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March 11 - According to the official WeChat account of China Railway, from January to February this year, the national railway completed 72.2 billion yuan in fixed asset investment, a year-on-year increase of 5.4%. Railway construction is progressing with high quality and efficiency, injecting new momentum into regional economic and social development.March 11th - Today (March 11th) marks the 38th day of the Spring Festival travel rush. According to the Ministry of Transport, as of today, the total number of cross-regional passenger trips across society is expected to exceed 9 billion.March 11 - Shipping data released on Tuesday suggests that Saudi Arabias oil shipments via the Red Sea are on track to reach a record high in March, though still far below the decline in oil flow through the Strait of Hormuz. Data from the London Financial Exchange Group shows that Yanbu Ports average loading volume for the first nine days of March reached 2.2 million barrels per day, up from nearly 2 million barrels per day last week and 1.1 million barrels per day in February. Before the closure of the Strait of Hormuz, Saudi Arabia exported approximately 6 million barrels of oil per day through the strait. Kpler shipping data indicates that at least 40 tankers may load in March, potentially pushing exports above 4 million barrels per day. However, while traders claim the ports capacity exceeds 4.5 million barrels per day, actual loading volumes rarely exceed 2.5 million barrels per day.Saudi Arabia claims it shot down two drones that were flying toward the Shayba oil field.March 11 – National Australia Bank (NAB) stated that the Reserve Bank of Australia (RBA) may now raise interest rates in both March and May, with a peak rate of 4.35%. The banks economics and markets research team noted this is an adjustment from their previous forecast of a single rate hike in May with a peak rate of 4.1%. A key reason for this change in view is the hawkish comments from the RBA Governor and Deputy Governor over the past week. The team stated that the RBA appears to have "very limited tolerance for upward inflationary pressures, but perhaps slightly more tolerance for slower economic growth. This means the least regrettable policy move would be a rate hike in March."

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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