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On April 28, the Russian Foreign Ministry announced on the 27th an expansion of the list of European personnel banned from entering Russia. This expansion includes individuals from European organizations and countries involved in military aid to Ukraine and those imposing sanctions on Russia, in response to the EUs approval of a new round of sanctions against Russia. The Russian Foreign Ministry stated that the EU recently approved the 20th round of sanctions against Russia, attempting to continue pressuring Russia. Therefore, in accordance with relevant Russian federal laws, Russia has "significantly expanded the list of European institutions, EU member states, and representatives of European countries pursuing Brussels anti-Russian policies who are prohibited from entering Russia."On April 28th, it was learned that Pakistan stated on the 27th that Afghan officials claims of a Pakistani attack in Kunar province were false. Pakistan also stated that whenever and wherever it strikes terrorist strongholds and facilities within Afghanistan, it will, as in the past, issue prior public statements, assume full responsibility, and provide precise evidence to prove that the targets are terrorist support facilities. Afghan government deputy spokesman Hamdullah Fytrat said on social media on the 27th that Pakistan attacked eastern Afghanistans Kunar province that day with mortars and rockets, resulting in 4 deaths and 70 injuries.A U.S. judge has ordered the temporary detention of the suspect in the White House reporters dinner shooting, with a detention hearing scheduled for Thursday.Citi/YOUGOV survey: UK inflation expectations for the next year are 5% in April, compared to 5.4% in March.Court transcripts show that the suspect in the White House correspondents dinner shooting is accused of attempting to assassinate the US president.

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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