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According to the International News Agency, taking into account the compensation (production reduction) factor, OPEC+s actual production increase in June may be 359,000 barrels per day.On May 3, according to the data from Leyoujia Research Center, the number of second-hand houses in Shenzhen in April was 6,597, a decrease of 14.4% from the previous month and an increase of 33.5% from the previous year, far exceeding the 5,000-unit boom-bust line and at a relatively high level. The number of second-hand residential properties signed online in Shenzhen in April was 5,733, a decrease of 5.7% from the previous month and an increase of 37.4% from the previous year. In terms of new houses, the total number of first-hand residential properties signed online in Shenzhen in April was 3,695, an increase of 28.7% from the previous year, still at a relatively high level. As of the end of April, the inventory of first-hand pre-sold residential properties in Shenzhen was 28,062 units. Based on the average monthly sales rate of first-hand pre-sold residential properties in the past 12 months (an average of 3,494 units per month), the sales cycle is 8.0 months.On May 3, market analysis pointed out that OPEC+ originally planned to gradually and steadily lift production cuts within 18 months starting from April, increasing production by about 137,000 barrels per day per month. But todays decision means that the eight-nation bloc consisting of Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Iraq, Algeria, Oman and Kazakhstan will make up nearly half of the production cuts (2.2 million barrels per day) in just three months.On May 3, the OPEC+ meeting ended. The organization announced that the eight participating countries will increase production by 411,000 barrels per day in June. The gradual increase in production may be suspended or reversed, depending on changes in market conditions. Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman reiterated their commitment to maintain market stability based on the current healthy oil market and increase production. In addition, the announcement showed that Saudi Arabias crude oil quota for June was set at 9.367 million barrels per day.According to the OPEC announcement, Saudi Arabias crude oil quota for June was set at 9.367 million barrels per day.

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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