Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The U.S. Geological Survey reports a 5.1-magnitude earthquake 264 kilometers west of Abepula in Indonesia.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.4 occurred at 17:00 on July 4 near Binchuan County, Dali Prefecture, Yunnan Province (25.95 degrees north latitude, 100.57 degrees east longitude). The final result is subject to the official rapid report.On July 4th, the General Offices of the Ministry of Civil Affairs, the Ministry of Science and Technology, and the China Association for Science and Technology jointly issued the "Registration Guidelines for the Establishment of International Science and Technology Organizations." The guidelines require that the establishment of an international science and technology organization must simultaneously meet the basic conditions for a social organization legal person and the fundamental conditions for conducting international cooperation. Specifically, these include appropriate Chinese and foreign initiators, a certain number of members, a standardized name, a standardized organizational structure, a fixed address, suitable proposed leaders and full-time staff commensurate with its business activities, and legal assets and sources of funding.According to Saudi media Hadas, the Iraqi president stated that keeping weapons in state control is the most important issue facing the new government.July 4th - Data released by the State Post Bureau on July 4th shows that as of June 30th, my countrys express delivery volume this year has exceeded 100 billion pieces, nine days ahead of the 2025 target. The resilience of the postal and express delivery industry reflects the steady growth of my countrys consumer market and the positive trend of steady economic development.

Gold price reaches a new YTD low as bears watch for a sustained breach below $1,700

Alina Haynes

Jul 15, 2022 11:41

 截屏2022-06-07 下午5.15.00.png

 

The gold price struggled to build on the day before's moderately successful advance higher from the $1,707 region and experienced fresh selling pressure on Thursday. The XAUUSD fell during the early North American session and reached its lowest point since August 2021 as a result of the intraday decline. Bears are still looking for a sustained breach below the $1,700 threshold.

 

The likelihood of a more aggressive Federal Reserve policy tightening caused the US dollar to resume its unrelenting ascent, reaching a new two-decade high. The dollar-denominated gold was under severe downward pressure as a result of the higher USD, which was considered to be a crucial cause. The headline US CPI increased to 9.1 percent in June, the highest level since November 1981, according to the US Labor Department. The information made a strong argument for yet another massive Fed rate rise and further supported the dollar.

 

After Atlanta Fed President Raphael Bostic indicated on Wednesday that everything is on the table to stop the ongoing rise in inflationary pressures, the rates on US Treasury bonds increased. The benchmark 10-year US government bond yield was quickly pushed back around the 3.0 percent level as the markets began pricing in the potential of an unprecedented 100 basis point rate rise later this month. Increased US Treasury bond yields also had a role in reducing demand for gold's lack of income.

 

The US Producer Price Index (PPI) report on Thursday, which significantly outperformed forecasts, confirmed hawkish Fed views. According to data released by the US Bureau of Labor Statistics, the gauge for final demand items increased to 11.3 percent on an annual basis in June, defying consensus predictions that it would have slightly decreased to 10.7 percent from 10.9 percent in May. An increase in US Weekly Initial Jobless Claims to their highest level since November 2021 was somewhat countered by this, to a greater extent.

 

For the time being, the price of gold has been able to maintain itself above the $1,700 level, which is considered as a support level and, if broken strongly, as a new trigger for bearish traders. The XAUUSD might then continue to decline and test the low point from September 2021, which is in the $1,787–$1,786 range. The negative trend might continue all the way to the 2021 annual low, which is about $1,677–1,676.

 

On the other hand, the overnight swing high, located around $1,745 currently appears to operate as a powerful immediate barrier in front of the supply zone between $1,749 and $1,752. A rise towards the $1,767–$1,770 strong horizontal support breakpoint might be initiated by further strength above, at which time bulls may try to retake the $1,800 round-figure level.


Suggestion