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January 8th - Hong Kong stocks closed at midday. The Hang Seng Index fell 1.22%, and the Hang Seng Tech Index fell 1.13%. On the sector front, military, semiconductor, coal, and commercial aerospace stocks led the gains, while Chinese securities firms, film and entertainment, food, and catering stocks led the declines. Lenovo Group (00992.HK) fell over 5%, CITIC Securities (06030.HK) fell over 4%, Baidu (09888.HK), NetEase Cloud Music (09899.HK), and Uni-President China (00220.HK) fell over 3%, and Nayuki (02150.HK) fell over 2%. On its first day of trading, Tianshu Zhixin (09903.HK) rose over 11%, Hua Hong Semiconductor (01347.HK) rose over 3%, China Shipbuilding Industry (00317.HK) rose nearly 4%, and Yankuang Energy (01171.HK) rose over 2%.Faraday Future (FF): The goal is to produce and sell approximately 250 vehicles by 2026.Faraday Future (FF): The goal is to achieve production and sales of 400,000 to 500,000 vehicles within five years. The target is to achieve positive cash flow and a 20% profit margin within three years. The final launch of the FX Super One model in the US is scheduled for the second quarter.The bid-to-cover ratio for the Japanese 30-year bond auction was 3.14, compared to 4.04 in the previous auction.On January 8th, it was learned from the Hangzhou Municipal Bureau of Economy and Information Technology that the Geely 9X, equipped with the Qianli Haohan H9 solution, has recently been jointly confirmed by the Hangzhou Municipal Bureau of Economy and Information Technology, the Municipal Public Security Bureau, and the Municipal Transportation Bureau to obtain a Level 3 autonomous driving road test license covering 9,224 square kilometers of Hangzhou (including over 1,500 kilometers of two-way expressways). The license was issued by Geely Automobile and is currently the largest and longest Level 3 autonomous driving test license in China, allowing for comprehensive access to traffic datasets from over 7,000 intersections in Hangzhou, enabling all-round, multi-level, and wide-coverage verification of autonomous driving capabilities throughout the city.

Forecast for the price of gold: XAU/USD hopes to reclaim $1,800 as investors lower their expectations for US inflation

Alina Haynes

Aug 10, 2022 11:29

截屏2022-06-10 下午4.40.17_1024x576.png 

 

After reaching a new monthly high at about $1,800.00 on Tuesday, the price of gold (XAU/USD) is now showing a contraction in volatility. On Tuesday, the precious metal made a respectable rise to the north before moving sideways in anticipation of the US Consumer Price Index (CPI). According to the street estimates, the inflation rate decreased considerably from the previous announcement by 40 basis points (bps) to 8.7%. The price rise index, however, is very likely to make an unexpected shift.

 

The investment community is aware that rising oil prices continued to be the key factor pushing up price pressures. Now, concerns about fixed supply and a bleak demand forecast on the oil front have caused an even greater decline in oil prices. The inflation rate will also show the multiplier effect.

 

Additionally, the positive US Nonfarm Payrolls (NFP) data from last week suggests that the inflation rate may climb more than expected. In contrast to the 372k jobs added in June, the US economy added 528k new employment in July. Well, until the dust settles for a longer period of time, officials at the Federal Reserve (Fed) will still have a difficult task.

 

Following a robust recovery from the lower part of the Rising Channel at roughly $1,765.00, gold prices are currently rising quickly. 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 upside filters are strengthened by the scaling higher of the 20- and 50-period Exponential Moving Averages (EMAs) at $1,785.15 and $1,772.00, respectively. Additionally, the Relative Strength Index (RSI) (14) has moved into the bullish zone of 60.00-80.00, indicating further gains are still to come.


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