EUR/USD 1.17838
0.130%
Gold 4806.97
-0.977%
Oil 86.385
4.146%
USD/JPY 158.570
0.009%
GBP/USD 1.35369
0.135%
GBP/JPY 214.651
0.138%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to the New York Times, two senior Iranian officials familiar with the plans revealed that an Iranian delegation plans to travel to Islamabad on Tuesday for negotiations with the United States. The two officials stated that if US Vice President Vance attends the talks, Iranian Parliament Speaker Ghalibaf will also be present.April 20th - According to a report by NHK today (April 20th), Japans Liberal Democratic Party (LDP) plans to push for the passage of a bill to establish a "National Intelligence Agency" in the House of Representatives this week. The newly formed "Chudou Reform Alliance," comprised of the opposition Constitutional Democratic Party and Komeito, is demanding revisions to the bill, citing persistent concerns. In March of this year, the Japanese government passed a resolution to submit a related bill to the Diet, proposing the establishment of a new intelligence mechanism with the "National Intelligence Council" at its core and the "National Intelligence Agency" as its specific operational body. Xiang Haoyu, a specially appointed researcher at the Institute of Asia-Pacific Studies of the China Institute of International Studies, believes that Japans eagerness to establish a National Intelligence Agency stems from its core objective of enhancing intelligence gathering capabilities and strengthening a centralized, unified system to serve Japans security policy transformation and military expansion strategy.The Nasdaq fell 1%, the S&P 500 fell nearly 0.6%, and the Dow Jones Industrial Average fell 0.27%.French President Macron believes that both the US and Iran are wrong in their positions on the issue of blocking the Strait of Hormuz.The U.S. Department of Justice is conducting a criminal investigation into the beef company.

Before the US PMI is released, the gold price is expected to rise beyond $1,740 per ounce

Daniel Rogers

Aug 23, 2022 14:48

 截屏2022-08-22 下午5.31.01_1024x576.png

 

On the back of conflicting forecasts for US Purchasing Managers Index (PMI) data, the gold price (XAU/USD) is trying to break above $1,740.00. A new monthly low of $1,727.85 was recorded for the precious metal on Monday, but it has since rallied strongly. Given the lack of impetus in the upward trend, the gold price is likely to stay volatile. However, a pullback may be less profitable.

 

The consensus for the S&P Global Manufacturing PMI is 51.5, which is down from the prior reading of 52.2. When compared to its previous reading of 47.3, the Services PMI has room to grow.

 

The yellow metal has been supported by the disappointing early estimates of US Durable Goods Orders. From a previous release of 2%, the market expects the economic figures to sharply decrease to 0.5%. It's important to note that the most recent reading showed no change in underlying pricing pressures, which stood at 5.9%. So, we expect to see little change, if any, in the Durable Goods Orders numbers. Unfortunately, a precipitous drop in economic statistics portends a precipitous drop in demand.

 

The other thing that will be in the spotlight is Federal Reserve (Fed) chair Jerome Powell's remarks from the Jackson Hole Economic Symposium. US economic conditions and Fed Powell's direction on inflationary pressures and interest rates will be determined by him.

 

Gold prices on an hourly scale are looking to continue their recovery after breaking above the $1,729.44 61.8% Fibonacci retracement (set from the low of $1,680.91 on July 21 to the high of $1,807.93 on August 10). Gold has been testing the resistance of the 20-period Exponential Moving Average (EMA) around $1,738.00; a sustained move above this level would signal a change in trend toward the bullish side.

 

Furthermore, the Relative Strength Index (14), which had been negative in the 20.00-40.00 range, has moved into the bullish 40.00-60.00 zone, indicating that gold prices are currently not bearish.

Suggestion