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On January 8, 2026, Wang Jingtao, Deputy Director of the Cyberspace Administration of China, met with a delegation led by Tan Keat Hau, Senior Minister of State for Digital Development and Information and Ministry of Health of Singapore, in Beijing. The two sides had in-depth exchanges on issues such as artificial intelligence governance and cross-border data flows, and reached a consensus on further deepening cooperation in related fields.According to Futures News on January 8th, as of 20:30 Beijing time, WTI crude oil futures rose 1.54%, while US natural gas futures fell 0.94%.Emerging market stocks and currencies fell for the second consecutive day on January 8th, as traders remained cautious ahead of key U.S. jobs data releases amid heightened geopolitical risks. The MSCI Emerging Markets benchmark index fell 0.8%, its biggest drop since mid-December; currencies of Thailand, South Korea, and South Africa led the decline. Meanwhile, bond issuance is seeing its strongest start on record, with Poland joining Hungary and Turkey in issuing bonds at low borrowing costs. The focus now is on Fridays non-farm payroll data, which could provide clues about the Federal Reserves interest rate path. If expectations of a rate cut strengthen, the market could extend its year-to-date rally further. Ian Simmons, a fund manager at Fiera Capital in London, said, "We are likely to continue to see a weaker dollar, which remains a favorable supporting backdrop, as the U.S. appears to be set on a rate cut."January 8th - A survey shows that OPECs crude oil production remained stable in December. While Venezuelan production fell to its lowest point in two years, this was offset by increased output from Iraq and other member countries. The survey shows that OPECs average daily output was slightly above 29 million barrels, essentially unchanged from the previous month. Venezuelan daily output fell by about 14% to 830,000 barrels, influenced by the US strategy of intercepting and seizing oil tankers to pressure the countrys leadership. Currently, London oil prices are fluctuating above $60 per barrel, near a five-year low, squeezing the fiscal space of OPEC+ members. Against this backdrop of uncertainty, the eight major members again agreed this month to freeze production in the first quarter, suspending the large-scale supply recovery plan implemented last year. The survey shows that Iraq saw the largest increase in production in December, with its daily output increasing by 80,000 barrels to an average of 4.37 million barrels per day. This will put Baghdads output significantly above its agreed OPEC+ quota, although the data used by the organization indicates that it is still meeting its targets.Two sources said that trading companies Vitor and Trafigura are negotiating with the U.S. government about marketing Venezuelan oil.

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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