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Conflict situation: 1. Houthi armed forces: The air defense system shot down a US MQ-9 drone that was performing a hostile mission in the airspace of Sanaa Province. This is the second MQ-9 drone that the air defense system successfully shot down within 24 hours, and the sixth this month. 2. People familiar with the matter: Israel still does not rule out the possibility of attacking Irans nuclear facilities. 3. This round of Palestinian-Israeli conflict has caused 51,157 deaths in the Gaza Strip. 4. The Israeli army airstrike in the central Gaza Strip killed at least 23 people. Other situations: 1. Yemeni people held large-scale rallies in many places including Sanaa to protest against the frequent air strikes on civilians by the US military in recent times. 2. The Iranian Foreign Minister met with the Italian Foreign Minister to discuss the situation in the Middle East. 3. The second round of indirect negotiations between Iran and the United States on the nuclear issue ended in Rome, Italy. The Iranian Foreign Minister said that the next round of negotiations will be held on the 26th, and the expert-level technical negotiations will be held in Oman next Wednesday (23rd).Conflict situation: 1. Russian Ministry of Defense: The M-46 towed artillery squad of the "Central" group of troops destroyed a hidden stronghold of the Ukrainian armed forces in the direction of the Red Army City. 2. The Russian army controlled Shevchenko and Oleshnya in the Kursk region in eastern Ukraine. 3. Putin announced a 30-hour Easter truce. Zelensky: Not enough, it is recommended to extend the ceasefire to 30 days. 4. Zelensky: The troops continue to operate on the territory of the Kursk region and hold their positions. The troops have advanced in Belgorod and expanded the area of control. Other situations: 1. British media comments: The mineral agreement cannot "buy back peace" for Ukraine. 2. The Russian president asked the government to draw up a list of people from unfriendly countries. 3. Ukrainian officials: The mineral agreement did not discuss the issue of US aid to Ukraine being converted into debt. 4. Russian Ministry of Defense: Russia and Ukraine have completed the exchange of 246 prisoners of war. The exchange of prisoners of war between Russia and Ukraine was mediated by the UAE.On April 20, Ukrainian President Zelensky posted on social media on the 19th local time that Russia has not responded to the proposal for a 30-day full and unconditional ceasefire for 39 consecutive days. If Russia suddenly expresses its willingness to join the full and unconditional ceasefire framework at this moment, Ukraine will respond in kind - how Russia acts, Ukraine will respond in kind. If a full ceasefire is truly achieved, Ukraine proposes to extend the ceasefire until after Easter on April 20. This will test Russias true intentions, because 30 hours is not enough to establish real confidence measures, and 30 days may create an opportunity for peace. Zelensky emphasized that according to the latest battle report of the Ukrainian commander-in-chief, the Russian armys assault operations are still continuing in some areas of the front line, and its artillery fire has not stopped. The Ukrainian army is always on high alert and implements equal countermeasures, and every Russian artillery shell will be fully counterattacked.Ukrainian President Zelensky: Ukraines air defense system is repelling attacks by Russian drones, which shows Putins true attitude.Ukrainian President Zelensky: Ukrainian troops continue to operate on the territory of the Kursk region and hold their positions. In the Belgorod region, troops have advanced and expanded our area of control.

Before the US PMI is released, the gold price is expected to rise beyond $1,740 per ounce

Daniel Rogers

Aug 23, 2022 14:48

 截屏2022-08-22 下午5.31.01_1024x576.png

 

On the back of conflicting forecasts for US Purchasing Managers Index (PMI) data, the gold price (XAU/USD) is trying to break above $1,740.00. A new monthly low of $1,727.85 was recorded for the precious metal on Monday, but it has since rallied strongly. Given the lack of impetus in the upward trend, the gold price is likely to stay volatile. However, a pullback may be less profitable.

 

The consensus for the S&P Global Manufacturing PMI is 51.5, which is down from the prior reading of 52.2. When compared to its previous reading of 47.3, the Services PMI has room to grow.

 

The yellow metal has been supported by the disappointing early estimates of US Durable Goods Orders. From a previous release of 2%, the market expects the economic figures to sharply decrease to 0.5%. It's important to note that the most recent reading showed no change in underlying pricing pressures, which stood at 5.9%. So, we expect to see little change, if any, in the Durable Goods Orders numbers. Unfortunately, a precipitous drop in economic statistics portends a precipitous drop in demand.

 

The other thing that will be in the spotlight is Federal Reserve (Fed) chair Jerome Powell's remarks from the Jackson Hole Economic Symposium. US economic conditions and Fed Powell's direction on inflationary pressures and interest rates will be determined by him.

 

Gold prices on an hourly scale are looking to continue their recovery after breaking above the $1,729.44 61.8% Fibonacci retracement (set from the low of $1,680.91 on July 21 to the high of $1,807.93 on August 10). Gold has been testing the resistance of the 20-period Exponential Moving Average (EMA) around $1,738.00; a sustained move above this level would signal a change in trend toward the bullish side.

 

Furthermore, the Relative Strength Index (14), which had been negative in the 20.00-40.00 range, has moved into the bullish 40.00-60.00 zone, indicating that gold prices are currently not bearish.

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