• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. According to Al Arabiya TV: Oman and Iran will soon issue a joint statement on the transit corridor in the Strait of Hormuz. 2. USDA data shows that for the week ending July 30, net soybean export sales for the 2025/2026 marketing year in the United States were 32,000 tons, significantly lower than the market expectation of 100,000-400,000 tons, compared to 302,000 tons the previous week; export shipments were 346,000 tons, compared to 490,000 tons the previous week. 3. According to USDA agricultural drought monitoring data, as of August 4, 2026, the drought rate in U.S. soybean producing areas was 26%, unchanged from the previous week; compared to 3% in the same period last year, an increase of 23 percentage points. 4. USDA data shows that private exporters reported selling 122,000 tons of soybeans to China for delivery in the 2026/2027 marketing year. 5. According to data released by the Malaysian Palm Oil Association (MPOA), Malaysian palm oil production is estimated to have increased by 7.54% from July 1-31. Production in Peninsular Malaysia increased by 12.63% month-on-month, Borneo by 1.48%, Sabah by 0.77%, and Sarawak by 7.78%. 6. The World Gold Council: Global gold ETFs attracted $3 billion in inflows in July, reversing two consecutive months of outflows, bringing total assets under management to $530 billion; holdings increased by 23 tons to 4,068 tons. 7. The CEO of Albemarle, a global lithium giant, stated that global lithium inventories are low, and the lithium spot market remains tight due to weak supply failing to meet the growing demand from electric vehicles and battery storage. The company raised its 2026 battery storage production forecast by 11% and its lower limit for the 2030 global lithium demand forecast by 100,000 metric tons. 8. Data from the Southern Peninsula Palm Oil Crushers Association (SPPOMA) shows that from August 1st to 5th, 2026, Malaysian palm oil yield per hectare decreased by 9.3% compared to the same period last month, oil extraction rate increased by 0.18% compared to the same period last month, and production decreased by 8.35% compared to the same period last month. 9. Data released by the Brazilian Sugarcane Industry Association (Unica) shows that in June, sugarcane crushing volume in Brazils central-southern region was 69.791 million tons, compared to 81.622 million tons in the same period last year, a year-on-year decrease of 14.5%; sugar production was 3.903 million tons, compared to 5.298 million tons in the same period last year, a year-on-year decrease of 26.33%. 10. EIA Natural Gas Report: As of the week ending July 31st, total U.S. natural gas inventories were 3.117 trillion cubic feet, an increase of 33 billion cubic feet from the previous week, a decrease of 12 billion cubic feet from the same period last year, a year-on-year decrease of 0.4%, and 195 billion cubic feet higher than the 5-year average, an increase of 6.7%. 11. The Houthi armed forces in Yemen warned Saudi Arabia against any aggressive actions against Yemen and its people, or they would face the consequences of any escalation.A Republican senator has proposed repealing Californias vehicle emissions regulations.The Houthi rebels in Yemen advised those who have been deceived or misled by Yemeni leaders to leave enemy camps in Saudi Arabia and return home before it is too late.U.S. EIA natural gas storage for the week ending July 31 was 33 billion cubic feet, compared with an expected 30 billion cubic feet and a previous reading of 28 billion cubic feet.The U.S. EIA natural gas storage data for the week ending July 31 will be released in ten minutes.

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

 272.png

 

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.