EUR/USD 1.17318
0.010%
Gold 4628.16
0.139%
Oil 98.736
-3.681%
USD/JPY 156.973
0.230%
GBP/USD 1.35910
-0.087%
GBP/JPY 213.346
0.153%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 2nd, CNN released an investigative report stating that since the military action against Iran, at least 16 U.S. military facilities in eight Middle Eastern countries have been damaged in Iranian attacks, some of which are practically unusable. This investigative report was based on dozens of satellite images and interviews with several informed sources from the U.S. and Gulf Arab countries. According to a U.S. congressional aide familiar with the damage assessment, most U.S. military deployments in the Middle East have been affected. "The assessments of the damage vary. A more pessimistic view is that some facilities have been completely destroyed and need to be shut down. However, some at the leadership level believe these facilities have strategic value and are still worth repairing."The Federal Reserve accepted a total of $607 million from five counterparties in its fixed-rate reverse repurchase operations.On May 2nd, US President Trump again criticized Spain and Italy, arguing that the two countries did not provide sufficient support for US military action in Iran, and claiming that these countries must "feel that its acceptable for Iran to have nuclear weapons." "Im not happy with Italy, and Im not happy with Spain," Trump said. He added, "Anyone who thinks its okay for Iran to have nuclear weapons is not very wise. If they were allowed to have nuclear weapons, the world would face unprecedented problems, but that will never happen."The total number of drilling rigs in the United States for the week ending May 1 was 547, compared to 544 in the previous week.The total number of natural gas drilling rigs in the United States for the week ending May 1 was 130, compared to 129 in the previous week.

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