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On May 7th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting on May 6th. The meeting emphasized the need to adhere to a problem-oriented approach, accurately grasp the direction and focus of basic research in central enterprises, and strengthen basic research systematically and systematically based on national needs. It stressed guiding central enterprises to focus on applied basic research, leveraging their industrial and demand-driven advantages to promote the integration of the entire "science-technology-engineering-industry" chain. The meeting also emphasized strengthening overall planning, using the origin of original technologies as a starting point, and continuously exerting efforts in solving fundamental scientific problems, deploying strategic frontier technologies, and strengthening the supply of common technologies. Furthermore, the meeting stressed the importance of effectively cultivating high-level talent, increasing R&D investment, and building high-level platforms for basic research in central enterprises to drive the overall improvement of their basic research capabilities. The meeting called for pooling resources from all parties to promote stronger basic research in central enterprises with greater力度 and more concrete measures, strengthening collaboration with relevant departments, promoting the implementation of policies for investors, further deepening the reform of state-owned assets and enterprises, encouraging enterprises to be bold in innovation, and further stimulating the intrinsic motivation of researchers to engage in basic research, so as to make due contributions to achieving high-level scientific and technological self-reliance and building a strong science and technology nation.The yield on Japans two-year government bonds fell 1.0 basis point to 1.370%.May 7th Futures News: Economies.com analysts latest view: Brent crude oil futures have continued to decline in recent intraday trading. While the market had previously escaped oversold conditions, the Relative Strength Index (RSI) has begun to show a negative crossover signal. This opens up room for further declines in the short term, especially given that prices have remained below the 50-day moving average (EMA50) and previously broke below the short-term uptrend line; downward pressure remains.May 7th Futures News: Economies.com analysts latest view: WTI crude oil futures prices edged lower in the latest intraday trading session. The oversold condition of the Relative Strength Index (RSI) has eased, but the market still has room for further declines in the short term. Selling pressure remains dominant after prices broke below an important short-term uptrend line. Crude oil prices continue to trade below the 50-day moving average, which now acts as dynamic resistance, limiting any potential rebound. Unless oil prices regain their footing above key technical levels and resume upward momentum, these factors will reinforce the current bearish outlook.Futures News, May 7th: Economies.com analysts latest view: Spot gold continued its upward trend in the latest intraday trading, currently challenging the resistance level of $4700, which was our target price set in previous analysis. Gold prices have been trading above the 50-day moving average, supporting this upward momentum and reflecting strong upward momentum. Furthermore, gold prices previously broke through a minor descending channel that had been limiting its movement, a technical signal that reinforces the continuation of the recent rally. Despite the optimistic outlook, some potential pressure is emerging as the Relative Strength Index (RSI) has begun to show negative signals after reaching severely overbought levels, which could limit the ability of prices to continue rising at the same pace.

Gold Price Prediction: XAU/USD falls below the $1,670 barrier before the Fed's chosen inflation gauge

Alina Haynes

Oct 28, 2022 15:18

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Gold price (XAU/USD) consolidates its second consecutive weekly gain as bears test the $1,658 mark ahead of Friday's European session. In doing so, the yellow metal traces the recent decline in commodities and Antipodean currencies against the backdrop of the dollar's recovery.

 

In spite of this, the US Dollar Index (DXY) gains bids to extend yesterday's gains to 110.65 as 10-year US Treasury yields rise to 3.94 percent. In spite of this, benchmark bond coupon yields reverse a 10-week advance, which boosted equity and gold prices earlier in the week.

 

While seeking answers, the market's nervousness ahead of the US Core PCE Price Index for September, which is anticipated to jump to 5.2% from 4.9% previously, might be viewed as significant in light of the recent pullback in hawkish Fed wagers. As buzz surrounding the Fed's easy rate hike in December intensifies, the inflation number and market wagers on the Fed's next action become increasingly significant.

 

Other than the rebound in the DXY, economic concerns about China, one of the world's largest commodity consumers, and geopolitical concerns about Ukraine impose downward pressure on the XAU/USD exchange rate. "The International Monetary Fund (IMF) lowered its economic estimates for Asia on Friday due to global monetary tightening, increasing prices blamed on the war in Ukraine, and China's rapid slowdown," said Reuters.

 

In the midst of these plays, stock futures are red, mirroring Wall Street's poor performance, as bond markets pare recent gains.

 

In a probable lively session, the US inflation data and pre-Fed worries could provide XAU/USD bears some motivation.

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