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1. Wells Fargo: The Fed is increasingly unlikely to cut rates in March. 2. Citigroup: The Fed is expected to make its next rate cut in May, compared with January. 3. JPMorgan Chase: Given the latest (strong) non-farm payrolls data, the Fed is expected to make its next rate cut in June, compared with March. 4. Bank of America: The rate cut cycle may be over; the basic assumption is that the Fed will keep rates unchanged for a long time, but the risk of the next move is inclined to a rate hike. 5. Goldman Sachs: Reduced the Feds rate cut this year from 75 basis points to 50 basis points; the Fed is expected to cut by 25 basis points in June and December respectively. 6. Morgan Stanley: The non-farm report should reduce the likelihood of a near-term Fed rate cut; due to a more favorable inflation outlook, a rate cut in March is still likely.According to AFP: Brazil gave Meta Platforms (META.O) 72 hours to explain its new fact-checking policy.Natural Gas of Spain: In December, liquefied natural gas accounted for 53.5% of Spains natural gas imports, and natural gas imported through pipelines accounted for 46.7%.On January 11, Donald Rissmiller, chief economist at New York research firm Strategas Research, said that the stronger-than-expected non-farm payrolls in December put a solid end to 2024, but this did not significantly change the trajectory of the US economy. Rissmiller said that growth in all industries except manufacturing should give the Federal Reserve time to cut interest rates because the cooling of the economy seems to be quite gradual. But the report also shows that one month of strong performance does not change the overall situation. The length of time workers are unemployed continues to increase, suggesting that the job market is not as tight as before.January 11th, following the shocking non-farm payrolls data in December last year, investors are now turning their attention to the December CPI data scheduled for release next Wednesday. Bank of America analysts Sarah House and Aubrey Woessner expect overall inflation to reach a five-month high of 2.9% in December, higher than 2.7% in November. They said in a report that the core CPI growth rate is expected to remain at 3.3% for the fourth consecutive month. They believe that inflation "will stagnate this year as anti-inflationary benefits from improved supply chains and falling commodity prices have faded, while new headwinds may emerge from trade policy."

Gold Price Forecast: XAU/USD confronts resistance above $1,650 as the DXY recovers and fears of a recession loom

Alina Haynes

Oct 18, 2022 11:39

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In the Tokyo session, the gold price (XAU/USD) has encountered selling pressure while attempting to hold above the $1,650.00 barrier. The precious metal's backward movement has ended as the US dollar index (DXY) has regained following a decline to about $1,646.83 during the late New York session.

 

The DXY has regained bids about 112.00 after lingering under the control of bears. However, the risk-taking attitude persists. The S&P500 futures are maintaining their overnight gains on a positive Monday. In addition, 10-year US Treasury rates fluctuate below the key level of 4%. As hawkish Federal Reserve (Fed) monetary policy wagers remain strong, the yellow metal may resume its decline towards $1,640.00 in the near future.

 

According to the CME FedWatch tool, the probability of a fourth straight 75-bps increase in interest rates is 99.1%.

 

Meanwhile, recession fears have increased following J.P. Morgan's bearish commentary. Regarding financial instruments, Morgan. J.P. Morgan strategists According to Reuters, Morgan is reducing their delivery longs in equities and their underweight position in bonds because to the increasing possibility that central banks may make a hawkish policy blunder.

 

On an hourly scale, gold prices have gained substantial selling pressure in a number of efforts to surpass the highest auction zone located between $1,661.70 and $1,684.50. At $1,654.43, the precious metal has detected resistance at the 20-period exponential moving average (EMA).

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