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On May 26, according to South Koreas Joint Chiefs of Staff, North Korea launched an unidentified projectile into the western waters of the Korean Peninsula. North Korean officials have not yet released any official statement on the matter.Futures Market News, May 26th: Wheat prices remained generally stable today. Currently, we are in a transition period between old and new wheat varieties, and flour mills have rigid demand for stockpiling. Coupled with low stocks of old wheat, this provides support for wheat prices. Although old wheat prices are supported in the short term, the overall situation of ample supply and weak downstream demand remains unchanged. Flour mills are operating at low capacity, maintaining a just-in-time purchasing model. The emergence of low-priced sprouted wheat provides feed companies with new options. Short-term prices may remain stable with a slight upward bias. Attention should be paid to weather changes in producing areas.The National Bank of Kyrgyzstan kept its policy rate unchanged at 12.0%.According to the Financial Times, a senior EU official said that Britain could join a €4 billion EU startup equity fund by the end of this year as both sides work to remove the obstacles that have arisen since Britain left the EU six years ago.On May 26th, the Shenzhen Municipal Government released the Outline of the 15th Five-Year Plan for National Economic and Social Development. The plan proposes to coordinate the research and development and manufacturing of intelligent computing chips, the construction of computing infrastructure, and the development of model algorithms to create an efficient and user-friendly artificial intelligence technology foundation. It aims to solidify the foundation of the computing chip industry, promote the optimization and iteration of training chips such as Ascend and edge inference chips, and foster the prosperity of the domestic artificial intelligence computing power ecosystem. The plan also emphasizes strengthening the multi-layered intelligent computing power foundation, constructing high-standard training infrastructure, and creating a sustainable computing power supply system that is highly intelligent, collaborative, heterogeneous, and ubiquitous. Furthermore, it calls for strengthening basic theoretical research in artificial intelligence and innovation in model infrastructure, cultivating internationally leading domestic general-purpose large-scale models and industry application models, and promoting the application of model algorithms through high-value application scenarios. By 2030, the citys real-time available computing power will exceed 150 EFlops, with some indicators of domestic chips and computing clusters reaching international advanced levels, forming a powerful large-scale model foundation that supports comprehensive applications.

Gold Price Prediction: XAU/USD stabilizes solidly above $1,750 as DXY retreats in front of Jackson Hole

Daniel Rogers

Aug 25, 2022 14:45

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During the Asian trading session, the gold price (XAU/USD) reached a fresh four-day high of $1,756.77. Prior to the Jackson Hole Economic Symposium, the US dollar index (DXY) is experiencing a self-off, which is favorable for the precious metal. The DXY has showed a gloomy initial trading session and has fallen to approach Tuesday's low of 108.36.

 

The foreign exchange (FX) market is anticipated to continue volatile as investors receive contradictory comments from analysts regarding Jerome Powell's Jackson Hole speech. Undoubtedly, the data indicate that price pressures are close to peak, and the loss in private sector activity causes the Fed to decrease the rate at which it is increasing interest rates.

 

However, the inflation rate is above 8%, and the Fed's onerous task of raising interest rates will continue for some time.

 

In addition, investors will focus on the Core Personal Consumption Expenditures (PCE) data for the second quarter, which is anticipated to remain unchanged at 4.4%.

 

On an hourly scale, gold prices are seeking to break above the 38.2% Fibonacci retracement at $1,758.40 (set from Monday's low of $1,727.87 to August 10's high of $1,807.93). At $1,756.20, the precious gold has pierced the 200-period Exponential Moving Average (EMA). In addition, the 50-day exponential moving average (EMA) at $1,748.46 is rising, adding to the upward filters. In addition, the Relative Strength Index (14) has moved into the bullish zone of 60.00-80.00, indicating further gain.