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On August 3rd, the China Automobile Dealers Association (CADA) released its latest "Automobile Dealer Inventory Warning Index Survey," showing that the inventory warning index for July 2026 was 61.1%, a year-on-year increase of 3.9 percentage points and a month-on-month increase of 3.9 percentage points. The index remains above the boom-bust line. Dealers expect the car market to continue its weak off-season performance in August. High temperatures and sweltering heat in most parts of the country are suppressing offline customer traffic, and consumer hesitancy is not expected to improve significantly. However, the concentrated release of pent-up demand during the graduation and back-to-school season will have a certain stimulating effect on market demand, and sales are expected to be better than in July.On August 3rd, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4550%, and the lowest was 0.7350%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0090%, and the lowest was 0.9130%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0130%, and the lowest was 0.9030%.According to Futures News on August 3, as of 09:30 Beijing time, WTI crude oil futures fell 7.37%, while US natural gas futures rose 0.76%.On Monday, August 3, the Hong Kong Hang Seng Index opened 102.88 points higher, or 0.4%, at 25,987.31; the Hang Seng Tech Index opened 32.7 points higher, or 0.68%, at 4,861.92; the H-share Index opened 46.97 points higher, or 0.55%, at 8,659.12; and the Red Chip Index opened 3.68 points higher, or 0.09%, at 4,196.8.The Peoples Bank of China (PBOC) conducted 63 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 63 billion yuan. The interest rate for the operation was 1.40%.

Gold Price Prediction: The XAU/USD pair aims to extend its climb above $1,920 as the Federal Reserve softens its policy tightening tempo

Alina Haynes

Jan 16, 2023 10:50

截屏2023-01-16 上午10.41.37.png 

 

In the early Asian session on Monday, the gold price (XAU/USD) moved sideways following a mammoth rally to the important resistance of $1,920.00. After breaching the $1,900 round-level barrier for the first time in eight months, the precious metal attracted considerable buying interest. In addition, a decline in the US Dollar Index (DXY) boosted the Gold price.

 

The risk profile remains optimistic as the S&P500 has posted a four-day winning run and the Federal Reserve (Fed) is expected to reduce the pace of its current policy tightening in response to a decrease in December's inflation data. Despite the risk appetite trend, the yield on US Treasury bonds has increased to 3.50 percent and remains strong. Despite Friday's rise in U.S. Consumer Confidence numbers, the US Dollar Index stayed below 101.80.

 

The University of Michigan announced a Consumer Confidence reading of 64,6 as opposed to the anticipated 60.5. The street is aware that retail demand has slowed, thus the factor that has encouraged customers is the decrease in inflation caused by decreased gasoline costs.

 

Wells Fargo analysts observe that the respite on the inflation front and wage growth are boosting sentiment, but they caution that the still-sour buying conditions suggest the positive sentiments in this report may not transfer into a spending spree.

 

At $1,897.42, the gold price has surpassed the 61.8% Fibonacci retracement (set from March 8's high of $2,070.54 to September 28's low of $1,614.85) Upward-sloping 10- and 20-period Exponential Moving Averages (EMAs) at $1,881.49 and $1,856.40, respectively, contribute to the upward filters.

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