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Bahrains Defense Forces: Air defense systems intercepted and destroyed multiple Iranian air attacks.September 2nd - my country has achieved a significant breakthrough in key technologies for high-end remote sensing dynamic imaging. Addressing the contradiction between lightweight design, low power consumption, and high dynamic imaging performance urgently needed in fields such as drones, satellites, and robots, the State Administration for Market Regulations Key Laboratory (Optical Sensing and Image Metrology) established at China Jiliang University, in collaboration with Beijing University of Aeronautics and Astronautics and other institutions, conducted technical research to achieve centimeter-level ultra-high resolution 3D imaging under small-scale, low-power constraints. This solves the problem of accurate capture and analysis of scene information for industries such as low-altitude economy and intelligent vision.Reuters witnesses reported hearing explosions in Kyiv.Futures News, September 2nd: Domestic residential gas prices resumed their upward trend in the second half of August, and this upward momentum continued into early September. As of September 1st, the domestic residential gas price was 6197 yuan/ton, an increase of 430 yuan/ton compared to mid-August. Although domestic refinery output increased to some extent in August, overall supply remained slightly insufficient. Furthermore, the continued closure of the Strait of Hormuz and restrictions on traffic flow in the Panama Canal led to insufficient international resource arrivals and high prices, with landed prices rising to around 6800 yuan/ton. Given the overall market context of insufficient supply and continuously rising costs, domestic liquefied petroleum gas (LPG) prices are expected to continue their strong performance in early September.September 2nd - Early this morning (September 2nd) local time, a spokesperson for Irans Hatem Anbia Central Command issued a statement saying that the US military recently conducted airstrikes on multiple military and non-military targets in southern Iran, causing civilian casualties. In response, Iranian armed forces launched attacks on US military bases in the region using missiles and drones. The statement said the attacks caused serious damage to US infrastructure, weapons, and equipment, and resulted in the deaths and injuries of a significant number of US commanders and soldiers. The statement indicated that military action against the US will continue until the US "regrets its actions." The statement also warned that if the US continues its military operations in the region, it will face a "heavier, broader, and more destructive" response; any country cooperating with the US military must bear the resulting "dangerous consequences."

Gold Price Prediction: XAU/USD bears at $1,650 on Fed hawkishness and China news

Daniel Rogers

Sep 19, 2022 14:34

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During early Monday morning in Europe, the gold price (XAU/USD) maintains a position close to the intraday low at $1,670. In doing so, metal prices endure the weight of a stronger U.S. dollar amidst a sluggish session caused by Japanese and British vacations. The cause may be related to the Fed's hawkish bets and China-related news stories.

 

US Dollar Index (DXY) reverses a two-day slump while posting intraday gains of 0.18 percent at 109.85 as of press time. Indicators of the U.S. dollar's value versus the six major currencies have recently been buoyed by the University of Michigan's September consumer sentiment report and the market's positive expectations on the Fed's next move. Consequently, the probability of a 75-basis-point (bps) rate hike by the Federal Reserve increased to 80%, while the market's estimates of a one-percentage-point increase in the Fed rate rose to 20% at the latest.

 

US President Biden stated elsewhere, "I'm more positive than I've been in a long time." The national leader also claimed that inflation will be brought under control. On the same line are the covid updates from China, which have unlocked Dalian and Chengdu while observing zero coronavirus cases in Beijing and one, as opposed to zero the day before, outside of Shanghai's quarantine zone. However, US President Biden's willingness to support Taiwan in the event that China assaults Taiwan and hawkish expectations for the Federal Reserve appear to weigh on the steel price ahead of the major monetary policy pronouncements.

 

In addition, the People's Bank of China (PBOC) reduces the 14-day reverse repo rate by 10 basis points to 2.15 percent. "With no maturing reverse repos on Monday, the Chinese central bank injects 12 billion yuan," reports Reuters. The same might have indicated that the dragon nation is not in recovery mode and requires more rate cuts than rate raises, which could have caused the gold price to plummet. The cause is China's position as one of the world's largest gold consumers.

 

In light of this, the S&P 500 Futures post modest losses while mirroring Wall Street's Friday close. Notably, the selling in Japan curbs bond movements in Asia, but yields are robust near the multi-day high due to fears of a recession and hawkish Fed views.

 

Moving forward, a light economic calendar and important market holidays may limit intraday XAU/USD price fluctuations. However, bears are expected to maintain control because to aggressive Fed expectations, which, if dashed, might defy the bearish chart pattern and spark the long-awaited rally.

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