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On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economic Bureau, stated at a press conference held by the State Council Information Office that the booming cultural tourism and sports events have become new highlights in the development of service consumption, with related service retail sales maintaining rapid growth. Data shows that from January to April, retail sales of tourism consulting and rental services, transportation services, and cultural and sports leisure services all maintained double-digit growth, significantly faster than the overall growth rate of service retail sales.On May 18, Fu Linghui, spokesperson, chief economist, and director of the Department of National Economic Comprehensive Statistics of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that although the impact of the Middle East geopolitical conflict continues to escalate, international energy market volatility has increased, and the stability of global industrial and supply chains has been impacted, my country has maintained overall stable industrial production, continued its transformation and upgrading, and unleashed the vitality of innovative development, demonstrating strong resilience, thanks to its complete industrial system, strong supporting capabilities, and the support of domestic energy green transformation.Futures Market News, May 18th: Currently, the number of laying hens is decreasing, and the egg production rate is declining, leading to a temporary tight supply in the market. This, coupled with the gradual start of pre-Dragon Boat Festival stockpiling and a recovery in end-user demand, along with stable feed costs, provides strong support. Egg prices are expected to fluctuate upwards in the near term, with further upward potential before the holiday. Today, the average price of eggs in major producing areas is 8.83 yuan/kg in Shandong, up 0.20 yuan/kg from yesterday; 8.67 yuan/kg in Hebei, up 0.42 yuan/kg; 9.67 yuan/kg in Guangdong, up 0.20 yuan/kg; and 9.04 yuan/kg in Beijing, up 0.44 yuan/kg.On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economy at the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the national urban surveyed unemployment rate in April was 5.2%, a decrease of 0.2 percentage points from the previous month. Looking at the main employment group (aged 30 to 59), the surveyed unemployment rate also decreased compared to the previous month. These data reflect that employment has remained generally stable.On May 18th, ahead of the 618 shopping festival, Apples official flagship store lowered the price of all iPhone 17 Pro series phones by 1000 yuan, resulting in a surge in sales. Data from Tmall shows that in just three days after the sale began, searches for "iPhone" on Taobao and Tmall increased sevenfold compared to usual, with the iPhone 17 Pro series topping the sales charts in the 6000-10000 yuan price range. Affected by the continued rise in mobile phone storage prices, the memory price surge is expected to continue until at least the end of next year. The 618 promotion, with multiple platform subsidies and national subsidies, presents the best window for purchasing new phones. Following Apple, Huawei and Xiaomi also announced significant price adjustments, with the Huawei Mate X6 discounted by 3000 yuan and the Xiaomi 15 Ultra reduced by 1500 yuan.

Gold price prediction: XAU/USD slips to $1,690 on Fed forecasts; US retail sales expected

Daniel Rogers

Sep 15, 2022 11:37

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Gold price (XAU/USD) has adopted a downward trend after falling below Wednesday's minimum of $1,693.67. The precious metal is falling nearing $1,690.00 as bears take control of rising probabilities for a massive Federal Reserve (Fed) rate hike in the near future.

 

Earlier symptoms of weariness have dissipated as a result of Tuesday's higher-than-anticipated US Consumer Price Index (CPI) report. Despite declining gasoline costs, the headline US CPI was announced at 8.3%, which was higher than the 8.2% prediction. The investment community believed that inflation had begun to respond to the Federal Reserve's (Fed) raising interest rates and that a succession of declining price pressures would soon enable the Fed to adopt a 'neutral' stance.

 

However, a US inflation report that exceeded forecasts demonstrates that the road to a neutral monetary policy is far from complete. Moreover, predictions of a one percent rate increase are currently ascendant.

 

In today's session, the US Retail Sales report will be of paramount importance. The economic data estimates do not indicate any improvement in retail demand. This could be the outcome of a fall in consumer confidence in the economy.

 

The gold price has experienced a precipitous decline after demonstrating a textbook-style test and the collapse of a consolidation pattern. On an hourly scale, the consolidation formed within the region of $1,697.12-1,709.62. At $1,698.70, the yellow metal is trading below the 20-period Exponential Moving Average (EMA), which increases the downside filters.

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