Economic Indicators

09：30 Australia Private New Capital Expenditure (QoQ) (Q2)‧Fcst+1.0%‧Prev+1.0%
17：00 EZ Business Climate (Aug)‧Prev-0.61
17：00 EZ Business and Consumer Survey (Aug)‧Fcst96.0‧Prev95.8
17：00 EZ Industrial Sentiment (Aug)‧Fcst-10.5‧Prev-10.5
17：00 EZ Services Sentiment (Aug)‧Fcst5.2‧Prev4.8
17：00 EZ Consumer Confidence (Aug)‧Fcst-13.4‧Prev-13.4
17：00 EZ Consumer Inflation Expectation (Aug)‧Prev11.2
17：00 EZ Selling Price Expectations (Aug)‧Prev6.8
20：00 German CPI (MoM) (Aug)‧Fcst+0.1%‧Prev+0.3%
20：00 German CPI (YoY) (Aug)‧Fcst+2.1%‧Prev+2.3%
20：00 German HICP (MoM) (Aug)‧Fcst+0.0%‧Prev+0.5%
20：00 German HICP (YoY) (Aug)‧Fcst+2.3%‧Prev+2.6%
20：30 US Corporate Profits (QoQ) (Q2)  ‧Prev-2.7%
20：30 US GDP (QoQ) (Q2)‧Fcst+2.8%‧Prev+2.8%
20：30 US GDP Sales (Q2)‧Fcst+2.1%‧Prev+2.0%
20：30 US Real Consumer Spending (Q2)‧Prev+2.3%
20：30 US GDP Price Index (QoQ) (Q2)‧Fcst+2.3%‧Prev+2.3%
20：30 US Core PCE Prices (Q2)‧Fcst+2.9%‧Prev+2.9%
20：30 US PCE Prices (Q2)‧Prev+2.6%
20：30 US Initial Jobless Claims‧Fcst232K‧Prev232K
20：30 US Jobless Claims 4-Week Avg.‧Prev236K
20：30 US Continuing Jobless Claims‧Fcst1870K‧Prev1863K
20：30 Canada Current Account (Q2)‧Fcst-5.85B‧Prev-5.37B
22：00 US Pending Home Sales Index (Jul)‧Prev74.3
22：00 US Pending Home Sales (MoM) (Jul)‧Fcst+0.4%‧Prev+4.8%

XAU London Gold ─ Stabilizing U.S. dollar adds to pressure on gold price correction, focus on U.S. data

London gold fell from highs on Wednesday, affected by a stronger U.S. dollar; there was also some profit-taking consolidation ahead of the release of important reports. Investors are watching key U.S. inflation data for clues on the scale of the Federal Reserve's potential rate cuts in September. According to the CME FedWatch tool, the market expects a 62% probability of a 25 basis point interest rate cut in the United States in September and a 38% probability of a 50 basis point interest rate cut. In addition, data from the World Gold Council showed that gold ETFs saw a small net inflow of 8 metric tons last week, led by North American funds. Data also showed on Tuesday that China's net gold imports through Hong Kong rose 17% in July, the first increase since March.

In terms of technical trends, the price of gold has risen by about $150 this week. During the period, an upward trend line has been formed and has been extended to the $2515 level. Therefore, we must be careful to guard against if the price of gold falls below this area in the future, it will be a warning signal for a larger adjustment. Calculated based on the cumulative increase since August 5, the 38.2% correction is $2,468, which is just close to last Thursday’s low of $2,470. If the correction is further extended to 50% and 61.8%, it will be $2,448 and $2,428. In addition, the current position of the 25-day moving average at $2454 is also an important support reference. Upward resistance will continue to focus on the record high of $2531.60, and the subsequent greater resistance is expected to be at $2550 and $2580.

London Gold August 29
Forecast early range: 2506 – 2519
Resistance 2530 – 2542 – 2559
Supports 2495 – 2484 – 2471

SPDR Gold Trust gold holdings:
August 19 – 859 tons
August 20 – 857.27 tons
August 21 – 856.70 tons
August 22 – 857.85 tons
August 23 – 856.12 tons
August 26 – 856.12 tons
August 27 – 856.12 tons
August 28 – 856.12 tons

28/8 AM London Gold Fix: $2509.55
28/8 PM London Gold Fix: $2505.25
 

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