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On April 28th, it was reported that on April 24th, the National Development and Reform Commission (NDRC) and the Peoples Bank of China (PBOC) convened an inter-ministerial joint meeting and work deployment meeting on the construction of the social credit system. Officials from 48 member units of the inter-ministerial joint meeting attended the meeting. Li Chunlin, Vice Chairman of the NDRC, and Zou Lan, Vice Governor of the PBOC, attended and addressed the meeting. The meeting emphasized strengthening government integrity, accelerating the process of credit legislation, promoting the construction of a high-level credit economy, improving the level of public credit evaluation, perfecting the incentive mechanism for trustworthy behavior, deepening credit information sharing, and pushing the construction of the social credit system to a new level.The main fuel oil contract surged 4.00% intraday, currently trading at 4269.00 yuan/ton.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions the development of core intelligent industries. Focusing on basic software such as intelligent operating systems and development frameworks, and key core technologies such as high-end training and inference chips and edge computing chips, the plan aims to cultivate competitive software and hardware products and digital industry clusters. It promotes the research and development and industrialization of industrial robots, service robots, special robots, and general-purpose intelligent high-end products. It accelerates the development of intelligent connected vehicles, constructs intelligent connected vehicle testing zones and vehicle-road cooperative facilities. It expands the market for consumer-grade intelligent products, improves the performance of public service-grade intelligent products, innovates categories of industry-application intelligent products, develops high-end intelligent terminal products, and cultivates intelligent terminal and equipment industry clusters. It strengthens the integration and collaboration of "big brain" and "small brain" technologies, promotes intelligent agent collaboration and large-scale application, and drives comprehensive reconstruction with AI native drivers. It establishes a dual-pole framework of an innovation center in the field of intelligent agents and an innovation center in the field of intelligent terminals to support the creation of the Guangdong Provincial Artificial Intelligence Innovation Center.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions enhancing the fundamental capabilities of large-scale models. This includes supporting multi-path technology exploration, algorithm optimization, and model infrastructure innovation, strengthening collaborative innovation across "model, chip, cloud, and application." It also calls for the coordinated development of large-scale model training and inference facilities, building a Guangdong-characteristic embodied intelligence training ground system. Furthermore, it aims to create high-level general-purpose large-scale models, develop trillion-parameter models, and construct multimodal and world models. The plan emphasizes developing vertical large-scale models in advantageous fields, focusing on areas such as financial services, peoples livelihood, and governance, cultivating vertical models adapted to complex scenarios and integrating multimodal data. It also calls for developing small-scale models for specific scenarios, targeting scenarios such as technology and healthcare, and launching lightweight and secure scenario-level model products such as intelligent agents and MaaS. Finally, it encourages exploring new forms of model applications, improving the ability to handle complex tasks, optimizing interactive experiences, and promoting technological innovation in multimodal, intelligent agent, embodied intelligence, and swarm intelligence. Finally, it establishes and improves model capability assessment and security assessment systems to promote effective iterative improvement of model capabilities.The Hang Seng Tech Index fell more than 1% during the session, with sectors such as Apple concept stocks, brain-computer interfaces, commercial aerospace, and power equipment leading the decline.

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

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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.