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Futures Market Summary | Wednesday, August 26th, CCTV News Highlights: 1. Xi Jinping issued important instructions regarding the mudslide disaster in Gyirong County, Shigatse City, Tibet, emphasizing the need to make every effort to search for missing persons, strengthen the investigation and rectification of various risks and hidden dangers, and ensure the safety of peoples lives and property. Li Qiang issued instructions. 2. Xi Jinping will attend the 2026 Shanghai Cooperation Organisation Summit and pay state visits to Kyrgyzstan and Egypt. 3. Li Qiang conducted research in Heilongjiang and Jilin provinces. 4. Zhao Leji held talks with delegates attending the meeting of the Standing Committee of the National Peoples Congress. 5. The 24th meeting of the 14th National Peoples Congress Standing Committee held a joint group meeting. 6. Zhao Leji met with the Chief of Staff of the Presidential Administration of Uzbekistan. 7. The 18th meeting of the Standing Committee of the 14th National Committee of the Chinese Peoples Political Consultative Conference (CPPCC) held a plenary session, focusing on "increasing efforts to guarantee and improve peoples livelihoods and solidly promoting common prosperity for all people." Wang Huning attended. 8. The 18th meeting of the Standing Committee of the 14th CPPCC National Committee closed. Wang Huning presided over the meeting and delivered a speech. 9. Ding Xuexiang attended a symposium on pilot projects for scientific fiscal management in Hefei, Anhui. 10. A mudslide disaster caused significant casualties at the Gyirong Port in Gyirong County, Shigatse City, Tibet. All parties involved in the rescue efforts are intensifying. 11. Integration and upgrading accelerate new industrialization. 12. The penetration rate of the BeiDou system in key industries is approximately 90%. 13. The State Council Information Office held a press conference for Chinese and foreign journalists entitled "Striving Individuals on the New Journey." 14. During the 15th Five-Year Plan period, the State Grids inter-provincial power transmission capacity will reach 500 million kilowatts. 15. my country further improves its family doctor contract service. 16. The Aoqin cross-border land-air intermodal transport service officially opened today. 17. The Omani Foreign Minister visited Iran; Iran announced temporary air route arrangements in the Strait of Hormuz. US media reported that the US is not launching new attacks on Iran and is shifting its focus to economic pressure. 18. Canada announced retaliatory tariffs on over 700 US goods. The US president said he is considering renaming Lake Ontario as Lake USA. Canadian officials stated they will defend all Canadian interests. 19. The Russian presidential press secretary confirmed contact between Russian and US intelligence agencies. 20. Russias dismantling of UNRWA facilities has been condemned. 21. Spain pushes forward with immigration and asylum reforms to address the crisis. 22. Wildfires break out in Texas, USA, and spread rapidly, leading to evacuation of residents.Micron Technology (MU.O): DeBoer will be responsible for advancing the storage and memory product roadmap, accelerating innovation, and overseeing Microns research labs.Micron Technology (MU.O): Executive Vice President and Chief Business Officer Sumit Sadana will transition to the role of Senior Advisor to the CEO.Micron Technology (MU.O): Bhatia will lead global operations and various business units.Ukrainian President Zelensky: Will visit the front lines with the new Commander-in-Chief.

During the Fed's "Silence," gold maintains a delicate dance

Aria Thomas

Jul 19, 2022 10:28

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A few dollars here, a few dollars there: gold maintained its delicate dance on Monday, climbing little despite the Federal Reserve's utter silence following two weeks of relative hubbub over the possibility of a major rate increase in July.


Gold bulls and bears were left to choose their next moves on their own, as the central bank adhered to its regular 'blackout' period for comments before its rate announcement on July 27.


A week of relatively sparse U.S. economic data offered traders greater control over market flows.


Despite the insignificance of the climb itself, the Dollar Index's steepest one-day loss since mid-June helped establish the direction in favor of longs.


The most commonly traded gold futures contract on the New York Comex, August, finished at $1,710.20 per ounce, up $6.60, or 0.5 percent.


Thursday's price of $1,695 for the August gold contract was the lowest level in 27 months.


The U.S. gold standard has dropped for five straight weeks, shedding 9% in total. It has declined by 7 percent year-to-date.


Since the Consumer Price Index for the year to June hit a new four-decade high of 9.1 percent on Wednesday, rate betting has been unpredictable, with the pendulum swinging between an unusual hike of 100 basis points for July and the wider consensus of a 75 basis point increase.


Prior to Monday, the dollar had also repeatedly reached two-decade highs, dealing a severe blow to non-dollar consumer oil demand.


Ed Moya, an analyst at the online trading platform OANDA, said, "The dollar is falling to begin the trading week, but this may not be the high." "As a result, gold may have difficulty surpassing $1,750," he added.


According to Sunil Kumar Dixit, the chief technical strategist at skchart.com, if gold is able to break out over $1745 it might proceed to $1770-$1800 and $1815 from there.


"As a previous safe haven, gold is not yet out of the woods, and its doors remain open for another slide below $1,700, this time targeting $1683, $1,666, and $1,652," Dixit added.

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