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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Forecast for Gold Price: XAU/USD falls sideways below $1,630 as DXY loses momentum and yields approach 4.24 percent

Daniel Rogers

Oct 21, 2022 15:05

 截屏2022-07-29 上午11.06.12.png

 

In the Tokyo session, the gold price (XAU/USD) is oscillating within a small range of $1,625.00-1,628.55. Gold awaits price action from the US dollar index (DXY). The DXY is battling to maintain its position above the immediate resistance level of 113.00. As S&P500 futures have retreated from about 3,645.00, the asset was unable to maintain above the 113.00 barrier.

 

Well, returns on U.S. government bonds are soaring like there is no tomorrow and do not perceive any barrier. Since the subprime crisis, 10-year US Treasury rates have increased to 4.24 percent for the first time. Federal Reserve (Fed) policymakers' hawkish remarks have a positive impact on rates.

 

Thursday, Fed Governor Lisa Cook erroneously stated that inflationary pressures are too high and that additional rate hikes are necessary to combat them. She said that additional rate hikes are forthcoming and that the restrictive approach will be maintained.

 

According to the CME FedWatch tool, the probability of a fourth consecutive 75 basis point (bps) rate increase remains over 93%.

 

After testing the $1,642.58–$1,670 range's highest auction area on an hourly scale, the gold price has experienced a precipitous drop. The precious gold is falling toward its two-year low of $1,614.85, which will occur on September 8, 2022. The decline of the 20-period and 50-period Exponential Moving Averages (EMAs) at $1,629.86 and $1,634.46 strengthens the negative filters.

 

In the meantime, the Relative Strength Index (RSI) (14) is bouncing between 40.00 and 60.00, and a change into the negative 20.00 to 40.00 area will spark downward momentum.