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US President Trump: Our oil reserves are more than the next two largest oil-producing economies combined, and they are of higher quality.On April 11, Indonesian Foreign Minister Sujiyono stated in an interview that the China-Pakistan five-point initiative is a pragmatic measure to promote peace negotiations, achieve a permanent ceasefire, strengthen civilian protection, and normalize economic relations, and Indonesia welcomes it. Sujiyono said that since the beginning of the US-Israel-Iran conflict, Indonesia has called on all parties to immediately cease hostilities and return to the negotiating table to strive for a solution through means consistent with international law. The China-Pakistan five-point initiative prioritizes dialogue and diplomatic channels, which is conducive to creating the necessary conditions for achieving peace, stability, and security in the region and beyond. Recently, China and Pakistan issued a five-point initiative on restoring peace and stability in the Gulf and the Middle East, calling for a cessation of hostilities, the commencement of peace talks as soon as possible, and ensuring the safety of non-military targets, the safety of shipping lanes, and the primacy of the UN Charter.On April 11, sources revealed that the Bank of England plans to discuss the impact of Anthropics newly launched artificial intelligence model with financial institutions. British regulators are joining their counterparts in the US and other countries in warning of the risks posed by this tool. Anthropics Mythos model will be on the agenda of the Bank of Englands next Cross-Market Operations Resilience Group and CMORG Artificial Intelligence Task Force meetings, both scheduled for the next two weeks. The Federal Reserve and the Treasury have already held emergency meetings on the matter, and the Bank of Canada also met with banks and financial companies on Friday to discuss the cybersecurity risks posed by Mythos. These meetings reflect growing concerns among regulators that a new type of cyberattack is becoming one of the biggest risks facing the financial industry.Ukrainian President Zelensky: 175 Ukrainian soldiers and 7 civilians have returned home.On April 11, Iranian government spokesperson Mohammad Hajjerani stated that Irans dispatch of a diplomatic team led by Parliament Speaker Ghalibaf to participate in the US-Iran negotiations demonstrates Irans willingness to engage in dialogue. She emphasized that, as the Iranian president previously stated, Iran will negotiate with its "finger on the trigger." While Iran is willing to engage in dialogue, it lacks trust in the other side, therefore the Iranian diplomatic team will participate in the negotiations with the utmost caution. Hajjerani expressed hope that, under the guidance of the Supreme Leader, the Iranian negotiating team will achieve success.

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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