EUR/USD 1.18817
0.089%
Gold 5067.97
-0.321%
Oil 64.732
-0.006%
USD/JPY 152.644
-0.407%
GBP/USD 1.36392
0.081%
GBP/JPY 208.198
-0.313%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On February 12th, the Ministry of Education released the "Opinions on Deepening the Reform of Key Elements of Vocational Education Teaching," which proposes: dynamically adjusting professional settings, actively adding new programs, eliminating redundant ones, and upgrading existing programs. Focusing on the goal of cultivating highly skilled personnel, the Opinions call for strengthened coordination in adjusting and optimizing professional settings, and strict implementation of the "red and yellow card" system. The Opinions also advocate utilizing big data and artificial intelligence to accurately predict the supply and demand of talent in key areas, providing a scientific basis for dynamic adjustments to professional settings. Furthermore, the Opinions encourage exploring the establishment of a rapid response channel for adding new programs, focusing on emerging and future industries, with a focus on adding new programs in areas such as low-altitude economy, artificial intelligence, high-end equipment, urban renewal, and areas of urgent need in peoples livelihoods. The Ministry of Education requires all provinces developing modern vocational education systems to formulate professional setting plans based on regional key industry development plans and to publish an annual analysis report on the matching of vocational education professional settings with industrial development.February 12th - With the continued optimization of visa-free and consumption-boosting policies, both inbound and outbound tourism are expected to increase during the Spring Festival holiday, leading to peak passenger flow at some major ports of entry. According to the National Immigration Administration, the average daily number of inbound and outbound passengers at ports nationwide during this years Spring Festival holiday is expected to exceed 2.05 million, a 14.1% increase compared to last years holiday. Major airport ports are expected to see significant growth in passenger flow, with the peak outbound passenger flow anticipated on February 15th (the 28th day of the twelfth lunar month) and the peak inbound passenger flow expected on February 22nd and 23rd (the sixth and seventh days of the first lunar month).On February 12th, the General Office of the Ministry of Commerce issued a notice regarding the implementation of the trade-in program for consumer goods during the 2026 Spring Festival holiday. The notice states that, in keeping with Spring Festival customs and adding to the festive atmosphere, consumers are encouraged to go out and shop. During the nine-day Spring Festival holiday in 2026 (February 15-23), consumers will be fully guaranteed access to apply for subsidies for trading in old home appliances and purchasing new digital and smart products through offline channels. Consumers who purchase new cars during the nine-day Spring Festival holiday can apply for car trade-in subsidies according to policy requirements.On February 12th, the General Office of the Ministry of Commerce issued a notice on ensuring the smooth implementation of the trade-in program for consumer goods during the 2026 Spring Festival holiday. The notice states that local authorities should guide participating entities in the trade-in program, such as car dealerships, home appliance stores, and digital and smart product retailers, to ensure sufficient supply of high-quality goods, maintain operating hours, and guarantee adequate supply of subsidized products, based on the characteristics of the Spring Festival market. It also emphasizes ensuring the supply of goods in rural areas during the holiday, increasing offline participation in rural areas, and prioritizing online channels for rural areas to facilitate participation and access to the program for rural residents.The U.S. Department of Commerce announced that Applied Materials will pay a $252 million fine to the Bureau of Industry and Security for illegally exporting semiconductor manufacturing equipment.

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