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According to the National Bureau of Statistics, at the end of June, the unsold floor space of commercial housing was 763.15 million square meters, a year-on-year decrease of 0.9%. Among them, the floor space unsold for less than 3 years was 561.67 million square meters, a decrease of 3.5%.According to the National Bureau of Statistics, from January to June, the sales area of newly built commercial housing was 401.4 million square meters, a year-on-year decrease of 11.6%; among which, the sales area of residential housing decreased by 12.4%. The sales value of newly built commercial housing was 3.7945 trillion yuan, a decrease of 13.6%; among which, the sales value of residential housing decreased by 13.7%.National Bureau of Statistics: Natural gas production has shifted from decline to growth. In June, the output of natural gas from industrial enterprises above designated size reached 21.4 billion cubic meters, a year-on-year increase of 1.1%, compared to a decrease of 2.2% in May; the average daily output was 710 million cubic meters.National Bureau of Statistics: Crude oil processing decline widened. In June, the crude oil processing volume of enterprises above designated size was 51.24 million tons, a year-on-year decrease of 17.7%, with the decline widening by 8.6 percentage points compared to May; the average daily processing volume was 1.708 million tons.National Bureau of Statistics: Crude oil production remained stable. In June, crude oil production from enterprises above designated size reached 18.12 million tons, a year-on-year decrease of 0.5%; the average daily output was 604,000 tons.

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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