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August 16th - According to reports from Australia on the 15th local time, the New South Wales government will launch a gun buyback program. This is the latest measure to tighten gun control in the state following the Bondi Beach shooting in Sydney last year. The program is scheduled to launch on November 2nd, making New South Wales the first state in Australia to implement such a program. It is estimated that approximately 50,000 gun license holders will be affected by the new regulations, involving about 274,000 firearms. Under the buyback program, compensation standards for different types of firearms range from AUD 450 to AUD 1,000 per weapon (approximately RMB 2,150 to 4,780), with a maximum compensation of AUD 10,000 per weapon (approximately RMB 47,800) for some high-value firearms.The China Earthquake Networks Center officially reported that a magnitude 2.8 earthquake occurred at 00:07 on August 16 in Renshou County, Meishan City, Sichuan Province (29.77 degrees north latitude, 104.25 degrees east longitude), with a focal depth of 7 kilometers.On August 16th, the port authority of Mocha, Yemen, announced on Saturday that the port had suspended commercial and maritime operations following an attack by Houthi rebels that fired more than 25 missiles. The port authority official stated at a press conference that the attack resulted in seven deaths and estimated damages of $16 million. Mocha is a Red Sea port located near the Bab el-Mandeb Strait, a strategic chokepoint connecting the Red Sea and the Gulf of Aden and a vital international shipping route. The port is controlled by forces supporting the internationally recognized government of Yemen. Its cargo capacity is smaller than that of Yemens main ports, Aden and Hodeidah.The head of the port of Mocha in Yemen said that the port of Mocha in Yemen ceased operations after the Houthi attack.Domestic News: 1. Total box office revenue (including pre-sales) in August 2026 exceeded 3 billion yuan. 2. From January to July, the national railway system transported 2.8 billion passengers. 3. Unitree Robotics IPO: Grey market trading is based on rumors, and the underlying risks should not be underestimated. 4. Ministry of National Defense spokesperson Jiang Bin answered reporters questions regarding Japanese political figures visits to the Yasukuni Shrine. 5. Ministry of Foreign Affairs spokesperson answered reporters questions regarding Japanese political figures visits to the Yasukuni Shrine, which enshrines Class A war criminals. 6. Minor adjustments to the policy on home purchase replacement for non-Shanghai residents and overseas individuals? The Shanghai Real Estate Transaction Center hotline stated that no new policy has been introduced. International News: 1. Death toll from the Indonesian earthquake rises to 47. 2. Iran and Tajikistan sign a long-term oil cooperation agreement. 3. Hungarian Prime Minister: Ship sinking operations have begun to raise water levels to ensure the operation of nuclear power plants. 4. It is reported that Nvidia has reduced its plan to provide $250 billion in guarantees for OpenAI data centers. 5. Sources: Significant differences exist regarding core interests, leading to a stalemate in Canada-US tariff negotiations. 6. Sources: Anthropic expects revenue to reach $190 billion to $200 billion by 2028. 7. Middle East Situation—① Iranian Foreign Minister: Iran has not yet decided whether to resume negotiations with the US; it has no intention of extending the ceasefire agreement. ② Iran and Oman have reached an agreement on shipping routes through the Strait of Hormuz. ③ Houthi rebels claim Saudi Arabia attacked Saada province in northwestern Yemen. ④ Saudi media: The Yemeni military vowed to respond to the Houthi attack on the port city of Mocha.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.