EUR/USD 1.18668
-0.036%
Gold 5059.48
-0.488%
Oil 64.860
0.192%
USD/JPY 152.592
-0.441%
GBP/USD 1.36264
-0.012%
GBP/JPY 207.932
-0.440%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Daiwa Capital Markets raised its price target for Ford Motor (FN) from $13 to $14.February 12th - Railway passenger traffic has entered its pre-holiday peak. The latest data from China State Railway Group shows that 15.05 million passengers are expected to travel today, with 2,039 additional passenger trains planned. Since the start of the Spring Festival travel rush on February 2nd, the national railway system has seen daily passenger volume exceed 10 million for 10 consecutive days.According to futures market news on February 12th, as of the week ending February 7th, Japans commercial crude oil inventories were 10.077 million kiloliters, an increase of 167,823 kiloliters from the previous weeks 9.9092 million kiloliters. Japans commercial gasoline inventories were 1.6242 million kiloliters, a decrease of 71,508 kiloliters from the previous weeks 1.6957 million kiloliters. Japans commercial aviation fuel inventories were 638,700 kiloliters, a decrease of 89,021 kiloliters from the previous weeks 727,800 kiloliters. Japans commercial kerosene inventories were 1.633 million kiloliters, a decrease of 170,563 kiloliters from the previous weeks 1.8036 million kiloliters. Japans commercial diesel inventories were 1.4555 million kiloliters, a decrease of 79,329 kiloliters from the previous weeks 1.5348 million kiloliters. The refinery operating capacity (BPSD) utilization rate was 89.20%, compared to 87.60% the previous week. The refinerys designed capacity (BPCD) utilization rate was 85.50%, compared to 84.00% the previous week.On February 12th, Wallfacer officially released its sparse-linear attention hybrid architecture SALA, and the text model MiniCPM-SALA based on this architecture, which has only 9B parameters. According to reports, MiniCPM-SALA does not use speed-up algorithms such as speculative sampling. On cloud inference chips, when the sequence length is 256K words, its inference speed is up to 3.5 times that of Qwen3-8B, and it supports inference with a context length of up to one million words on cloud chips and consumer-grade edge GPUs.February 12th – The State Council Information Office held a press conference this morning (February 12th) to introduce the "Spatial Coordination Plan for the Modernized Capital Metropolitan Area (2023-2035)" and answer questions from reporters. A relevant official from Beijing introduced that Beijing Pingyuan New Town is an important node for leveraging regional synergy and forming a tiered functional layout, and is also a crucial link in building a modernized capital metropolitan area. Currently, Beijing Pingyuan New Towns economic output has reached one trillion yuan, its permanent residents account for over 30% of the citys total, and it has already formed several cross-border clusters with the surrounding areas of Beijing, possessing a solid foundation for development. Looking towards 2035, the region will have approximately 500,000 permanent residents, 70 square kilometers of urban and rural construction land, and an incremental space of 200 million square meters of building area. With enormous development potential, it will be an important platform for undertaking the relocation of suitable functions from the central urban area and serving the cross-border commuting needs of the commuting population.

Forecast for the price of gold: Buyers of XAU/USD approach $1,800 on a weaker DXY ahead of US inflation

Alina Haynes

Aug 09, 2022 15:27

 截屏2022-06-07 下午5.14.47.png

 

The price of gold (XAU/USD) rose recently on the strength of a weaker US dollar and softer yields before rounding up to $1,790 on Tuesday during the first Asian session. The key started the week's trading on a strong note but fell by the end of the day, thus the metal's rising trajectory also borrowed ideas from equities.

 

US Dollar Index (DXY) followed Treasury rates to maintain Friday's significant gains, giving the greenback measure its first positive weekly result in three weeks. However, the US 10-year Treasury yields decreased by over seven basis points (bps) to 2.75 percent at the latest, following a 14-bps run-up on Sunday, while the DXY reported a 0.19 percent daily loss to 106.37 by Monday's conclusion.

 

The market's possible indifference to the US-China disputes over Taiwan and China's strong July trade figures may also work in the purchasers' favor. Despite this, the dragon country continues to conduct military exercises close to the Taiwan border, despite recent US signals to the contrary. China's trade statistics for July are also included. Compared to predictions of $90 billion and $97.94 billion, the overall trade balance increased to $101.26 billion. More information indicates that imports fell to 2.3 percent compared to 3.7 percent predicted and 1.0 percent prior, and exports rose by 18 percent, below expectations of 15 percent and 17.9 percent, respectively.

 

However, it's important to note that rising hawkish Fed bets and the Fed's policymakers' support for the rapid rate hikes put the XAU/USD bulls under pressure. Despite this, following the positive US jobs report for July, interest rate futures indicated a 73 percent possibility of a 75 basis point rate hike by the Fed in September. The headline Nonfarm Payrolls (NFP) increased to 528K, exceeding the 250K expectation and the 398K previously upwardly revised. Additionally, the unemployment rate decreased slightly to 3.5 percent from the predicted and previous readings of 3.6 percent.

 

Following the release of the data, San Francisco Fed President Mary Daly stated over the weekend that the Fed's fight against inflation was far from over. The policymaker also stated that a 50 bps increase was unquestionably in the cards. We must have an open mind. Fed Governor Michelle Bowman echoed this sentiment when she stated that the Fed "should consider additional 75 basis-point interest rate hikes at upcoming meetings in order to bring excessive inflation back down to the central bank's target."

 

Future gold buyers may benefit from the weakening US dollar as well as the technical information provided below. The US Nonfarm Productivity and Unit Labor Costs for the second quarter will be crucial to monitor (Q2). Forecasts indicate that US Nonfarm Productivity may increase to -4.6 percent from -7.3 percent before, while Unit Labor Costs may decrease to 9.5 percent from 12.6 percent previously. Additionally, news about Russia and Taiwan will be crucial for obtaining precise instructions.

 

The price of gold not only recovered from a crucial short-term support line, but also crossed the 50-DMA for the first time since late April on a daily closure. In order to inspire confidence in purchasers, the rising rise takes cues from the higher RSI (14), which is not overbought, as well as positive MACD signals.

 

Having said that, the XAU/USD buyers are prepared to push through the $1,802 Fibonacci retracement of the April-July slide to reprise the monthly high near the $1,800 mark.

 

But beyond that, a downward-sloping resistance line from mid-June, near $1,827, would pose a problem for the gold bulls. The metal's short-term downside might be constrained by the 50-DMA and the aforementioned support line, which are respectively located near $1,786 and $1,780.

 

The 21-DMA and the 23.6 percent Fibonacci retracement level, which are located at $1,755 and $1,741 in that order, could then catch the attention of the XAU/USD sellers. Overall, the price of gold seems poised to build on recent gains and move closer to the 1.5-month-old resistance line.


Suggestion