EUR/USD 1.18168
0.263%
Gold 5155.93
1.159%
Oil 65.568
-1.134%
USD/JPY 154.453
-0.391%
GBP/USD 1.35145
0.189%
GBP/JPY 208.740
-0.202%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Despite the ban on European Central Bank staff receiving compensation, ECB President Christine Lagarde still received €140,000 from the Bank for International Settlements.The China Earthquake Networks Center officially reported that a magnitude 3.3 earthquake occurred at 12:34 on February 23 in Yuli County, Bayingolin Mongol Autonomous Prefecture, Xinjiang (40.97 degrees north latitude, 84.31 degrees east longitude), with a focal depth of 18 kilometers.Former Bank of Japan board member Makoto Sakurai stated that if the yen weakens again before the expected Japan-US summit in March, the Bank of Japan could raise interest rates as early as March. Sakurai said, "Intervention in the exchange rate will only have a temporary effect on curbing yen selling pressure. The best way to deal with a weak yen is for the Bank of Japan to raise interest rates." Sakurai added that further yen depreciation would push up inflation by increasing import costs and offset some of the downward pressure from government fuel subsidies. He further added that if a significant yen depreciation is needed, the Bank of Japan could raise interest rates as early as March, citing the expectation of strong wage growth from companies and unions in the spring annual wage negotiations.SK Group Chairman Chey Tae-won, chairman of SK Hynixs parent company, has pledged to expand production of AI memory chips to meet surging demand from global data center construction. He stated that high-bandwidth memory chips are "monster chips" that have brought huge profits to SK Hynix. The chipmakers stock price has more than quadrupled in the past year due to record earnings. While he did not specify the scale of the expansion at his chip company, SK Hynix stated in January that its capital expenditure in 2026 would increase significantly compared to last year to meet demand for HBM chips.A source at Indias Ministry of Commerce said on the 22nd that India has postponed its planned trip to Washington this week, primarily due to uncertainty following the US Supreme Courts overturning of President Trumps tariffs. This is one of the first concrete reactions from Asian countries to the ruling. Previously, after the court rejected the tariffs, Trump announced on the 21st a temporary 15% tariff on all goods imported into the US, the highest rate allowed by law. The source, who requested anonymity, said, "The decision to postpone the visit was made after consultations between officials of both countries. A new date for the visit has not yet been determined."

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