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Market news: Canadian Trade Minister LeBlanc and Chief Trade Negotiator Charrett will meet with U.S. Trade Representative Greer at 11:15 a.m. Washington, D.C. (11:15 p.m. Beijing time tonight).According to Iranian reports, the Iraqi Prime Minister met with Iranian Parliament Speaker Qalibaf and praised Iran for its support during the war.On August 19th, Hamilton, Head of Client Solutions for Asia Pacific at Invesco, stated that many Chinese technology companies are showing positive profit trends, while their valuations remain significantly lower than most global technology peers. This creates an attractive risk-reward ratio for global investors. Investors are increasingly recognizing that China is not only a user of AI technology but also a significant innovator in areas such as AI big data models, cloud infrastructure, semiconductors, and intelligent manufacturing. We are seeing funds selectively investing in Chinas AI, semiconductor, robotics, and advanced manufacturing-related industrial ecosystems. ETFs have become one of the main tools for implementing this investment strategy. Data shows that from July to mid-August, 217 foreign institutions conducted a total of 547 research visits to 163 A-share companies. The electronics, machinery and equipment, and power equipment industries accounted for nearly half of these visits, with integrated circuits, computing hardware, and optical modules being key areas of focus for institutional research.Moderna (MRNA.O) continued to rise, with intraday gains exceeding 150%.On August 19, local time, Israel Defense Forces Chief of Staff Zamir inspected the Israeli-controlled buffer zone in southern Syria. Reportedly, Zamir, accompanied by several senior military officers, received a briefing on the local security situation and met with reservists operating in the area.

Gold Price Prediction: XAU/USD struggles above $2,000 as additional Fed rate increases appear inevitable

Daniel Rogers

Apr 17, 2023 13:44

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During the Asian session, the gold price (XAU / USD) appears vulnerable above the psychological resistance of $2,000.00. Following a four-day low of $1,992.50, the precious metal has exhibited a recovery trend. However, the recovery appears precarious as bullish wagers on the US Dollar Index (DXY) limit the upside.

 

As the probability of a consecutive 25 basis point (bp) rate hike from the Federal Reserve (Fed) is exceedingly high, the USD Index seeks to extend its recovery above the immediate resistance of 101.75. According to the CME Fedwatch instrument, the likelihood of a rate rise is nearly 80%.

 

In the meantime, S&P500 futures posted significant gains early on Monday, following a moderate decline on Friday. Quarterly earnings season is anticipated to keep US equities stock-specific. As a result of the precipitous drop in petroleum prices in March, manufacturing and oil-dependent businesses could experience a reasonable earnings rebound.

 

The demand for U.S. government bonds has decreased considerably in response to rising wagers on additional Fed policy restrictions. President of the Federal Reserve Bank of Atlanta Raphael Bostic stated that with one more quarter-point increase in interest rates, the Fed can conclude its tightening cycle with some assurance that inflation will gradually revert to its 2% objective.


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