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On February 9th, reports surfaced that Samsung Electronics was about to begin mass production of HBM4 memory chips used to build artificial intelligence infrastructure, sending the companys stock price up 6.4%. According to Yonhap News Agency, the South Korean tech giant plans to ship the semiconductor to Nvidia, a leader in AI accelerators, as early as the third week of February. Industry sources say these HBM chips will power the US companys upcoming Vera Rubin AI accelerator. Samsungs progress in high-bandwidth memory development indicates it is closing the gap with domestic competitors. As of last Fridays close, Samsungs stock price had risen more than 30% this year, as rising memory chip prices benefited all major players in the industry. Samsung may also have benefited from AI-related gains in the US stock market linked to data center construction. The four largest hyperscale companies plans to spend approximately $650 billion this year also contributed to Nvidias stock price rising nearly 8% last Friday.The Shenzhen Stock Exchange announced an adjustment to the list of securities eligible for the Hong Kong Stock Connect program, adding OmniVision Technologies and GigaDevice Semiconductor, effective February 9.On February 9th, Zijin Mining (02899.HK) announced that its board of directors approved the "Companys Three-Year (2026-2028) Major Mineral Product Production Plan and 2035 Vision Outline" on February 8th. The company plans to further improve its ranking in comprehensive indicators such as resource reserves, major mineral product production, sales revenue, asset size, and profit by 2028, with its copper and gold mineral product production entering the top three globally.Zijin Mining (02899.HK) released its production targets for major mineral products in 2026 and 2028, with gold production expected to reach 105 tons in 2026.February 9th - A survey closely watched by the Bank of Englands Monetary Policy Committee shows that while employers continued to reduce hiring for long-term positions in January, the pace of reduction slowed to its lowest level in 18 months. The survey, conducted by the Recruiting and Employment Confederation (REC), also showed that businesses increased the number of temporary workers deployed for the first time since October last year. Neil Carberry, CEO of REC, said: "As we head into 2026, there are increasing signs that uncertainty about hiring plans is translating into action. This doesnt mean a full-blown hiring rebound, but the wait-and-see period seems to be coming to an end." This REC report further supports the view that the UK economy is poised for a turnaround in 2026. A recent S&P survey showed that business expansion in January hit a 17-month high; a report from the Institute of Directors also indicated that executives are more optimistic about the outlook for sales, hiring, and investment.

Gold Price Analysis: XAU/USD approaches the golden ratio of 61.8 percent

Daniel Rogers

Jun 09, 2022 11:28

截屏2022-06-07 下午5.15.00_1024x576.png 

 

Following a rise into the 50 percent mean reversion level of the hourly bullish impulse highlighted in previous trading, the gold price is retreating further to $1,852 as demonstrated by the technical analysis below. The US dollar has been on the ascendant over the middle of the week and has maintained its strength in Asia, as assessed by the DXY index.

 

The US dollar index increased on Wednesday, reversing earlier drops, after investors exited equities and the US 10-year auction yielded 3.03 percent, up from 2.943 percent at the previous auction. In addition, the dollar set a new 20-year high versus the yen, as the Bank of Japan remained one of the few global central banks to retain a dovish approach. The ensuing increase in US rates has resulted in the 10-year holding over 3%, bolstering the greenback.

 

Gold has been praised for its safe-haven attributes prior to the OECD's predictions that the world will pay a heavy price for the Ukraine conflict. It reduced its forecast for global growth this year from 4.5 percent in December to 3 percent. This follows the revision of the World Bank's growth prediction earlier this week. Gold surrendered some of its late-session gains as the US dollar gained, according to ANZ Bank analysts.

 

In the meanwhile, analysts at TD Securities explained: "although the war in Ukraine helped send the bears packing, the waning of geopolitical risk premia across global assets has not prompted this group of discretionary traders to liquidate their positions.

 

"In turn, the disparity between gold and real rates may be linked to both an unwarranted rise in real rates owing to quantitative tightening and the still-massive amount of complacent length maintained in gold, which is keeping the yellow metal's prices high."

 

The focus will shift to the European Central Bank tomorrow as markets prepare for Friday's US inflation report.

 

The analysts at TD Securities stated that until Christine Lagarde "commits to a series of 50s," the EUR/USD has little upside potential, especially with the Euribor curve trading as it is and US CPI expected the next day. The risk/reward ratio favors a decline in EUR/USD trading. The long-term inflation outlook will be crucial.

 

TDS researchers also predicted that the ECB will "announce that the APP will terminate within weeks and convey a clear signal that rate rises are coming in July and September (October remains a more interesting meeting in this sense). Forecasts indicate a rise in inflation and a slowdown in economic growth, underscoring the ECB's future difficulty.

 

Consequently, gold may be desirable due to its safe-haven features. The worsening economic environment has allowed investors to support the precious metal. Gold recently surpassed $1,850 despite a stronger USD.


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