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On August 15th, Mexican President Jacques Sinbaum stated at a morning press conference on August 14th that the US decision to revoke the visa of the son of former Mexican President López Obrador was politically motivated and constituted interference in Mexicos internal affairs. Sinbaum emphasized that Mexico must remain steadfast in the face of such events, and that Mexico and the US should maintain a mutually respectful bilateral relationship. In fact, the US revoked the visas of at least six Mexican ruling party officials in 2026 alone. Simultaneously, citing involvement in drug trafficking to the US, the US requested the extradition of four current governors, mayors, and members of parliament, as well as six former officials, to the US for trial. The Mexican government rejected the US request, citing insufficient evidence from the US.UK Maritime Trade Organization: No damage assessment reported; environmental impact unknown.UK Maritime Trade Organization: A projectile struck the hull; crew reports safety.The UK Maritime Trade Organization: We have received reports that a bulk carrier was attacked by an unidentified object in the Strait of Hormuz on Friday.On August 15th, the Indonesian Ministry of Foreign Affairs Consular Department reported that no foreign citizens were injured or killed in the earthquake. The department stated that a 7.7-magnitude earthquake struck off the coast of Nagkeo Regency, East Nusa Tenggara (NTT) at 4:58:24 AM local time on August 15th. The epicenter was located approximately 38 kilometers northeast of Mbay, with a depth of 15 kilometers. The earthquake initially raised concerns about a potential tsunami, prompting the evacuation of some coastal residents. The Indonesian Meteorology, Climatology and Geophysics Agency reported that as of 11:00 AM Central Indonesian Time on August 15th, 111 aftershocks had been recorded since the 7.7-magnitude earthquake in Nagkeo Regency, East Nusa Tenggara, with the most recent measuring 3.8. Seismic activity is ongoing, and the tsunami warning was lifted at 7:31 AM. The main risks in the area are currently aftershocks and secondary hazards such as damaged buildings.

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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