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Chart: Precious metals market data for Industrial and Commercial Bank of China accounts on Monday, August 24, 2026.Gold prices rose during Asian trading hours on August 24th. ING strategists stated in a report that gold prices have rebounded sharply from July lows, rising from around $4,000 per troy ounce in mid-July to approximately $4,600, returning to levels seen since May, supported by recovering investment demand and growing market anxiety about the US fiscal outlook. The strategists noted that the prospect of the US Treasury potentially expanding its bond-buying program has refocused market attention on US government borrowing and fiscal credibility. They added, "This has also reignited concerns about currency devaluation, further enhancing golds appeal as a store of value."On Monday, August 24, the Hang Seng Index opened down 229.34 points, or 0.88%, at 25,780.12; the Hang Seng Tech Index opened down 53.0 points, or 1.11%, at 4,713.16; the H-share Index opened down 84.99 points, or 0.98%, at 8,549.35; and the Red Chip Index opened down 4.37 points, or 0.1%, at 4,287.98.Hong Kong stocks opened lower, with the Hang Seng Index down 0.88% and the Hang Seng Tech Index down 1.11%; Alibaba (09988.HK) opened down 8.05% after announcing a proposed placement of HK$80 billion in new shares.On August 24th, it was learned from the Cold Chain Professional Committee of the China Federation of Logistics and Purchasing that the total demand for food cold chain logistics in the first half of the year reached 200 million tons, a year-on-year increase of 4.7%, with the growth rate accelerating by 0.3 percentage points compared to the same period last year; the total revenue of food cold chain logistics service companies was 290.18 billion yuan, a year-on-year increase of 3.7%. The penetration of new energy refrigerated trucks accelerated, and the proportion of green transportation capacity reached a new high. It is estimated that refrigerated truck sales in the first half of the year reached 42,111 units, a year-on-year increase of 42.9%; among them, sales of new energy refrigerated trucks reached 20,285 units, a year-on-year increase of 92.3%, maintaining a high-speed growth trend. The penetration rate of new energy refrigerated trucks reached 48.2%, an increase of 12.4 percentage points compared to the same period last year. The penetration rate in the second quarter rose to 54.7%, showing an accelerating penetration trend. For the first time in a quarterly dimension, the penetration rate of new energy refrigerated trucks surpassed that of traditional fuel vehicles, indicating that the greening process of cold chain transportation has entered an accelerated development stage.

S&P 500 Price Forecast – Stock Markets Continue to Worry About Rates

Jimmy Khan

Feb 22, 2023 16:31


Technical Analysis of the S&P 500

The S&P 500 E-mini contract started overnight trading poorly and hasn't been making a lot of sense. Yet, the contract's high level of volatility persists, and as a result, downward pressure is beginning to build. It's important to note that the 200-Day EMA and the 50-Day EMA are located immediately below. Given that they are both rather flat, there may not actually be any momentum.


As it is slightly above the psychologically and structurally significant 4000 level, this may pave the way for a support level to develop in that approximate area. You must keep in mind that earnings season is now underway because it could cause the market to fluctuate. The moving averages and the psychologically significant 4000 level, if we were to break down below them, might drive the futures market and the index itself significantly lower.


It thus creates the chance of a decline down to the 3900 level, where we had experienced some buying pressure. Following that, there comes the 3800 level, which is considerably more significant and will get a lot of attention. When it comes to whether or not the market can save itself, we would be in that general area hanging on by a thread.


The previous two candlesticks have undoubtedly looked pretty bearish, and I think that may have some momentum built up in it. If the market were to flip around and bounce, then it may try to move towards the 4200 level. The minutes from the Federal Open Market Committee meeting, which are released on Wednesday, will undoubtedly also be relevant. This ought to provide traders a good indication of what the Federal Reserve members discussed during the meeting and whether or not there is an overall hawkish mindset or if there are any ice cracks appearing. This will have a significant impact on the market.

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