promote their healthy development, the following classification and tiering standards for AI micro-dramas are hereby proposed: AI micro-dramas with an investment of 800,000 yuan or more, or whose main plot involves special themes such as politics, military affairs, diplomacy, national security, united front work, ethnicity, religion, justice, and public security, will be managed as "Key Micro-Dramas". AI micro-dramas with an investment between 300,000 yuan (inclusive) and 800,000 yuan and of general themes will be managed as "Ordinary Micro-Dramas". AI micro-dramas with an investment of less than 300,000 yuan and of general themes will be managed as "Other Micro-Dramas". These standards will take effect on July 1, 2026.

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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