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On July 26th, JiKr released a statement regarding overseas self-driving car infotainment system prompts and subsequent optimizations, adjusting its security strategy for outbound vehicles. JiKr stated that the "Cross-border Protection" function was officially launched on the JiKr App in the early hours of July 26th. Car owners can quickly obtain verification codes and unlock their vehicles with a single click, simplifying the process and improving response efficiency. Additionally, a "Cross-border Protection function switch" is under development and will be pushed out via OTA. Once the switch is launched, "Cross-border Protection" will be off by default. Before departure, car owners can manually turn it on or off on their mobile devices according to their needs. JiKr emphasized that if car owners actively enable this function, the vehicle infotainment system will display a prompt and some functions will be restricted after leaving the country. At that time, car owners can still unlock their vehicles themselves through the "Cross-border Protection" entry in the App, achieving a balance between "anti-theft protection" and "free passage."Saudi Aramco shares fell 1% in early trading.On July 26, an official statement revealed that Iraq will sign a pipeline construction agreement with Syria to connect domestic oilfields and export crude oil to global markets via the Mediterranean. The Iraqi cabinet issued a statement saying it has authorized the general manager of Basra Oil Company to sign a memorandum of understanding for the project with the Syrian Ministry of Oil. The cabinet also instructed the Minister of Oil to sign a memorandum of understanding with a consortium of companies including ConocoPhillips, TI Capital, and Novatera to initiate consultations on the exploration and development assessment of the Arkas oil and gas field and surrounding areas.Official data shows that Saudi Arabias imports fell by 19.5% in May. Saudi Arabias non-oil exports (including re-exports) decreased by 26.1% compared to May 2025.According to official data, Saudi Arabias oil exports increased by 19.5% in May.

Gold Price Analysis: XAU/USD bulls assault $1,750 as market participants prepare for Jackson Hole

Alina Haynes

Aug 25, 2022 14:50

 截屏2022-08-24 下午3.50.19_1024x576.png

 

After a two-day rally, the gold price (XAU/USD) remains on the defensive at $1,752 during Thursday's Asian session. In doing so, gold reflects the market's nervousness in advance of significant data/events and in response to the mixed results of recently revealed information.

 

In spite of this, US Durable Goods Orders for July fell to 0.0%, compared to 0.6% projected and a revised up 2.2% prior estimate. Nondefense Capital Goods Orders excluding Aircraft, however, surpassed the 0.3% market consensus to reach 0.4%, up from 0.9% previously. Additionally, Pending Home Sales improved to -1.0% MoM in July, compared to -4.0% projected and -8.9% previously (revised down from -8.9%). Annually, Pending Home Sales declined by 19.9%, compared to the previous annual decline of 20%.

 

On the other hand, economic fears support the US dollar's safe-haven demand, as S&P Global Market Intelligence's Executive Director of Economic Research, Sara Johnson, said in a statement on Wednesday that global growth is expected to remain subdued in late 2022 and 2023, while inflation is anticipated to moderate over the next two years.

 

However, predictions that China will overcome its recessionary troubles and that Fed Chairman Powell will reiterate his cautious words at Jackson Hole appeared to have weighed on the DXY bulls. "Various Chinese official media organizations are defending the yuan following its recent fall, arguing that the country's robust exports could offset a stronger dollar and hawkish Federal Reserve rate hikes," Reuters reported on Wednesday. Due to China's role as one of the world's major gold consumers, gold traders are increasingly concerned about the dragon nation.

 

XAU/USD may experience a pullback if Fed Chair Jerome Powell surprises markets with a hawkish tone amid recession fears, given the current mixed market conditions and the US dollar's reluctance to re-establish its multi-year high.

 

The second edition of the US GDP for the second quarter will be added to the US Personal Consumption Expenditure (PCE) for the same period to beautify the calendar intraday. However, Jackson Hole will receive the most of the focus for new initiatives.

 

Despite recent inactivity, the gold price maintains the rebound above the prior resistance line from mid-April, suggesting more higher momentum towards a 10-week-old resistance line near $1,788.


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