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On September 15th, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the "15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry." The plan proposes to consolidate the advantages of the energy electronics industry. It will continue to promote the coordinated development of energy electronics technologies such as photovoltaics, energy storage, terminals, and communications. It will further promote the iterative upgrading of high-efficiency crystalline silicon photovoltaic cell technology, develop next-generation high-efficiency photovoltaic cell technologies and supporting equipment and materials such as perovskite tandem cells, research and promote highly reliable and intelligent photovoltaic modules and intelligent operation and maintenance technologies for photovoltaic systems, and expand "photovoltaic+" application scenarios. It will enhance the innovation capabilities of the entire new battery industry chain, consolidate the competitive advantage of lithium batteries, continue to promote the industrialization of solid-state batteries, sodium batteries, flow batteries, fuel cells, etc., promote the intelligent, green, and integrated development of new batteries, and support the application of new batteries in scenarios such as smart terminals, new energy vehicles, ships, aviation, intelligent robots, construction machinery, and agricultural equipment. It will accelerate the research and development and supply of key power electronics technologies, improve the supply capacity of key core devices and components, and enhance the efficient integration and precise control level of energy storage systems.On September 15th, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the "15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry." The plan proposes to promote the research and industrialization of the fifth-generation Reduced Instruction Set Computing (RISC-V) chip and support its application in fields such as artificial intelligence and embedded systems. It also emphasizes deepening collaborative innovation between chips and modules, and strengthening the collaborative design and optimization of algorithms and hardware architecture. The plan aims to consolidate the competitive advantage of communication equipment and accelerate breakthroughs in technologies and products such as high-end data communication, optical communication, mobile communication, satellite communication, and next-generation short-range wireless communication. Furthermore, it promotes the intelligent upgrading of industrial control equipment and constructs an integrated industrial computing system encompassing computing, control, sensing, and transmission. The plan also promotes the high-end development and application of laser equipment, achieving breakthroughs in technologies such as high-performance lasers, ultra-precision laser processing, and precision optomechanical systems. Finally, it guides the digital, integrated, and intelligent development of radar equipment and accelerates its application in emerging fields such as intelligent driving and the low-altitude economy. Finally, it accelerates technological breakthroughs in transfer equipment, improves its flexibility and intelligence, and expands its application to meet the needs of next-generation intelligent manufacturing.Polish Armed Forces: Military air operations have been launched in Polish airspace as Russia launches drone attacks against Ukraine.On September 15th, Judge Thaler of the U.S. District Court for the Northern District of Boston ruled on September 14th to block the U.S. federal government from implementing a new rule that would limit the length of time foreign students and journalists can stay in the United States without applying for an extension. This new rule was originally scheduled to take effect today (September 15th). Thaler pointed out that the Department of Homeland Securitys rationale for issuing this policy was "extremely weak." The agency had previously cited national security needs and the need to prevent fraud in the visa program as justification. However, Thaler noted that the Department of Homeland Security failed to fulfill its legal obligations in formulating the policy—neither responding to concerns that the policy change might raise nor considering other less burdensome alternatives.The yield on Japans 30-year government bonds rose 3.0 basis points to 4.095%.

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.

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