On Monday (August 22), the spot gold maintained a slight adjustment and a slow rise in the intraday market. The gold price range stabilized and moved higher, and gold was under pressure and oscillated below the $1,750/oz mark.
U.S. Treasuries fall further, 10-year Treasury yields break above 50-day moving average
U.S. Treasuries continued to trade on a heavy tone in early trade, with the 10-year yield rising as much as 10 basis points on the day to 2.983%, surpassing the 50-day moving average level. The 10-year yield widened its gap from the 100-day moving average, which has limited its advance since July 22. Yields on the 10-year Treasury note rose, but have not risen above the 3% level since July 21. As of 9:50 a.m. ET, the trading volume of treasury bond futures was consistent with the 20-day average, and the trading volume was concentrated in the ultra-long-term treasury bond contracts, which was 10% higher than the average level.
Strong gold production contributes 3% more GDP growth to Kyrgyzstan
In the first seven months of this year, the overall economic expansion of Kyrgyzstan accelerated steadily, with a year-on-year growth of 7.7%. Strong gold production offset the negative impact of the Russian-Ukrainian conflict on economic activity in Kyrgyzstan. However, the goods trade deficit widened considerably due to lower exports to Russia. In the first seven months of last year, GDP contracted by 1.3% year-on-year, so the base for economic growth this year is low. Industrial production rose strongly by 17.8% year-on-year, driving overall GDP growth in the January-July period. Specifically, production from the key Kumtor gold mine will fuel the country’s growth in 2022. If the gold production data is excluded, the industrial production in the first seven months increased by only 3.3% year-on-year, and the total GDP increased by only 4.7% year-on-year.
Last Friday, the spot gold price fluctuated and fell in late trading, refreshing the low to 1745, falling below the short-term daily line 30-day moving average of 1750 support, and also closing at a low level, the daily line ended with a negative column, under the signal of an empty trend, the gold single It’s no surprise that the edge fell.
Open in the morning, spot gold fluctuates at a low level, and there is no obvious short-term downward trend, so the Asian and European markets are not in a hurry to chase the short-term, and the short-term is still waiting for adjustment. The top is concerned about 1750, and it can also be enlarged to 1755, the middle rail of the 4-hour Bollinger Band, European and American markets. If the trend of 1750-1755 is not broken, you can boldly follow the short. The intraday target is around 1730.
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