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On April 12, local time, the third round of talks between Iran and the United States in Islamabad concluded. Iran described this round as the "last chance" to reach a framework agreement. Since April 11, the two sides had a busy schedule, consulting late into the night, with all parties vying for the temporary ceasefire window and intensifying their maneuvering. However, sharp differences remained on three core issues: control of the Strait of Hormuz, unfreezing overseas assets, and uranium enrichment. Outside the negotiating table, the US military announced mine-clearing operations in the Strait of Hormuz, while the Israeli Prime Minister declared that he would continue to strike Iran and its proxies. With the ceasefire window closing, diplomatic maneuvering and military actions are escalating simultaneously, and the situation in the Middle East is at a crossroads between war and peace.April 12 - According to a statement released by the Iranian government early this morning (April 12) via social media, negotiations with the United States will continue despite some remaining differences. Iranian state television reported that the third round of talks between Iran and the United States concluded earlier, with expert teams from both sides attending and exchanging texts again.Iranian government: Despite some remaining differences, negotiations will continue.According to Iranian state television, Iranian and US delegations are exchanging negotiating texts.April 12th - According to a report by a journalist from the Italian newspaper *La Repubblica*, as of 01:57 Islamabad time (04:57 Beijing time), US-Iran negotiations were still ongoing. The two sides had been staying in the same room at the Serena Hotel for nearly 10 hours, with several breaks (including dinner). Both sides are strongly determined to reach an agreement. A framework has been established covering regional security, humanitarian reconstruction (encompassing various aspects), and the freezing of funds. The sticking point is the Strait of Hormuz. This is precisely where other regional and global players could play a decisive role.

Gold price forecast: The XAU/USD rebounds on reports of a lower US dollar and a return to risk-on

Daniel Rogers

Aug 12, 2022 11:51

截屏2022-06-07 下午5.14.07.png 

 

Gold recovers from an intraday drop to the $1,784–$1,783 range and reaches a new daily high during the early North American session. But bulls are having trouble capitalizing on the trend and pushing XAU/USD back above $1,800.

 

Gold prices in dollars is supported by the fact that the US dollar is having a hard time finding buyers and is still very close to its lowest level since late June. Investors cut their wagers on a 75 bps rate hike by the Federal Reserve at the September policy meeting after US consumer inflation data reported on Wednesday came in lower than expected. The dollar is further weakened, and the non-yielding yellow metal gains in value, as a result of this and a new leg down in US Treasury bond yields.

 

For the time being at least, the risk-on sentiment restrains additional advances for the safe-haven gold. Inflation fears persist, but there are some indicators that the rate of increase may have plateaued. This has led to calls for the US central bank to ease up on its policy tightening. This coming Thursday's announcement of the US Producer Price Index (PPI) will further reinforce market expectations and bolster investor confidence. The commodity is facing a headwind due to the robust performance of the equity markets.

 

Gold's potential gains could be limited by the fact that the Federal Reserve is widely predicted to raise interest rates by at least 50 basis points in September. To prepare for any additional appreciating rise, it would be advisable to wait for some follow-through buying beyond the $1,808 level, a five-week high set on Wednesday. However, the intraday rebound from the 50-day SMA's solid support floor favors optimistic traders and indicates that any significant retreat may still be considered as a buying opportunity.

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