EUR/USD 1.13865
0.150%
Gold 4071.52
1.116%
Oil 69.386
-2.717%
USD/JPY 161.751
-0.028%
GBP/USD 1.31980
0.059%
GBP/JPY 213.482
0.043%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to The Information, Baidus chip division, Kunlun Chip, plans to list in Hong Kong with a valuation of $50 billion. IPO investors must commit to purchasing chips equivalent to 3 to 7 times their subscription amount.On June 29, the Iraqi Foreign Minister stated his willingness to mediate between the US and Iran to end the war. Speaking at a joint press conference with the Iranian Foreign Minister in Baghdad, the Iraqi Foreign Minister said, "Iraq maintains good relations with both the United States and Iran, and we are prepared to cooperate with both sides to resolve this conflict." He added that Iraq had previously successfully established cooperative relations between Iran and the United States. He pointed out that despite the memorandum of understanding signed between Iran and the United States, the conflict in the Strait of Hormuz continues. He said, "The war must end because it will lead to the destruction of the entire region, not just one country."No casualties have been reported in the 5.5-magnitude earthquake that struck Gao County, Yibin City, Sichuan Province.June 29 – Iranian Foreign Ministry: Iranian Foreign Minister Araqchi met and held talks with the Iraqi Prime Minister in Iraq on Sunday noon. During the meeting, Araqchi emphasized Irans determination to strengthen and expand relations with Iraq in various fields, and believed that cooperation between the two countries in the political, economic, security, commercial, cultural, and people-to-people spheres is in the common interest of both countries and contributes to enhancing regional stability and security. Araqchi also outlined the latest diplomatic developments aimed at ending the US-Israel war against Iran, and stressed the need for all regional countries to commit to maintaining security and peace, particularly preventing aggressors from using their territory and facilities to launch illegal attacks against Iran.On June 29, Russian President Vladimir Putin stated that car owners and businesses continue to face fuel supply difficulties, with long queues forming at gas stations across the country. Affected by the shutdown of several refineries, Russia is implementing measures to stabilize the domestic market. Putin confirmed that a complete ban on diesel exports is one of the alternatives currently under discussion. Following a meeting on Friday with oil producers and government departments, the Russian Energy Ministry did not recommend implementing a diesel export ban, citing concerns that it could lead to problems such as diesel inventory buildup. The government will reassess the market situation on Monday.

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

Alina Haynes

Nov 02, 2022 17:50

 205.png

 

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.


Suggestion