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On August 18th, Bank of America Securities issued a report stating that Zijin Mining International (02259.HK) reported a first-half net profit of US$1.45 billion, slightly higher than the profit forecast of approximately US$1.4 billion, and declared its first interim dividend. The target price was raised from HK$140 to HK$150, and the "Buy" rating was reiterated. Based on year-to-date performance, the bank raised its full-year net profit forecast for the company by 3% to US$3.1 billion, mainly reflecting lower unit cost assumptions.Hong Kong stocks two major MINIMAX-W stocks declined, with Zhipu (02513.HK) falling more than 10% and MINIMAX-W (00100.HK) falling more than 8%.According to Al Arabiya TV, an airstrike targeted the Abu Zuhur military airfield in the eastern countryside of Idlib, Syria.Futures Commentary by Everbright Futures: On August 17th, COMEX gold continued its upward trend, closing at $4473.1 per ounce, a gain of 0.81%. Domestic SHFE gold opened lower and closed higher in the night session, settling at 957.80 yuan per gram, a gain of 0.41%. Geopolitically, the ceasefire agreement window between the US and Iran expired yesterday, but negotiations remain deadlocked. Trump explicitly stated that he would not seek to extend the memorandum of understanding with Iran, saying there was "no timetable" for resolving the Iranian issue, and indicated that if Oman "obstructs US efforts to reopen the Strait of Hormuz and end the war with Iran," the US would bomb Oman. High oil prices and persistent US inflation risks have somewhat dampened market risk appetite, narrowing gold price gains. Additionally, according to data released by the US Treasury Department, foreign holdings of US Treasury bonds decreased by $72.1 billion month-on-month, bringing the total to $9.3 trillion. Since reaching a record high in February of this year, foreign holdings have declined in three of the past four months. With the release of US inflation data, the probability of an interest rate hike has significantly decreased, and the market has seen some profit-taking. However, the deepening of stagflation in the US, persistent geopolitical risks, and the central banks reduction of US Treasury bonds and purchase of gold all provide structural support for gold. Gold may maintain a high-level fluctuation or even a slightly stronger trend. Attention should be paid to the pressure on overseas gold prices near the 4,500 mark.August 18th - According to data from Lighthouse Pro, as of August 18th, the total box office for 2026 (including pre-sales) has exceeded 26 billion yuan. "Pegasus 3", "Kung Fu Womens Soccer", "A Letter to Grandma", "The Eight Immortals", and "The Swordsman: The Wind Rises in the Desert" are currently ranked among the top five films in the annual box office.

The Dollar Index's Top-to-Bottom Reversal Indicates a Potential Momentum Shift

Drake Hampton

Apr 11, 2022 10:52

On Friday, the US Dollar fell versus a basket of foreign currencies after gaining more than 100 points for the first time in over two years. It reached a high of 100.20 during the session, its highest level since May 2020.

 

Despite the fact that it formed a potentially bearish closing price reversal top, it ended the week up 1.3 percent. Throughout the week, the dollar index was mostly supported by a rise in US Treasury yields and a weaker Euro.

 

The June US Dollar Index closed at 99.753 on Friday, down 0.007 or -0.01 percent. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $26.68, an increase of $0.01 or 0.02%.

 

On Friday, the US Treasury 10-year yield surpassed 2.7 percent for the first time in three years, aided by the likelihood of more aggressive Federal Reserve tightening. Additionally, this week's release of the Fed's March meeting minutes revealed that "many" members were prepared to raise rates in future months in 50-basis-point increments.

 

In other news, the Euro was under pressure as the election battle between President Emmanuel Macron and far-right contender Marine Le Pen tightened in France, the Euro Zone's second-largest economy. Macron continues to lead polls.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. However, Friday's closing price reversal top implies that momentum is about to move downward.

 

A move above 99.745 will confirm the price reversal top at the close. This could initiate a 2-3 day adjustment. A break of 100.200 will invalidate the chart pattern and suggest the resumed uptrend. The primary trend will revert to the downside upon a break of 97.730.

 

Minor values range from 97.730 to 100.200. The nearest support level is at its 50% level, or pivot, of 98.965.

 

The critical support level is the long-term Fibonacci retracement level around 98.200.

Scenario of the Bear

Persistent movement below 99.975 indicates the existence of sellers. Taking out 99.745 will confirm the price reversal top at the close. If this generates sufficient downside momentum, expect the selling to extend towards the minor pivot at 98.965.

Scenario of Bullishness

Sustaining a move over 99.975 indicates the presence of buyers. The initial objective on the upside is 100.200.

 

If 100.200 is breached, the closing price reversal top will be invalidated, signaling the resumption of the uptrend. If buying is sufficiently strong, we may see an acceleration to the upside, with the next big objective of 100.560 – 100.930.

 

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