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On March 7th, Bai Jingyu, Director of the Innovation and High-Tech Development Department of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan constructs a development sequence for emerging industries that combines short-term and long-term goals, consisting of strategic emerging industries, emerging pillar industries, and future industries. Looking to the present, the plan continues to focus on the development of strategic emerging industries such as next-generation information technology and new energy, and builds industrial clusters with distinctive characteristics and complementary advantages tailored to local conditions. In the medium term, it focuses on developing emerging pillar industries such as integrated circuits, biomedicine, and aerospace, constructing new pillars for national economic development. Looking to the long term, it proactively plans for future industries such as quantum technology, brain-computer interfaces, and embody intelligence, cultivating strategic emerging industries for "tomorrow" and pillar industries for "the day after tomorrow."On March 7th, Chen Lei, Director of the Development Strategy and Planning Department of the National Development and Reform Commission (NDRC), stated at a press briefing held by the State Council Information Office that in recent years, Chinas level of opening up to the outside world has been continuously improving. The negative list for foreign investment access has been reduced to 29 items, and restrictions on foreign investment access in the manufacturing sector have been completely eliminated. The next step will be to expand market access and open areas with a focus on the service sector, promoting the orderly expansion of opening up in telecommunications, the internet, education, culture, and healthcare, advancing comprehensive pilot demonstrations for expanding the opening up of the service sector, and further reducing the negative list for foreign investment access, thus providing foreign companies with "broader" investment opportunities in China. Simultaneously, diverse forms of openness will be created.On March 7, Liu Dechun, Director of the Department of Social Development of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan proposes, in terms of building a fertility-friendly society, expanding the coverage of the maternity insurance system, reasonably improving the level of protection for prenatal medical expenses, and fully implementing the maternity leave system.On March 7th, Chen Lei, Director of the Development Strategy and Planning Department of the National Development and Reform Commission (NDRC), stated at a press briefing held by the State Council Information Office that during the 14th Five-Year Plan period, China utilized over US$750 billion in foreign investment, with overseas investments spanning 190 countries and regions. During the 15th Five-Year Plan period, China will continue to optimize the foreign investment environment, fully implement national treatment for foreign-invested enterprises, improve the service and support system for foreign investment, and ensure both market access and operational rights. China welcomes more foreign-invested enterprises to invest in China and share the enormous development potential in advanced manufacturing, modern services, high technology, energy conservation, and environmental protection. Simultaneously, China will improve its overseas comprehensive service system and support qualified enterprises to conduct mutually beneficial overseas investment cooperation.The National Highway Traffic Safety Administration (NHTSA) has recalled 11,787 General Motors (GM.N) vehicles in the United States because engine shutdown increases the risk of a collision.

Forecast for Gold: XAU/USD to Waver Below $1,740 Amid Steady DXY, Focus on U.S. Durable Goods Orders

Alina Haynes

Aug 23, 2022 14:51

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Gold prices (XAU/USD) are exhibiting erratic behavior within a tight range of $1,733.40-1,740.00 in the early Tokyo session. After a stronger rebound from Monday's low of $1,727.85, volatility has decreased for the precious metal. Gold is stuck due to conflicting reports about how hawkish Fed chair Jerome Powell would sound at the Jackson Hole Economic Symposium.

 

After reading the Federal Reserve's minutes from last week, it's evident that Fed officials agreed on the limited data showing that inflation pressures were easing and a resolution would take some time. The Fed is also dedicated to maintaining price stability in the economy. And to serve the same, the recent trend of rate increases should continue. A rate increase of 50 basis points (bps) would be best to show deference to expert opinion.

 

However, before that can happen, all eyes will be on Wednesday's report on US Durable Goods Orders. Market analysts predict that economic growth will slow to 0.5% from the previous release of 2%. When the US economy shows no change in the US core Consumer Price Index (CPI), a drop in economic data is not good for the US dollar index (DXY).

 

Gold prices have rallied strongly after reaching the 61.8% Fibonacci retracement (placed from July 21 low at $1,680.91 to August 10 high at $1,807.93) at $1,729.44. The 20-period Exponential Moving Average (EMA) is located at $1,738.60, and it is acting as a barrier for the precious metal, preventing it from going lower.

 

The Relative Strength Index (14), which predicts future price declines, is currently fluctuating inside a negative 20.00-40.00 zone.