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1. According to Al Arabiya TV: Oman and Iran will soon issue a joint statement on the transit corridor in the Strait of Hormuz. 2. USDA data shows that for the week ending July 30, net soybean export sales for the 2025/2026 marketing year in the United States were 32,000 tons, significantly lower than the market expectation of 100,000-400,000 tons, compared to 302,000 tons the previous week; export shipments were 346,000 tons, compared to 490,000 tons the previous week. 3. According to USDA agricultural drought monitoring data, as of August 4, 2026, the drought rate in U.S. soybean producing areas was 26%, unchanged from the previous week; compared to 3% in the same period last year, an increase of 23 percentage points. 4. USDA data shows that private exporters reported selling 122,000 tons of soybeans to China for delivery in the 2026/2027 marketing year. 5. According to data released by the Malaysian Palm Oil Association (MPOA), Malaysian palm oil production is estimated to have increased by 7.54% from July 1-31. Production in Peninsular Malaysia increased by 12.63% month-on-month, Borneo by 1.48%, Sabah by 0.77%, and Sarawak by 7.78%. 6. The World Gold Council: Global gold ETFs attracted $3 billion in inflows in July, reversing two consecutive months of outflows, bringing total assets under management to $530 billion; holdings increased by 23 tons to 4,068 tons. 7. The CEO of Albemarle, a global lithium giant, stated that global lithium inventories are low, and the lithium spot market remains tight due to weak supply failing to meet the growing demand from electric vehicles and battery storage. The company raised its 2026 battery storage production forecast by 11% and its lower limit for the 2030 global lithium demand forecast by 100,000 metric tons. 8. Data from the Southern Peninsula Palm Oil Crushers Association (SPPOMA) shows that from August 1st to 5th, 2026, Malaysian palm oil yield per hectare decreased by 9.3% compared to the same period last month, oil extraction rate increased by 0.18% compared to the same period last month, and production decreased by 8.35% compared to the same period last month. 9. Data released by the Brazilian Sugarcane Industry Association (Unica) shows that in June, sugarcane crushing volume in Brazils central-southern region was 69.791 million tons, compared to 81.622 million tons in the same period last year, a year-on-year decrease of 14.5%; sugar production was 3.903 million tons, compared to 5.298 million tons in the same period last year, a year-on-year decrease of 26.33%. 10. EIA Natural Gas Report: As of the week ending July 31st, total U.S. natural gas inventories were 3.117 trillion cubic feet, an increase of 33 billion cubic feet from the previous week, a decrease of 12 billion cubic feet from the same period last year, a year-on-year decrease of 0.4%, and 195 billion cubic feet higher than the 5-year average, an increase of 6.7%. 11. The Houthi armed forces in Yemen warned Saudi Arabia against any aggressive actions against Yemen and its people, or they would face the consequences of any escalation.BNP Paribas raises its price target for Western Digital (WDC.O) from $660 to $700.A Republican senator has proposed repealing Californias vehicle emissions regulations.The Houthi rebels in Yemen advised those who have been deceived or misled by Yemeni leaders to leave enemy camps in Saudi Arabia and return home before it is too late.U.S. EIA natural gas storage for the week ending July 31 was 33 billion cubic feet, compared with an expected 30 billion cubic feet and a previous reading of 28 billion cubic feet.

The price of gold fluctuates about $1,700, and given increased hawkish Fed bets, a decline seems imminent

Alina Haynes

Jul 18, 2022 12:03

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In the early Tokyo session, Gold Price (XAUUSD) tried to break above the consolidation that had been created in a constrained range between $1,703.21 and 1,705.90 on Friday. After a brief squeeze, the precious metal is now showing some symptoms of increased volatility. On Friday, the shiny metal successfully defended the psychological level of $1,700.00, which is also close to Thursday's low. The psychological support of $1,700.00 has undergone two tests, which has increased the importance of the level for market players. The precious metal is currently showing exhaustion indications at lower levels, but additional filters are needed to showcase a bullish turnaround.

 

Despite modest losses on Friday, the US dollar index (DXY) closed the week on a positive note. Weekly results showed that the asset kept winning. The DXY has been making advances for the last three weeks in a row. Despite the asset showing a stronger decline on a shorter timeline, the upside is still justified because to the DXY's overall performance. A downwards move is almost certain to occur since the asset is now auctioning in an inventory distribution phase at roughly 108.00.