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On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that profits in the raw materials manufacturing sector grew rapidly. From January to May, profits of enterprises above designated size in the raw materials manufacturing sector increased by 83.1% year-on-year, contributing 10.2 percentage points to the overall profit growth of industrial enterprises above designated size. By industry, driven by increased demand from emerging industries such as new energy and artificial intelligence, prices of products such as copper and aluminum remained at high levels, pushing profits in the non-ferrous metals industry to increase by 117.1%, contributing 5.3 percentage points to the overall profit growth of industrial enterprises above designated size. Driven by rising prices of products related to the petroleum industry chain, the petroleum processing industry turned a profit year-on-year, and the chemical industry saw a profit increase of 71.6%.On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that the profits of high-tech manufacturing maintained double-digit growth. From January to May, the profits of large-scale high-tech manufacturing enterprises increased by 44.7% year-on-year, contributing 8.0 percentage points to the overall profit growth of large-scale industrial enterprises, demonstrating its continued leading role. By industry, the semiconductor industry chain performed well. In electronic device manufacturing, the profits of optoelectronic device manufacturing and semiconductor discrete device manufacturing increased by 53.8% and 40.6% respectively; in electronic component and electronic special material manufacturing, the profits of electronic special material manufacturing and electronic circuit manufacturing increased by 665.4% and 19.7% respectively. The medical equipment and related industries saw rapid profit growth, with the profits of dental equipment and instruments manufacturing and hygiene materials and medical supplies manufacturing increasing by 26.4% and 23.2% respectively.Chinas industrial profits rose 21.1% year-on-year in May, up from 24.70% in the previous month.Chinas year-to-date profits for major industrial enterprises rose 18.8% in May, up from 18.20% in May.On June 27, following the US militarys airstrikes against Iran on June 26, US Vice President Vance stated that if Iran resorts to violence, it will face a military response. Vance posted on social media that day: "Iran signed a ceasefire agreement, and we have honored it. If they have objections to how the memorandum of understanding is being implemented, they can communicate directly by phone. But if violence is used, it will be met with a military response." Earlier on June 26, the US Central Command issued a statement saying that the US military launched strikes against Iran that day in response to the attack on a merchant ship transiting the Strait of Hormuz the previous day.

Forecast for the price of gold: XAU/USD dips below $1,790 as DXY continues its comeback, Michigan CSI targeted

Daniel Rogers

Aug 11, 2022 12:00

 截屏2022-08-10 上午11.47.00_1024x576.png

 

After losing the crucial support level of $1,788.00 in the Asian session, the price of gold (XAU/USD) has fallen to little under $1,785.00. After reaching a new monthly high on Wednesday at $1,807.96, the precious metal has begun a healthy corrective phase.

 

Investors are reducing their holdings of gold after realizing that while a single month's lower US Consumer Price Index (CPI) can temper the Federal Reserve's (Fed) hawkish direction, it cannot eliminate the likelihood of a rate hike in September. It should be noted that the US CPI came in at 8.5%, which was lower than expected and the previous release's 8.7% and 9.1%, respectively.

 

The US dollar index (DXY), meanwhile, has continued to recover after a confident pullback move, reaching a level close to 105.40. Currently, market investors are concentrating on the next US Michigan Consumer Sentiment Index (CSI), which is scheduled to release on Friday. From the previous release of 51.5, the sentiment data is anticipated to increase to 52.2. Consumer confidence is predicted to increase steadily after falling to 50 for the first time in the past 20 years, according to the data.

 

The cushion of the lower part of the Rising Channel, which was established on a four-hour scale, has been given up by the gold price, which is now at $1,788.00. The upper part of the aforementioned chart pattern is drawn from the high of July 22 at $1,739.37, and the lower part is drawn from the low of July 27 at $1,711.55.

 

The 50- and 200-period Exponential Moving Averages (EMAs) at $1,768.90 add to the upward filters by forming a golden cross. Although the Relative Strength Index (RSI) has moved into the 40.00–60.00 zone, indicating a minor correction, 40.00 is expected to provide support.


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