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August 18th - The Indonesian National Disaster Management Agency (BNPB) reported on the 18th that the death toll from the recent strong earthquake and numerous aftershocks in Indonesia has risen to 70, with 132 injured. No missing persons have been reported. Bramantillo, the operations director of the Indonesian National Search and Rescue Agency, said that 40 of the injured are in serious condition, while the remaining 92 sustained minor injuries. As no new missing persons reports have been received, search and rescue personnel are assisting the BNPB in disaster recovery efforts. Data from the Indonesian Meteorology, Climatology and Geophysics Agency (BMKG) shows that as of 3 PM on the 18th, 2,357 aftershocks have occurred in the Flores region, the epicenter of the strong earthquake. The strongest aftershock was magnitude 6.2, 24 aftershocks exceeded magnitude 5.0, and 72 aftershocks were felt.Ukrainian lawmakers: Ukrainian President Zelensky has submitted Yevgeny Khmara as a candidate for the position of Minister of Defense.On August 18th, Robin Li stated during Baidus earnings call that Kunlun Chip maintained strong momentum in the second quarter, continuing its expansion into multiple industries amidst robust demand. Market recognition of Kunlun Chips stability, efficiency, and adaptability in large-scale applications is steadily increasing. Kunlun Chips inference throughput and overall computing efficiency have further improved, enhancing its ability to support diverse and demanding AI workloads at scale. Currently, Kunlun Chip has completed the R&D and commercialization of three generations of AI chips and will continue to advance its product portfolio, including the latest M100 optimized for large-scale inference and the upcoming M300.On August 18th, Baidu (09888.HK) CFO He Haijian revealed during Baidus earnings call that Baidu plans to hold an extraordinary general meeting of shareholders on August 26th to seek shareholder approval on several related matters, and expects the main board conversion to take effect within this year. During the call, Baidu stated that it is preparing for inclusion in the Southbound Stock Connect program after the conversion and hopes to be included as soon as possible after the conversion is completed. In July, Baidus board of directors approved the conversion of its Hong Kong listing status from a secondary listing to a dual primary listing and submitted an application to the Hong Kong Stock Exchange, which has since confirmed the change.On August 18, Al Jazeera reported that Iranian Foreign Minister Araqchi stated that the US goal in this war is to force Iran to surrender, but "we will not surrender." He said, "The US is now begging to negotiate with us on our terms." He stated that the memorandum of understanding signed with the US contains "13 clauses favorable to us and 1 clause favorable to them," and accused Israel of doing everything possible to undermine and prevent the implementation of the agreement. He stated, "We won the war, we won a diplomatic victory, and we forced our enemy to accept our terms." He added that Irans military and battlefield capabilities provided strength for its diplomatic efforts in the negotiations.

Predictions for Gold Prices — Gold prices rose as the dollar weakened

Alina Haynes

May 24, 2022 09:43

Gold prices rise as the dollar weakens to start the week. The currency experienced negative pressure on reduced growth prospects and likely march toward recession. Benchmark rates climbed as shares surged today. Today, the yield on the ten-year Treasury note rose by 3 basis points.

 

On Monday, there was little going on in the world of business. Focus continues on Fed Chair Powell’s speech tomorrow and major economic statistics including PCI and first-quarter GDP published this week. Investors are anxious about impending recession and sluggish economic growth.

Analytical Methods

Gold prices came back from session highs but are still higher and possibly be headed to the 1860s. This week's economic statistics might point to a slowdown in economic growth, which would benefit gold.

 

To begin the week, gold prices held above the 200-day moving average of $1839. Support is indicated near the 200-day moving average near 1839. Resistance is apparent at the May 12th peak of 1858.

 

The Fast Stochastic has formed a crossover buy signal, indicating that the short-term momentum is bullish. Prices are no longer oversold as the fast stochastic prints a value of 54.58, considerably above the oversold trigger level of 20.

 

Medium-term momentum turns bullish as the MACD can provide a crossover buy signal. This occurs as the 12-day moving average minus the 26-day moving average passes below the 9-day moving average of the MACD line.

 

Price declines are predicted by the MACD (moving average convergence divergence) histogram, which shows a downward trend in price.

 

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