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Iranian Foreign Minister Araqchi spoke with the Saudi Foreign Minister to discuss regional stability issues.On September 11, the Algerian Ministry of Defense announced that, effective from midnight on September 11, all civilian and military aircraft registered in the United Arab Emirates (including inbound and outbound flights) would be prohibited from entering Algerian airspace. However, commercial flights operated by the United Arab Emirates to and from Algiers Houari Boumediene International Airport are exempt and can continue operating until the end of 2026 (the expiration date of existing contracts). Earlier that day, the Algerian Ministry of Foreign Affairs announced that the country had decided to sever diplomatic relations with the United Arab Emirates, effective immediately.On September 11, it was reported that on the morning of September 10 local time, certain members of the UN Security Council, disregarding the significant differences remaining within the Council on related issues, insisted on pushing for the reinstatement of sanctions against Iran and for the Council to hold a meeting on an agenda that had already been terminated. Sun Lei, Chinas Deputy Permanent Representative to the UN, expressed serious concern and strong opposition to this in his statement. Sun Lei pointed out that currently, the US is intensifying unilateral sanctions against Iran, launching a new round of military strikes against Iran, and engaging in mutual attacks between the US and Iran, leading to renewed tensions in the region and severely hindering efforts by all parties to promote peace talks. China is highly concerned and deeply worried about this situation and calls on the US to commit to refraining from military action and to engage in sincere negotiations with Iran. The parties involved should abandon the use of force or the threat of force, and push the Iranian nuclear issue back onto the track of political and diplomatic resolution, seeking the greatest common denominator that takes into account the reasonable demands of all parties, such as achieving a comprehensive and lasting ceasefire, reaching a peace agreement, and resolving the Iranian nuclear issue through political and diplomatic means.September 11th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 1.47% to 941 yuan/gram, the Shanghai Silver futures contract fell 5.07% to 15,593 yuan/kilogram, and the SC Crude Oil futures contract rose 6.19% to 816 yuan/barrel.The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a whistleblower notice seeking information on support for illicit financing activities in Iran.

Gold Price Prediction: XAU/USD stays range-bound over $1,800 despite a rebound in risk-on sentiment

Alina Haynes

Dec 29, 2022 11:42

 截屏2022-06-10 下午4.40.17_1024x576.png

 

In the Asian session, the gold price (XAU/USD) is fluctuating modestly above the psychological resistance of $1,800.00. Despite an early-trade pullback in the US Dollar Index (DXY), the precious metal is demonstrating a dismal performance. After reaching a four-day high of 104.56 on Wednesday, the US Dollar Index has plummeted to a level below 104.30.

 

In the meantime, S&P500 futures are providing optimism for a rebound following a two-day decline. In addition, risk-perceived currencies are regaining traction as investors shrug off concerns regarding an increase in Covid-19 cases in China. Following the rise of the US Dollar Index, rates on 10-year US Treasuries have decreased to about 3.86 percent.

 

During the holiday week, the economic calendar had nothing concrete to give; nonetheless, Wednesday's release of U.S. Pending Home Sales data revealed the effects of rising interest rates by the Federal Reserve (Fed). As a result of the Fed's decision to raise the interest rate to 4.5 percent, economic data for the month of November fell by 4 percent to the lowest level in 20 years.

 

On a two-hour period, the gold price is auctioning in a neutral channel, indicating a reduction in volatility due to the absence of significant economic events. After approaching the 100-period Exponential Moving Average (EMA) around $1,802.20, the precious metal has regained power. In addition, the 200-day exponential moving average (EMA) at $1,793.35 is trending higher, indicating that the upside bias remains strong.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that the Gold price is awaiting a new catalyst for a dramatic rise.


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