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On October 12, according to US media reports, US Navy officials said on the same day that the US Navy dismissed the commander of the USS Wyoming (SSBN 742) ballistic missile nuclear submarine this week. The US Navy issued a statement saying that the commander of the Navys 10th Submarine Squadron, Rear Admiral Bob Worth, dismissed Lieutenant Commander Robert Moreno, who led the "Blue" crew of the USS Wyoming nuclear submarine, because of "loss of confidence in his command ability." US media said that the military usually removes commanders from their posts due to loss of confidence, but does not provide specific reasons for dismissal. The US Navys statement did not provide more information about the decision to remove Moreno, and a Navy spokesman declined to provide further details. The statement read: "Navy commanders must adhere to high standards of personal and professional conduct. They should uphold the highest standards of responsibility, reliability and leadership, and if they fail to meet these standards, the Navy will hold them accountable."According to TASS: Russian air defense forces shot down 32 Ukrainian drones at night.On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.

Gold Price Prediction: XAUUSD pulls back toward $1,750 ahead of Biden-Xi talks, and the Fed's pivot is anticipated

Daniel Rogers

Nov 14, 2022 18:42

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During Monday's Asian session, the gold price (XAUUSD) consolidates the largest weekly gains since March 2020 near $1,762. In doing so, the precious metal records modest losses within a bullish chart pattern that is one week old.

 

Notably, the light schedule appears to have prompted the XAUUSD retreat near the highest levels in three months. Anxiety ahead of a meeting between US President Joe Biden and China's Prime Minister Xi Jinping on the sidelines of the Group of 20 Nations (G20) summit in Bali is also likely to have prompted the gold buyers to be questioned.

 

Christopher Waller, governor of the Federal Reserve, attempted to defend the bulls by stating, "Rates will not fall until there is 'clear, strong evidence' that inflation is falling."

 

Against this backdrop, S&P 500 Futures retreat from a one-month high, falling 0.30 percent intraday near 3,990, while US 10-year Treasury yields rise six basis points (bps) to 3.89%, recording their first daily gain in four days.

 

As the market attitude deteriorates, updates from Bali can provide amusement for XAUUSD traders. Any spark in China's relations with its global counterpart, as a result of China's support for Russia, should exert additional downward pressure on gold. However, the previous week's discussions of the Fed's easy rate hikes in December, coupled with the disappointing US consumer-centric data, appear to keep gold buyers optimistic.