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According to Japans Kyodo News, Japanese Prime Minister Sanae Takaichis cabinet approval rating has dropped to 53.7%, the lowest point since the cabinet was formed.On July 26, Saudi Aramco shares fell as much as 1.0% in early trading, dropping to 26.56 riyals. This decline followed attacks by Houthi rebels in Yemen on two Aramco oil facilities in the Saudi cities of Jizan and Yanbu, raising concerns about potential disruptions to the state-owned oil giants operations and infrastructure. However, including todays decline, the stock is still up approximately 11.8% year-to-date. According to data from the London Stock Exchange Group (LSEG), of the 17 brokerages covering the stock, 10 have a "buy" rating or higher, and 7 have a "hold" rating. The median target price is 30.80 riyals, implying an upside of approximately 16% from the intraday low.The African Development Banks climate chief said African countries need up to $50 billion in additional climate financing this year to help combat climate change.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.

Gold Price Prediction: XAU/USD stabilizes solidly above $1,750 as DXY retreats in front of Jackson Hole

Daniel Rogers

Aug 25, 2022 14:45

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During the Asian trading session, the gold price (XAU/USD) reached a fresh four-day high of $1,756.77. Prior to the Jackson Hole Economic Symposium, the US dollar index (DXY) is experiencing a self-off, which is favorable for the precious metal. The DXY has showed a gloomy initial trading session and has fallen to approach Tuesday's low of 108.36.

 

The foreign exchange (FX) market is anticipated to continue volatile as investors receive contradictory comments from analysts regarding Jerome Powell's Jackson Hole speech. Undoubtedly, the data indicate that price pressures are close to peak, and the loss in private sector activity causes the Fed to decrease the rate at which it is increasing interest rates.

 

However, the inflation rate is above 8%, and the Fed's onerous task of raising interest rates will continue for some time.

 

In addition, investors will focus on the Core Personal Consumption Expenditures (PCE) data for the second quarter, which is anticipated to remain unchanged at 4.4%.

 

On an hourly scale, gold prices are seeking to break above the 38.2% Fibonacci retracement at $1,758.40 (set from Monday's low of $1,727.87 to August 10's high of $1,807.93). At $1,756.20, the precious gold has pierced the 200-period Exponential Moving Average (EMA). In addition, the 50-day exponential moving average (EMA) at $1,748.46 is rising, adding to the upward filters. In addition, the Relative Strength Index (14) has moved into the bullish zone of 60.00-80.00, indicating further gain.

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