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On June 28th, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), published an article stating that in May 2026, imported cars totaled 38,000 units, a 19% decrease; from January to May 2026, imported cars totaled 160,000 units, an 11% year-on-year decrease. With the rise of domestically produced cars and the accelerated localization of international brands, car imports have remained sluggish in recent years, with three consecutive years of negative growth. If the fluctuations are smoothed out, this would represent eight consecutive years of negative growth.June 28 - Reuters reported on the 27th, citing a U.S. official, that Iran launched missile and drone attacks on neighboring countries, including Bahrain and Kuwait. There are currently no reports of U.S. casualties, and U.S. facilities in the Middle East have not been significantly affected or damaged.June 28 - According to the Japanese Ministry of Internal Affairs and Communications Fire and Disaster Management Agency, as of 9:00 AM local time on the 28th, the earthquake that struck Yamanashi Prefecture on the evening of the 26th has injured 20 people.① Iran 1. The Iranian Foreign Minister will travel to Baghdad tomorrow. 2. The Iranian Revolutionary Guard says it will take a tougher stance against "violations" by vessels. 3. About 30% of the Iranian population will attend the funeral of the late Supreme Leader. 4. Affected by the Middle East conflict, Irans inflation rate rose sharply to 88.6% year-on-year in June. 5. Following the US strikes against Iran, Iranian drones attacked Bahrain and oil tankers were attacked in the Strait of Hormuz. 6. The Iranian Islamic Revolutionary Guard Corps destroyed eight key US military infrastructure sites at the Ali Salim Air Base in Kuwait and the US Fifth Fleet in Bahrain. ② United States 1. The US strikes Iran again; explosions are heard in the Sirik region. 2. Trump says the US military strikes Iranian missile and drone storage sites. 3. According to CNN: US officials say that when Iran claimed to have attacked US targets in the Middle East, the US "detected several drones," but these drones did not hit their targets. ③ Israel 1. Israeli forces strike southern Lebanon again after the US-Lebanon framework agreement. 2. Israeli Prime Minister: Israel retains all the necessary "safe zones" along its northern border. 3. Israeli National Security Minister: The Lebanon-Israel-US framework agreement is a "major mistake." 4. Israeli official: If Hezbollah launches an attack, Israel will respond strongly. 5. Israeli Defense Minister: Has instructed the Israeli military to prepare for a long-term presence in the "safe zone" in southern Lebanon. 6. Israeli Prime Minister Netanyahu: We are breaking Irans diplomatic axis. We have reached a framework agreement that allows us to end the conflict with Lebanon. ④ Other situations: 1. US media: Trump and Netanyahu have been communicating much less than before. 2. UAE Foreign Minister praises the efforts of the Lebanese and Israeli governments in reaching a framework agreement. 3. Hezbollah: The Israel-Lebanon framework agreement is invalid; refuses to link Israeli troop withdrawal with Hezbollahs disarmament. 4. French Foreign Ministry: Willing to contribute to the implementation of the framework agreement between Lebanon and Israel. 5. Joint Maritime Information Center: Raises the maritime security threat level in the Strait of Hormuz from "medium" to "high". 6. Following the Iranian Revolutionary Guards strike on vessels violating regulations, more ships are seeking permission from Iran. 7. Security sources say an explosive drone attack struck a camp of an Iranian Kurdish opposition group north of Erbil, Iraq. 8. The Lebanese presidential palace stated that Lebanese President Aoun, in a phone call with US President Trump, said Lebanon would assume responsibility for implementing the framework agreement with Israel. President Aoun has requested US assistance to prevent violations of the agreement and to pressure Israel to withdraw from the southern region.According to Fox News: The latest round of US strikes against Iran is larger than last nights operation. US and Bahraini forces shot down nine Iranian drones that were heading towards US forces in Bahrain.

Forecast for Gold Price: XAU/USD corrects from $1,780, although upward stays favored on lower DXY

Alina Haynes

Aug 02, 2022 15:05

 截屏2022-08-02 下午2.58.11.png

 

Gold price (XAU/USD) has retraced to about $1,774.65 after reaching a high of $1,780.58 during the Tokyo morning session. As an upward break of consolidation is followed by a low-volume test of the breakout, there is a good chance that the precious metal will bounce once again. Earlier, the precious metal demonstrated a breakout to the upside from the consolidation created between $1,764.45 and $1,773.35.

 

In the meanwhile, the US dollar index (DXY) has experienced a minor bounce after opening at a three-week low of 105.05 points. The DXY has taken on a bearish trend as merchants and manufacturers have drastically reduced their forward demand. Monday saw the release of weak US Institute of Supply Management (ISM) Manufacturing New Orders Index data.

 

The economic data predicts merchants' and manufacturers' future demand. At 48, the numbers stayed below the forecasts of 52 and the previous reading of 49.2 A significant reduction in the demand prediction index precipitated a sharp decline in the DXY.

 

Friday's release of the US Nonfarm Payrolls (NFP) report will continue to dominate the attention of markets moving ahead. According to market consensus, the US economy created 250k jobs in July, a decrease from the 372k jobs created in June. This will increase the price of gold relative to the U.S. dollar.

 

The construction of a rising channel by gold prices on an hourly basis suggests the continuance of an upward trend. The top section of the previously described chart pattern is based on the high of July 22 at $1,739.37, while the bottom portion is based on the low of July 21 at $1,681.87.

 

The rising 50-day and 200-day exponential moving averages (EMAs) at $1,765.40 and $1,742.85, respectively, add to the upward filters. In the meantime, the Relative Strength Index (RSI) (14) is striving to recapture levels of 60.00. A similar event will necessitate a new bullish impulse wave.

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