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On September 18th, it was learned that the State Administration for Market Regulation (SAMR) has launched a nationwide special campaign to safeguard the bottom line of mandatory product certification. The campaign employs a "random inspection and public disclosure" approach to inspect certification bodies, covering all 34 designated CCC certification bodies, 90 designated CCC laboratories, and 300 voluntary certification bodies. Currently, designated certification bodies have suspended 108,500 CCC certification certificates, affecting 18,500 manufacturers, and revoked 44,900 CCC certification certificates, affecting 13,000 manufacturers. Among these, over 4,200 CCC certification certificates for power banks and lithium batteries that failed to continuously meet certification requirements have been revoked or cancelled, effectively ensuring product quality and safety. Simultaneously, a special campaign to regulate certification rules for body registration is ongoing. This year, 50,200 rules have been reviewed, with 30,300 denied registration, 17,700 returned for rectification, and 2,186 approved. High-standard certification rules ensure high-quality certification activities.September 18th - According to data from the National Railway Administration, from January to August 2026, the national railway passenger and freight volumes continued to grow, with safe and orderly transportation providing strong support for passengers safe travel and stable economic operation. In terms of passenger transport, from January to August, the national railway system completed a total of 3.321 billion passenger trips, a year-on-year increase of 3.9%; and completed 1,181.184 billion passenger-kilometers, a year-on-year increase of 1.2%. During the summer travel season from July 1st to August 31st, the national railway system transported a total of 954 million passengers, a year-on-year increase of 1.2%.On September 18th, the Ministry of Finance released its fiscal revenue and expenditure figures for January-August 2026. From January to August, national government fund budget expenditure totaled 5,194.8 billion yuan, a year-on-year decrease of 17%. Breaking it down by central and local governments, central government fund budget expenditure was 317.5 billion yuan, a year-on-year decrease of 58.3%; local government fund budget expenditure was 4,877.3 billion yuan, a year-on-year decrease of 11.3%, of which expenditure related to revenue from the transfer of state-owned land use rights was 2,178.6 billion yuan, a year-on-year decrease of 18.5%.The onshore yuan closed at 6.6973 against the US dollar at 16:30 on September 18, up 112 points from the previous trading day.On September 18th, the Ministry of Finance released its fiscal revenue and expenditure figures for January-August 2026. From January to August, national government fund budget revenue totaled 2,141.9 billion yuan, a year-on-year decrease of 19%. Breaking it down by central and local governments, central government fund budget revenue was 329.2 billion yuan, a year-on-year increase of 12.2%; local government fund budget revenue was 1,812.7 billion yuan, a year-on-year decrease of 22.9%, of which revenue from the transfer of state-owned land use rights was 1,375.3 billion yuan, a year-on-year decrease of 28.6%.

Gold Price Forecast: XAU/USD Consolidates Below Critical Support

Larissa Barlow

Apr 13, 2022 10:22

  • The gold market is reversing some of Tuesday's positive impetus.

  • Despite the Core CPI shortfall, the US dollar remains strong.

  • Ukraine's geopolitical danger is bolstering gold, and Putin is ratcheting up the pressure.

 

The gold price surged on Tuesday and is consolidating in early Asian markets on Wednesday, following another sharp increase in US inflation announced in the early hours of New York trading. The XAU/USD currency pair is now trading at $1,963.03, down 0.18 percent from a top of $1,968.06 to a low of $1,962.95.

 

Core CPI missed projections, implying that the Federal Reserve may not be in as much of a rush as the market has implied. Core prices, which exclude food and energy, increased by just 0.3 percent, below estimates of 0.5 percent and marking the weakest gain since September.

 

However, the US dollar rallied strongly again against the backdrop of falling US shares, reversing the relief bounce as money markets continue to price in a hawkish Fed. On Tuesday, the US Treasury's 10-year auction reached a high yield of 2.72 percent, up from the previous month's high of 1.92 percent. With inflation expectations staying largely stable, if the 10-year yield continues to rise beyond this week's 2.836 percent highs, it will test the October 2018 high above 3.26 percent.

 

Fed officials are likely to maintain their hawkish stance. In aggregate, this data is unlikely to alter the Federal Reserve's near-term assessment of the need for rate hikes. "Fed governor Brainard (governors always vote) reaffirmed the FOMC's priority of containing inflation," a Westpac analyst explained. "She anticipates some tightening of financial conditions to assist temper demand, along with some loosening of supply limitations, all of which will contribute to lower inflation. She lauded the March CPI report's reduction in core goods prices, but cautioned against putting too much faith in a single piece of data."

 

As a result, a 50 basis point boost next month is expected to put the US dollar on pace for a March 2020 high near 103 as assessed by the DXY. It has already printed a new daily cycle high of 100.333.

 

Meanwhile, gold continues to benefit from elevated geopolitical threats, which Russian President Vladimir Putin has ratcheted up.

 

The US is expected to announce an additional $750 million in arms for Ukraine.

 

Putin stated on Tuesday that peace negotiations with Ukraine had reached a stalemate. Rather than that, Putin pledged that Russia will accomplish all of its "noble" objectives in Ukraine. "We have once again found ourselves in a dead-end scenario," Putin said during a news conference during a visit to the Vostochny Cosmodrome 3,450 miles (5,550 kilometers) east of Moscow.

 

"We have no intention of remaining isolated," Putin stressed. "Isolating someone severely in the modern world - let alone a country the size of Russia - is impossible."

 

This should help to keep gold prices stable in 2022.

Technical Analysis of Gold

Since mid-March, the gold price has been range-trading, and if this is accumulating the 2022 surge, the price may now be ripe for a positive continuation, as indicated by the daily chart:

 

image.png 

 

We have witnessed an effort to break out, but naturally, a retreat is coming, and it is now a matter of how far the bullish impulse can be mitigated before bulls re-enter. However, if the US currency remains strong, $1,930 may come under renewed pressure, and if it does, the near-term possibilities for a move higher will be substantially diminished.

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