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XAU/USD moves in tandem with US inflation expectations

XAU/USD moves in tandem with US inflation expectations

  • Gold looks to be tracking the US inflation expectations. 
  • The yellow metal has cleared the bearish trendline from August highs. 

Gold is moving in lockstep with the US inflation expectations, which have risen back to highs seen in August. 

The yellow metal is currently trading largely unchanged on the day near $1,927 per ounce, having peaked at a record of $2,075 in August and pulled back to $1,848 on Sept. 24. 

According to data source Federal Reserve Bank of St. Louis, the US 5y5y forward inflation expectation rate was 1.9% on Friday – just short of the August high of 1.91%, having seen a low of 1.71% on Sept. 24.

Indeed, inflation expectations are closing on the Federal Reserve’s (Fed) 2% price target. However, the central bank is now targeting an average inflation of 2%. In other words, the bank intends to allow inflation to rise above the 2% target for some time before raising interest rates. 

As such, the path of least resistance for gold, a proven inflation hedge, is to the higher side. 

The yellow metal has cleared the resistance of the trendline connecting Aug. 7 and Sept. 16 highs. 

The breakout indicates the pullback from the record high of $2,075 has ended, and the broader uptrend has resumed. 

Supporting the bullish case is the resurgence of the coronavirus cases, especially across Europe. However, if virus concerns lead to risk aversion, the US dollar will likely find bids, complicating matters for gold bulls. 

Technical levels

 

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The Escalator: Laura Mizrahi joins FCB Health New York as executive creative director – People Moves – MM&M

The Escalator: Laura Mizrahi joins FCB Health New York as executive creative director – People Moves – MM&M

FCB Health New York names executive creative director

Laura Mizrahi has been named executive creative director by FCB Health New York, a pre-eminent healthcare communications network. Most recently, she had led the New York creative department at Razorfish Health.

Akili appoints chief marketing officer

Meghan Rivera has been appointed chief marketing officer by Akili, a developer of video game-based digital medical treatments. Previously, she was an executive at AMAG Pharmaceuticals.

Micron Medical appoints chief executive officer

Dr. Mark Landy has been appointed chief executive officer by Micron Medical, a privately held medical device manufacturer focused on urological conditions. Landy, who also is joining the company’s board of directors, had previously been executive vice president and chief strategy officer at MiMedx.

Intra-Cellular Therapies promotes chief medical officer

Dr. Suresh Durgam has been promoted to the position of chief medical officer by Intra-Cellular Therapies, a developer of therapies for central nervous system disorders. Previously, he had been senior vice president, late stage clinical development and medical affairs.

Exscientia appoints chairman of the board

Dr. David Nicholson has been appointed chairman of the board of directors by Exscientia, a pre-eminent AI drug discovery company. Before that he had been chief R&D officer at Allergan.

Caris Life Sciences names chief business officer

Brian Lamon, Ph.D., has been named chief business officer, head of BioPharma business development, by Caris Life Sciences, a developer of molecular profiling solutions. He previously worked for Bristol Myers Squibb as vice president, development lead, genitourinary, malignancies, oncology development.

Neuronetics appoints vice president of sales

Sara Grubbs has been appointed vice president, sales, by medical technology company Neuronetics. Previously, she held sales leadership and management roles with Revance, Aesthetics, Allergan, Ulthera and Solta Medical.

Elucida appoints chief medical officer

Dr. Eliel Bayever has been appointed chief medical officer by Elucida Oncology,

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Trump Administration Moves To Throttle Iran’s Financial System As It Battles Covid-19

Trump Administration Moves To Throttle Iran’s Financial System As It Battles Covid-19

Topline

The U.S. Treasury Department on Thursday announced new restrictions targeting the few Iranian banks that hadn’t been subject to the sanctions Washington reimposed following its withdrawal from the multilateral nuclear deal with Iran, raising fears that the country could face difficulty bringing in food, medicine and other humanitarian necessities as it battles a severe coronavirus outbreak.

Key Facts

Treasury Secretary Steve Mnuchin identified 18 Iranian banks it would target with sanctions in order to choke off the country’s connection to the global economy.

While the Trump administration claimed the action would “allow for humanitarian trade,” European officials expressed concern that it would deprive Iran’s devastated economy of access to foreign currency to pay to import essential supplies.

Iran is battling a new rise in Covd-19 cases, seeing its highest-single day case number on Tuesday with 4,151, as well as a record 227 deaths on Monday, according to Al Jazeera.

In August, the U.S. attempted to “snapback” sanctions that were lifted by the multilateral nuclear deal struck in 2015, but the U.N. Security Council announced all 15 member countries except the Dominican Republican rejected the proposal, deeming it illegal given Trump’s withdrawal from the agreement.

The sanctions are meant to dissuade Iran from developing nuclear weapons, but since Trump’s controversial withdrawal from the global pact

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