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August 24th - According to sources familiar with the matter, the Canadian government believes the possibility of resuming negotiations with US President Trump before the midterm elections is extremely slim, as trade talks have broken down. The source stated that Canadian Prime Minister Carney indicated he would prepare a domestic aid package to help businesses affected by US tariffs. Sources say these measures are designed to help businesses weather the remainder of Trumps term if necessary. However, while the Carney government sees no immediate signs of restarting negotiations, some sources warn that the situation remains dynamic, and the US has not ruled out renegotiating. The sudden breakdown of negotiations has forced Carney to prepare for a potentially long winter. Carney reportedly told reporters, "We will support affected businesses for as long as possible, in other words, even beyond the end of this US administrations term. We have established various mechanisms, and all details will be released within the next few days."On August 24th, it was reported that the U.S. Postal Service issued new rules for mail-in ballots on August 23rd local time. The rules require states to submit lists of voters who have applied for mail-in ballots and to affix unique barcodes containing names and addresses to both mailed and returned ballot envelopes for verification and tracking. The U.S. Postal Service stated that the collected data will be managed separately from state voter rosters and will aid in the enforcement of federal law. Due to a court injunction, the new rules will not take effect immediately and will only be implemented after the injunction is lifted. This years midterm elections are crucial for the battle for control of the House and Senate. Regarding mail-in ballots, the Supreme Court rejected a Republican appeal in June, allowing some local governments in the U.S. to still count ballots postmarked no later than Election Day but delivered later.The Nikkei 225 index opened down 153.79 points, or 0.23%, at 65,862.57 on Monday, August 24.On August 24th, according to foreign media reports, ExxonMobil stated in a statement that a fire in the laundry room of a floating vessel off the coast of Guyana forced the company to temporarily suspend operations at the facility. The statement said the fire on the Liza Unity floating production storage and offloading (FPSO) unit was quickly extinguished. An ExxonMobil Guyana spokesperson said that crude oil unloading operations were affected due to the temporary shutdown. The Liza oil field is key to Guyanas transformation into a major crude oil producer, and the Liza Unity FPSO is responsible for producing approximately 250,000 barrels of crude oil per day of the more than 900,000 barrels per day in the Stabrok block.According to Al Jazeera: Israeli airstrikes near a hospital in Gaza have injured several people.

Gold Price Prediction: XAU/USD recovers from $1,860 support amid Fed and China worries

Alina Haynes

Feb 06, 2023 15:17

截屏2023-01-19 下午3.43.28.png 

 

Gold price (XAU/USD) consolidates recent losses as it posts modest gains near $1,875 in early Monday trading, marking the first positive day in three sessions near the one-month low. In doing so, the precious metal applauds the U.S. dollar's struggle to maintain its strength and draws cues from US-China disputes in advance of this week's major events.

 

In spite of this, the US Dollar Index (DXY) remains stagnant at 103.00, despite a two-day recovery from the lowest levels since April 2022. In doing so, the dollar's measure against the six main currencies fails to justify the robust US employment report and geopolitical concerns regarding China.

 

U.S. Secretary of State Antony Blinked canceled his previously scheduled trip to Beijing in response to the weekend news reports claiming that an American military fighter jet shot down a suspected Chinese surveillance balloon off the coast of South Carolina. President of China Xi Jinping called this a "obvious overreaction" in response to the incident.

 

The same joins Friday's robust US employment report and ISM Services PMI data to test the XAU/USD bulls ahead of Fed Chair Jerome Powell's speech, scheduled for release on Tuesday.

 

S&P 500 Futures extend the previous day's fall from the greatest levels since August as of press time, trading 0.30% lower intraday near 4,140. In the same vein, US 10-year Treasury note rates have increased for three straight days, reaching 3.56 percent as of press time, marking the largest weekly increase since late September 2022.

 

It is worth mentioning that a lack of key data appears to have spurred the XAU/USD bounce from the short-term support, but Gold purchasers should stay cautious in light of the Fed's recent hawkishness and the US-China friction. The US UoM Consumer Sentiment Index for February and the University of Michigan's 5-year Consumer Inflation Predictions will also be crucial to monitor on Friday.


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