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On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, said that in the next step, the Ministry of Industry and Information Technology will focus on creating an upgraded version of 5G+Industrial Internet, strengthen factor guarantees, accelerate the introduction of implementation opinions on promoting the high-quality development of industrial internet, coordinate the construction of network identification, platform data security and other projects, and strive to improve the development of the five major systems of policy, infrastructure, technology, application and ecosystem.On April 21, Al Jazeera reported that former U.S. Deputy Assistant Secretary for Arabian Peninsula Affairs Daniel Benaim stated in an interview: "The stepping stone to this war, the opportunity when the U.S. could have declared victory directly, may have appeared long ago, but we didnt seize it. We are now embroiled in an extremely complex military engagement and an extremely complex diplomatic game with Iran. Every objective set by the U.S. when launching the war against Iran has fallen far short of expectations. We talked about containing Irans nuclear program authoritatively for a long time. Certainly, some of these objectives could have been achieved without resorting to war."On April 21, Tao Qing, spokesperson for the Ministry of Industry and Information Technology and Director of the Bureau of Operation Monitoring and Coordination, stated that the next step will be to implement the decisions and plans of the CPC Central Committee and the State Council, focusing on three key tasks: First, top-level design. Accelerate the formulation of the "15th Five-Year Plan" for intelligent connected new energy vehicles, and study and issue guiding opinions on accelerating the innovative development of intelligent equipment. Second, stable operation. Implement the new round of work plans for stabilizing growth in industries such as machinery, automobiles, and power equipment, continuously promote equipment upgrades and vehicle trade-ins, and regulate industrial competition order with a persistent and meticulous approach. Third, focused efforts on key breakthroughs. Continue to implement the high-quality development action plan for key industrial chains in the equipment manufacturing industry, and strengthen the research and development of landmark products and the promotion and application of research results.On April 21, the National Bureau of Statistics released unemployment data by age group for March 2026. In March, the national urban surveyed unemployment rate was 5.4%. The unemployment rate for the urban workforce aged 16-24 (excluding students) was 16.9%, the unemployment rate for the urban workforce aged 25-29 (excluding students) was 7.7%, and the unemployment rate for the urban workforce aged 30-59 (excluding students) was 4.3%.On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, stated that the Ministry of Industry and Information Technology will further strengthen the construction of information and communications infrastructure, consolidate and enhance the competitive advantages and leading position of the information and communications industry, and continuously solidify the digital foundation for high-quality economic and social development. The Ministry will focus on three key areas: First, leveraging its advantages, promoting deep coverage of 5G gigabit optical networks, continuously advancing the "signal upgrade" special action, and constantly improving network coverage and supply capacity; second, promoting upgrades, accelerating the large-scale commercial use of 5G, promoting the evolution of dual-gigabit networks to dual-10-gigabit networks, and accelerating the development of mobile IoT and the intelligent interconnection of everything; and third, strengthening collaboration, systematically deploying research and development of cutting-edge technologies such as 6G next-generation Internet, and promoting collaborative innovation between the information and communications industry and vertical industries.

Gold Price Prediction: XAU/USD bears at $1,650 on Fed hawkishness and China news

Daniel Rogers

Sep 19, 2022 14:34

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During early Monday morning in Europe, the gold price (XAU/USD) maintains a position close to the intraday low at $1,670. In doing so, metal prices endure the weight of a stronger U.S. dollar amidst a sluggish session caused by Japanese and British vacations. The cause may be related to the Fed's hawkish bets and China-related news stories.

 

US Dollar Index (DXY) reverses a two-day slump while posting intraday gains of 0.18 percent at 109.85 as of press time. Indicators of the U.S. dollar's value versus the six major currencies have recently been buoyed by the University of Michigan's September consumer sentiment report and the market's positive expectations on the Fed's next move. Consequently, the probability of a 75-basis-point (bps) rate hike by the Federal Reserve increased to 80%, while the market's estimates of a one-percentage-point increase in the Fed rate rose to 20% at the latest.

 

US President Biden stated elsewhere, "I'm more positive than I've been in a long time." The national leader also claimed that inflation will be brought under control. On the same line are the covid updates from China, which have unlocked Dalian and Chengdu while observing zero coronavirus cases in Beijing and one, as opposed to zero the day before, outside of Shanghai's quarantine zone. However, US President Biden's willingness to support Taiwan in the event that China assaults Taiwan and hawkish expectations for the Federal Reserve appear to weigh on the steel price ahead of the major monetary policy pronouncements.

 

In addition, the People's Bank of China (PBOC) reduces the 14-day reverse repo rate by 10 basis points to 2.15 percent. "With no maturing reverse repos on Monday, the Chinese central bank injects 12 billion yuan," reports Reuters. The same might have indicated that the dragon nation is not in recovery mode and requires more rate cuts than rate raises, which could have caused the gold price to plummet. The cause is China's position as one of the world's largest gold consumers.

 

In light of this, the S&P 500 Futures post modest losses while mirroring Wall Street's Friday close. Notably, the selling in Japan curbs bond movements in Asia, but yields are robust near the multi-day high due to fears of a recession and hawkish Fed views.

 

Moving forward, a light economic calendar and important market holidays may limit intraday XAU/USD price fluctuations. However, bears are expected to maintain control because to aggressive Fed expectations, which, if dashed, might defy the bearish chart pattern and spark the long-awaited rally.

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