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According to Fox News: U.S. Central Command says the U.S. strike operation has temporarily ended.U.S. Central Command spokesman Captain Tim Hawkins said the U.S. military conducted a self-defense strike in southern Iran on the 25th, “aimed at protecting U.S. forces from the threat posed by Iranian forces.” The spokesman said the targets included missile launch sites and Iranian vessels attempting to lay mines. “U.S. Central Command continues to defend U.S. forces while exercising restraint during the current ceasefire.”The UKs BRC Shop Price Index rose 1.2% year-on-year in May, down from 1.00% in the previous month.1. Major European stock indices closed higher across the board. The German DAX index rose 2.01% to 25,389.10 points; the French CAC40 index rose 1.76% to 8,258.26 points; the UK stock market was closed for the Spring Bank Holiday. 2. Most major Asia-Pacific stock indices closed higher, while the South Korean stock market was closed for a holiday. The Nikkei 225 index rose 2.87% to 65,158.19 points, setting a new record high. AI and semiconductor sectors led the gains, with Kioxia rising over 14%, and SoftBank Group and Tokyo Electron rising nearly 5%. The Indian SENSEX 30 index rose 1.42% to 76,488.96 points. 3. International precious metal futures generally closed higher. COMEX gold futures rose 1.11% to $4,573.6 per ounce, and COMEX silver futures rose 2.89% to $78.4 per ounce. 4. International oil prices fell across the board. The WTI crude oil futures contract fell 6.52% to $90.30 per barrel, while the Brent crude oil futures contract fell 6.56% to $93.64 per barrel. 5. US Treasury yields fell across the board. The 2-year Treasury yield fell 8.72 basis points to 4.034%, the 3-year Treasury yield fell 9.90 basis points to 4.078%, the 5-year Treasury yield fell 11.24 basis points to 4.156%, the 10-year Treasury yield fell 11.27 basis points to 4.463%, and the 30-year Treasury yield fell 9.59 basis points to 4.991%.On May 26, Fox News reported, citing U.S. Central Command spokesman Captain Tim Hawkins, that U.S. forces conducted defensive strikes in southern Iran on Monday, targeting missile launch sites and Iranian vessels attempting to lay mines. U.S. Central Command continues to defend U.S. forces while maintaining restraint during the ongoing ceasefire.

Gold Price Prediction: XAU/USD will settle below $1,750 as attention switches to Jackson Hole

Alina Haynes

Aug 22, 2022 14:47

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After reaching a monthly high of $1,807.96, the gold price (XAU/USD) has dropped for five consecutive trading sessions. The price of gold fell below $1,750.00 for the first time since August. As investors drastically reduce their long positions in gold assets in anticipation of hawkish direction from the Federal Reserve, the price is expected to settle below the aforementioned crucial mark (Fed).

 

Observing contradictory comments in the Fed's minutes on policy direction weakened the gold rise earlier. James Bullard, president of the Federal Reserve Bank of St. Louis, proposed an additional 75 basis point (bps) rate hike to achieve price stability sooner. While a few Fed members have issued a statement on lowering the rate of interest rate hikes to protect the economy from future inflation threats, the majority of Fed policymakers have not.

 

As Chinese President Xi Jinping and Russian President Vladimir Putin have confirmed their attendance at the G20 summit in November, geopolitical concerns are also exerting a significant downward pressure on gold prices. This may renew Moscow's assault on humanity in Ukraine.

 

On the front of economic data, investors await the release of the US Durable Goods Orders report, which is anticipated to decrease to 0.6% from the previous release's 2%. When the US economy has previously shown a flat US core Consumer Price Index (CPI), a fall in economic data is not beneficial for the US dollar index (DXY).

 

On an hourly scale, gold prices have fallen to $1,744.70, which is close to the 50% Fibonacci retracement (set from July 21's low of $1,680.91 to August 10's high of $1,807.93). The 20-period and 50-period Exponential Moving Averages (EMAs) at $1,751.90 and $1,757.50, respectively, are falling swiftly, adding to downward filtering. In the meantime, the Relative Strength Index (RSI) (14) oscillates in a negative band of 20.00-40.00, indicating that further declines are likely.


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