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On September 6th, it was reported that on September 5th, the Haikou Municipal Housing and Urban-Rural Development Bureau issued a "Notice on Several Measures to Promote the Stable and Healthy Development of the Real Estate Market." The notice clarifies that individuals who have settled in Hainan will enjoy the same housing purchase rights as Hainan residents from the date of their settlement. Active-duty military personnel (including officers, non-commissioned officers, and conscripts) serving in Hainan will also enjoy the same housing purchase rights as Hainan residents. Employees of companies registered in Hainan who actually work and live in Hainan can purchase one unit of commercial housing in Haikou. Families with two or more children can purchase one additional unit beyond the current policy limit. The notice also encourages "trade-in" to meet the demand for improved housing. Anyone listing their own or a family members housing in Hainan for sale can exchange it for one unit of commercial housing in Haikou.September 6th - According to Shijiazhuang Release, Hebei Provinces first EU Next Generation (NG) certification was recently awarded to Shenze Economic Development Zone, marking a milestone breakthrough for the zone in its opening-up and green, low-carbon development. NG certification effectively addresses trade barriers imposed by the EUs Carbon Border Adjustment Mechanism (CBAM). All eligible market entities within the Shenze Economic Development Zone can now align with international rules such as the EU Radio Equipment Directive and the Corporate Sustainability Reporting Directive, enhancing the voice and core competitiveness of resident enterprises in the international market and facilitating Shenzes deep participation in the global green and low-carbon industrial chain.September 6th - According to a CNBC report, data released by the U.S. Bureau of Labor Statistics on Friday showed that of the 162,000 jobs added that month, women accounted for 158,000, or 98%. Men accounted for the remaining 4,000 net job gains, meaning they contributed almost 40 times less to overall job growth. The nonprofit Economic Security Project first pointed out this anomaly in Fridays data. Laura Ullrich, director of economic research at Indeed Recruiting Lab, said that with the release of Fridays nonfarm payroll report, the gap between women and men in employment has climbed to unprecedented levels. "We are in the midst of a transformation," Ullrich said. "This change is happening right before our eyes."September 6th - According to the Ministry of Water Resources, this morning (September 6th), the Ministry held a rolling consultation meeting to analyze and assess the national rainfall and flood situation and to arrange and deploy key defense work. As of 11:00 AM on September 6th, 10 rivers in Zhejiang, Jiangxi, Heilongjiang, and other areas remained above warning levels, with the largest exceeding the warning level by 1.04 meters. The peak of the first flood of the Ganjiang River in Jiangxi has passed the Zhangshu section, and it is expected that the entire main stream of the Ganjiang River will recede below the warning level within the next 24 hours.September 6th - Earlier today, the Iranian Revolutionary Guard Corps (IRGC) announced the release of previously undisclosed surveillance footage and videos of actions against vessels violating regulations. The IRGC stated that its navy took decisive action and implemented effective control in the Strait of Hormuz; any suspicious activity will be targeted. The IRGC asserted that the United States is the greatest threat to the security and maritime trade of countries in the region; any claims of US support and escort are pure lies.

Forecast for Gold Price: The XAUUSD crosses bearish area in consolidating markets

Alina Haynes

Nov 17, 2022 11:43

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Currently trading at $1,774.20, down 9.23%, the Gold price halted on Wednesday, gliding across the same bearish pattern as yesterday's $1,767.13 lows. The price of gold has maintained a tight consolidative range between $1,773.99 and $1,785.09 so far today. The precious metal is at a three-month high and continues lifted by a weaker dollar as investors anticipate that the Federal Reserve would moderate its aggressive interest rate hikes in response to a slew of inflation-related data.

 

Despite stronger-than-anticipated US Retail Sales, which have clouded the inflation outlook, the safe-haven dollar declined further on Wednesday. Both the US Consumer Price Index and the Producer Price Index missed estimates last week, which has weighed on the greenback. DXY, an index that compares the US dollar to a basket of international currencies, fell around 7% in November, with the majority of the decline occurring last Friday in response to inflation statistics. Gold has benefited from the lower US yield environment, as benchmark 10-year yields have been near their lowest levels since October 5. Rising interest rates diminish the allure of non-yielding bullion.

 

In addition to the Federal Reserve, geopolitics is once again shifting the needle in financial markets after being relegated to the background for some time. Following reports that a missile near the Polish-Ukrainian border killed two people, the price of gold climbed to its highest level since August 15. An inquiry is currently being conducted, but tensions were high. To date, however, the United States has seen nothing that contradicts Poland's early assessment that a missile that fell within Polish territory on Tuesday was most likely a Ukrainian air defense missile. This information was provided by US National Security Council spokesperson Adrienne Watson on Wednesday.

 

"Whatever the ultimate results may be, it is apparent that the ultimate party accountable for this awful incident is Russia, which fired a barrage of missiles on Ukraine with the express intent of targeting civilian facilities," he stated. The easing of tensions has reduced demand for both gold and the U.S. dollar.

 

Gold's positioning risks are still tilted to the upside, according to TD Securities analysts. "A series of significant trend reversal thresholds associated with strong short covering flows lie just above the $1800/oz mark. Consequently, the pain trade in the yellow metal has opportunity to expand, indicating that the return on patience is high for those wanting to short the current surge.

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