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On May 30th, it was reported that on May 29th, Zhang Zhigang, Chairman and Party Secretary of the State Grid Corporation of China, and Zhang Wenfeng, General Manager and Deputy Party Secretary, held talks with Qian Chaoyang, Chairman and Party Secretary of China Southern Power Grid Co., Ltd., at the companys headquarters. Both sides stated that State Grid and China Southern Power Grid share common responsibilities in ensuring energy security, promoting energy transformation, building a strong energy nation, and serving the overall economic and social development. They agreed to focus on the 15th Five-Year Plan and further strengthen communication and deepen cooperation in areas such as technological innovation, policy recommendations, mechanism building, the electricity market, and industrial innovation to better promote high-quality development of the energy and power sector.May 30th - Data released today by the National Energy Administration shows that in April, my country issued 237 million green electricity certificates, of which 74.85% were tradable. In April, 71.1 million green certificates were traded nationwide, including 29.72 million green certificates traded for green electricity.On May 30th, it was reported that the U.S. 24th Marine Expeditionary Unit announced on the 29th that it had officially assumed command of the U.S. Southern Commands area of responsibility—specifically, the waters surrounding Latin America. According to the announcement, the unit has deployed over 1,300 Marines and sailors and has completed the handover from the previously deployed 22nd Marine Expeditionary Unit.On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.

Gold Price Prediction: XAU/USD swings sideways around $1,630 as investors anticipate Fed Chair Powell's address

Daniel Rogers

Sep 28, 2022 14:44

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The gold price (XAU/USD) is demonstrating a lackluster performance as investors remain on the sidelines in anticipation of Federal Reserve (Fed) chair Jerome Powell's address. The precious gold is fluctuating at $1,630.00 after a slight dip from the crucial $1,640.00 barrier. As a result of the exhaustion of the asset's downward momentum, the asset's volatility has decreased, and further erratic price swings are anticipated.

 

Wednesday, the yellow metal will dance to the sounds of Fed Powell's speech. Given the current state of affairs, Fed Chairman Powell will adopt a "hawkish" tone and recommend further policy tightening. Focus will be placed on the rate hike schedule for the remainder of 2022, as the chosen strategy will set the stage for the 2023 rate hike cycle.

 

In the meantime, the US dollar index (DXY) hopes to surpass 115.00 for the first time in twenty years. The DXY bulls have been bolstered by a less-than-anticipated decrease in US Durable Goods Orders and a rise in Consumer Confidence. The reduction in demand for Durable Goods was 0.2% as opposed to the expected dip of 0.4%. Consumer Confidence rose to 108.0 from 103.6 in the most recent report.

 

On a daily scale, gold prices have produced an Inverted Hammer candlestick pattern. For the aforementioned candlestick, there are two schools of thought: the traditional feels that the formation is a sign of reversal, while the unconventional deems it bearish because sellers emerged as the prices settled. Additionally, buyers did not hold holdings overnight.

 

For the counter, the horizontal resistance from the September 16 low of $1,654.17 will operate as a formidable obstacle.

 

At $1,653.85, the decreasing 10-period Exponential Moving Average (EMA) adds to the downside filters. As the Relative Strength Index (RSI) (14) oscillates in oversold area below 30.00, a decline cannot be ruled out.