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On August 1st, Yonhap News Agency reported that driven by strong demand for memory chips, South Koreas exports surged nearly 63% year-on-year to $98.99 billion in July, marking the second-highest monthly export value on record, second only to Junes $102.2 billion. Imports increased by 26.5% to $68.56 billion, resulting in a trade surplus of $30.32 billion. By industry, semiconductor exports skyrocketed 179% to $41 billion, exceeding the $40 billion mark for the second consecutive month. Despite intensified competition, global memory product prices remained high. Data shows that exports to the US surged 68.7% to $17.4 billion, driven by AI data center investment projects launched by major high-tech companies. South Korean Minister of Trade, Industry and Energy Kim Jung-kwan stated that, driven by the strong performance of the semiconductor industry, 19 of South Koreas 20 major export categories achieved growth, demonstrating the significant effectiveness of export diversification.August 1st - According to the China State Railway Group, the two-month summer railway travel season, which began on July 1st and lasted until July 31st, saw a total of 432 million passenger trips. Since the start of the summer travel season, passenger flow has been concentrated in the Chengdu-Chongqing, Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area regions. Data shows that as of July 31st, the Beijing Railway Bureau of China State Railway Group transported a total of 38.774 million passengers, and the Guangzhou Railway Bureau of China State Railway Group transported a total of 58.925 million passengers.August 1, 2026 - Li Auto announced its July 2026 delivery figures. In July 2026, Li Auto delivered 30,468 new vehicles. As of July 31, 2026, Li Autos cumulative historical deliveries will reach 1,764,155 vehicles.DeepBlue Autos: Global sales in July 2026 reached 29,213 units, a year-on-year increase of 7.52%; cumulative global sales from January to July reached 193,369 units, a year-on-year increase of 13.48%; cumulative global sales exceeded 910,000 units.1. A missile attack in the Ukrainian capital injured 12 people. 2. Trump denied allowing Ukraine to produce Patriot interceptor missiles. 3. Polish Defense Minister: Polish F-16 fighter jets intercepted a Russian reconnaissance plane in the Baltic Sea. 4. Ukrainian President Zelensky: He spoke by phone with US Vice President Vance to discuss the outcome of his recent meeting with Trump in Washington. 5. Russian Grain Exporters and Producers Union: Attacks in the Black Sea region could lead to a complete blockade of export routes in the near future. 6. Ukrainian President Zelensky: Ukraine attacked Russian logistics facilities in three regions and a maritime terminal in the Krasnodar region of Russia. 7. Russian Ministry of Defense: Russian forces attacked a Ukrainian mail sorting center in the Dnipropetrovsk region, a fuel storage depot and oil refinery in Odessa, and struck a ship delivering supplies to the Ukrainian army in the Black Sea.

Gold Price Prediction: XAU/USD attempts to increase auction profile over $1,750 as the US Dollar becomes turbulent

Daniel Rogers

Nov 30, 2022 15:20

截屏2022-11-08 下午5.37.34_1024x576.png

 

After a significant recovery above $1,748.00 during the Tokyo session, the gold price (XAU/USD) aims to move its business beyond $1,750.00. As the US Dollar index (DXY) has become volatile in advance of Federal Reserve (Fed) chair Jerome Powell's speech, the precious metal has attracted buying interest. This time, the Fed Chair's speech will have a substantial influence, as investors will glean hints regarding a slower rate of interest rate hikes.

 

The USD Index has attracted some bids at 106.60 following a decline and is expected to remain on edge as Wednesday's New York session will reveal important economic catalysts in addition to Fed Chair Powell's speech. S&P500 futures have regained a portion of their early-Asia losses. The yields on 10-year US Treasuries remain rock-solid over 3.74 percent.

 

Employment data from Automatic Data Processing (ADP) in the United States will be the most influential factor on the gold price. Preliminary estimates indicate that the US economy added 200k jobs in November, compared to 239k in October. The labor market data is suffering as a result of rising interest rates, which have prompted businesses to pause the hiring process due to rising concerns of a future slowdown.

 

On an hourly scale, the gold price is fluctuating between $1,740 and $1,760 before to the announcement of significant economic catalysts and Fed Powell's speech. The 20-period Exponential Moving Average (EMA) at $1,751.00 is converging with the asset, indicating a forthcoming consolidation.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates continually between 40.00 and 60.00, indicating that investors are on the sidelines ahead of significant developments.

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