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July 4th news, on the morning of July 2nd, the National Energy Administration organized a mid-term work meeting for the pilot survey of wind power and photovoltaic power generation resources. Wan Jinsong, member of the Party Leadership Group, deputy director, and leader of the pilot survey work group of wind power and photovoltaic power generation resources of the National Energy Administration, attended the meeting and delivered a speech. The meeting called for accelerating the progress of the work, focusing on the application value of the results, and promoting the high-quality construction of the national new energy system with the results of the high-level survey pilot work. The meeting reviewed and approved the "Technical Guidelines for the Pilot Survey of Wind Power and Photovoltaic Power Generation Resources" and the "Notice on Doing a Good Job in the Management of Regional Wind and Solar Resource Observation Network Data".US President Trump: Possible meeting with Iranian (representatives).On July 4, the South Korean Joint Chiefs of Staff reported that the South Korean military controlled a North Korean person who crossed the military demarcation line on the evening of the 3rd. The South Korean Joint Chiefs of Staff stated that after the South Korean military found the relevant personnel in the area of the military demarcation line in the central and western parts of the country on the evening of the 3rd, they tracked and monitored them, carried out induced operations, and then controlled the relevant personnel. At present, the relevant departments are investigating them. The Joint Chiefs of Staff also stated that as of now, the North Korean army has no special movements.According to a Reuters poll: 31 of 37 economists believe the Reserve Bank of Australia will cut the cash rate to 3.60% on July 8, while six believe the rate will remain unchanged. The median forecast of economists shows that the Reserve Bank of Australia will cut the cash rate to 3.10% by the end of 2025 (down from 3.35% in the May survey).Japanese government officials: Japans household spending growth in May was the fastest year-on-year since August 2022, and the month-on-month growth rate was the highest since March 2021.

Gold Price Prediction: XAU/USD tests $1,880 as the US Dollar retreats in advance of Fed Chair Powell's speech

Daniel Rogers

Feb 07, 2023 15:38

 截屏2022-06-07 下午5.15.00.png

 

During early Tuesday trading, the gold price (XAU/USD) gains bids to retest the intraday high near $1,876 while printing a two-day rise.

 

In doing so, the precious metal extends its recovery from a monthly low at the start of the week, as the US Dollar's weakness combines with cautious optimism in the market to favor XAU/USD bulls. However, apprehension in front of Federal Reserve Chairman Jerome Powell and US President Joe Biden's State of the Union (SOTU) remarks appears to be challenging metal buyers recently.

 

The modestly optimistic feeling could be attributed to Treasury Secretary Janet Yellen and President Joe Biden's remarks that pushed back US recession fears. In a similar vein, US President Joe Biden's remarks that "the balloon incident did not damage US-China relations" appeared to allay Sino-American concerns.

 

On the other hand, hawkish Fed comments appear to support US Treasury bond yields and the US Dollar. In an interview with Bloomberg, Federal Reserve Bank of Atlanta President Raphael Bostic stated, "The robust job market presumably suggests 'we have a bit more work to do.'" Notably, the stronger US jobs report and activity statistics for January rekindled the Fed's hawkish stance last Friday, but a lack of directions appeared to test the USD bulls subsequently.

 

In this environment, S&P 500 Futures post modest gains, as US Treasury bond rates struggle to extend their two-day recovery from the monthly low. Observe that the US Dollar Index (DXY) has likewise retreated from the one-month peak it reached the day before amid lackluster market conditions.

 

Gold traders should focus on Fed Chair Powell's ability to compliment the most recent good US data as well as US President Biden's State of the Union address.


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