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The Dow Jones Industrial Average closed down 112.81 points, or 0.21%, at 53,464.59 on Wednesday, August 26; the S&P 500 closed down 1.46 points, or 0.02%, at 7,675.82; and the Nasdaq Composite closed down 21.10 points, or 0.08%, at 26,130.20.According to Tasnim News Agency, local Syrian sources say that Israeli artillery attacked Syrian highlands near Damascus.On August 27th, according to the Wall Street Journal, Google plans to move its AI Responsibility team of approximately 90 people out of DeepMind in early September, placing them in the Global Affairs department responsible for lobbying and public policy. This is part of a further integration of DeepMind into the Google ecosystem. Teams such as Human Resources and Policy will also be moved out of DeepMind simultaneously. The AI Responsibility team primarily researches cutting-edge AI risks, including testing models for chemical, biological, radioactive, and nuclear risks, as well as studying the psychological impact of user interactions with AI and chatbots. Some employees are concerned that moving out of DeepMind will increase the distance between them and the Gemini model development team, potentially weakening their ability to conduct independent research and identify risks in cutting-edge models. Google stated that the team will retain access to DeepMind, computing power, and personnel resources, and other teams responsible for model behavior, privacy, and security will also remain at DeepMind. This adjustment comes amidst ongoing changes in DeepMinds management and talent pool.According to Saudi Arabias Al Arabiya TV: Two explosions were heard in the port of Mocha, Yemen, as Houthi rebels launched missiles at Mocha again.Nvidia will release its earnings report after the US stock market closes.

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.

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