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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 will fall to $1,900 due to a strengthening US Dollar and mixed investor attitude

Alina Haynes

Jan 31, 2023 16:09

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In advance of Tuesday's European session, the gold market (XAU/USD) maintains its decline as sellers hit a crucial support level near $1,920. In doing so, the precious metal reverses the mid-Asian session retracement off the stated trend line support.

 

The metal's weakness may be attributable to the contradictory information contained in International Monetary Fund (IMF) updates, as the global lender acknowledged inflation risks while expressing optimism for economic growth. Recent action by the Bank of Japan (BoJ) to defend the Yield Curve Control (YCC), which in turn puts a floor under global yields and weighs on the Gold price, may fall along the same line.

 

In addition, Monday's positive US data and expectations that the Federal Reserve (Fed) will do everything it takes to defend its hawkish monetary policy actions appear to impose downward pressure on the XAU/USD exchange rate.

 

Notably, the probable conclusion of Covid-led activity restrictions in the United States on May 11 and positive China PMIs previously drove the XAU/USD bounce from the $1,920 level.

 

US 10-year Treasury yields struggle to prolong a three-day rally near 3.54%, as the US Dollar Index (DXY) falls to 102.20 at the latest, reflecting the prevailing sentiment. In addition, both S&P 500 Futures and stocks in the Asia-Pacific area remain moderately available.

 

The US Federal Reserve's (Fed) monetary policy meeting will garner the lion's share of attention from Gold traders.