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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Gold Price Prediction: XAU/USD to fall below $1,660 as DXY strengthens and US Inflation is eyed

Daniel Rogers

Oct 11, 2022 14:28

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In early Asia, the gold price (XAU/USD) is exhibiting erratic movements below $1,670.00. The precious metal is anticipated to exhibit extreme volatility if it breaches the support level of $1,660.00 as the risk-off profile intensifies in response to Russia's military attacks on Ukraine. After breaking the Crimean bridge in Russia that serves as a supply route for Russian forces in southern Ukraine, Russia has escalated its missile attacks against Kiev.

 

In the meantime, the US dollar index (DXY) has strengthened in response to the gloomy market sentiment and established itself solidly above the round-level barrier of 113.00. Monday was a holiday in the United States, but S&P500 futures remained extremely volatile due to unfavorable market sentiment.

 

This week, the mega-event of US inflation data will provide clear direction for the future. Gasoline price declines have resulted in a reduced consensus for the US inflation rate. The economic statistics is estimated to be 8.1% lower. While core inflation, which excludes oil and food costs, is estimated to be 6.5% higher.

 

According to the CME Fedwatch tool, there is a greater than 78% chance that the Federal Reserve (Fed) will announce a fourth consecutive rate hike of 75 basis points (bps).

 

On an hourly basis, gold prices have fallen below the 50% Fibonacci retracement at $1,672.61 and are approaching the 61.8% Fibonacci retracement at $1,658.90. Around $1,690.00, the 50-period and 200-period Exponential Moving Averages (EMAs) have formed a death cross, which strengthens the downward filters.

 

In addition, the Relative Strength Index (RSI) (14) has moved into the negative zone between 20.00 and 40.00, indicating further weakness ahead.