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On June 3, local time, the U.S. Central Command stated that on June 2, local time, the U.S. military took action against an oil tanker in the Arabian Gulf, rendering it unable to navigate. The U.S. Central Command stated that the Botswana-flagged oil tanker "Lexie" was en route to Kharg Island, Iran. The U.S. stated that the ship repeatedly ignored U.S. warnings and instructions within 24 hours and failed to comply with relevant blockade measures. Subsequently, a U.S. military aircraft fired a Hellfire missile at the ships engine room, causing the tanker to lose power and be unable to continue its journey to Iran. The U.S. Central Command stated that since the implementation of the blockade measures targeting maritime traffic to and from Iranian ports on April 13, the U.S. military has disabled six commercial vessels and diverted 122 ships. The U.S.-Iran ceasefire is currently ongoing.According to the Associated Press: Acting U.S. Attorney General Todd Branch said the Trump administration will abandon plans to establish an $1.8 billion fund to “compensate” the Republican president’s ally after facing widespread political backlash and court defeats.The API reported that U.S. crude oil production increased by 185,000 barrels per day in the week ending May 29, compared with 629,000 barrels per day in the previous week.U.S. refined product imports for the week ending May 29 were 334,000 barrels per day (API), compared to a previous weeks -171,000 barrels per day.U.S. crude oil imports for the week ending May 29 were 543,000 barrels, compared to a previous weeks -223,000 barrels.

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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