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On September 19th, Zhang Bin, a researcher and deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, stated at the Tsinghua PBC School of Finance Chief Economist Forum that the main imbalance in my countrys current economy is strong supply and weak demand, a kind of aggregate imbalance. "There are many reasons for insufficient demand, but the most crucial one lies in the weak expectations of business entities; enterprises and residents are hesitant to invest and spend money. Individual behaviors are rational and reasonable, but the cumulative effect of micro-level behaviors creates a negative self-amplifying mechanism, forming a negative cycle," Zhang Bin said. Zhang Bin believes that the key to breaking the demand shortage is first to break the negative cycle. A negative cycle itself is a market failure, requiring strong external forces to break it; the most effective tool is to increase counter-cyclical adjustments.Market news: Bolivia will set a unified diesel price, which will be linked to international oil prices.According to AFP: Police officials say the death toll in the attack on Pakistans police headquarters has risen to 31.On September 19th, the Beijing Municipal Administration for Market Regulation announced that, based on the work deployment of the State Administration for Market Regulation and preliminary investigations, it has initiated investigations into four online hotel and travel booking platform companies for suspected illegal activities. Fliggy issued a statement saying that it attaches great importance to this matter and will actively cooperate with the Beijing Municipal Administration for Market Regulations investigations to fully implement regulatory requirements. Fliggy has always respected and maintained a fair, open, and orderly market environment and will continue to work with all parties in the industry to promote high-quality development of the industry.September 19th - A mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province in the early hours of the 19th. According to relevant departments, preliminary statistics indicate that five people are currently missing.

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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