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Hong Kong-listed local consumer stocks continued to rise during the session, with Chow Tai Fook (01929.HK) up more than 6%, Chow Sang Sang (00116.HK) up 2.7%, Prada (01913.HK) up more than 2%, and Sa Sa International (00178.HK) up 1.6%.Shanjin International: The company is currently promoting the resumption of production at Huasheng Gold Mine. If the information disclosure standards are met, the company will make a timely announcement.On May 6, Tokyo Central Auction (01939.HK) announced that its 74.99% equity changed hands, and the stock price once rose 1.12 times to 3.18 yuan when it resumed trading this morning. The counterparty Ruihe Digital Intelligence (03680.HK) once rose by more than 50%. On the news front, Tokyo Central Auction announced that ESSA FINANCIAL GROUP LTD, Ruihe Digital Intelligence and two buyers purchased a total of approximately 74.99% of the companys equity from the chairman of the board and controlling shareholder Ando Xianggui for approximately 165 million yuan. Among them, the offeror ESSA, as usual, made a mandatory unconditional cash offer at an offer price of 0.44 yuan per share, a substantial discount of 70.67% from the 1.5 yuan offer before the suspension. The value of the share offer is approximately HK$55.01 million. The only director of the offeror ESSA is Huang Shikun, who acquired approximately 65.99% of Tokyo Central Auctions equity, Ruihe Digital Intelligence acquired 3%, and Li Jiefeng and Zheng Haoran also acquired 3% each. Huang Shikun is the chairman of Shenzhen Jin Yafu Holding Group, which is mainly engaged in the gold and jewelry industry chain.Ideal Auto: The launch conference of the new intelligent version of Ideal L series is scheduled for May 8 at 20:00.Hong Kong-listed Yao Smart Securities and Finance (01428.HK) rose again today, rising by more than 19% to HK$8.45, setting a new record high with a market value of more than HK$14.3 billion. In the five trading days since it resumed trading on April 25, the stock has risen by 177%.

Gold Price Forecast: XAU/USD struggles around $1,800 ahead of ISM Services PMI data

Daniel Rogers

Dec 05, 2022 12:04

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In the early Tokyo session, the gold price (XAU/USD) is under intense pressure to overcome the round-level barrier of $1,800.00. The precious metal is highly projected to display additional gains ahead and may extend towards a fresh three-month high at $1,824.63 as the bullish US Nonfarm Payrolls (NFP) failed to fade the risk appetite theme.

 

The US Dollar Index (DXY) is seeking to re-test the previous week's low around 104.40 as market investors believe that good employment growth in November is inadequate to offset forecasts of a slowdown in the Federal Reserve's interest rate hike pace (Fed). In addition, rates on 10-year US Treasuries have fallen further below 3.50 percent and are receiving no intermediate buffer.

 

Monday's publication of United States ISM Services data is the economic indicator that investors are anticipating for additional guidance. The expected economic data is 55.6, up from 54.4 in the previous release. Apart from that, the catalyst which will effect Gold prices is the ISM Services New Orders Index data. The economic statistics is anticipated to rise to 58.5, which shows healthy demand from households and may provide a cushion against future inflation.

 

After a drop to roughly its November 15 high of $1,777.32, the hourly demand for gold has increased significantly. The yellow metal is aiming for a three-month high of approximately $1,805.00. The Gold price has surpassed the 20-period Exponential Moving Average (EMA) at $1,795.90 after sensing support from the 50-period EMA near $1,790.00, indicating a shift in the short-term trend toward the upside.

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