MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Key Resistance Still Exposed

GOLD TECHS
  • RES 4: $1992.5 - High Sep 1
  • RES 3: $1973.6 - High Sep 16
  • RES 2: $1965.6 - High Nov 9 and key resistance
  • RES 1: $1959.4 - High Jan 6
  • PRICE: $1924.2 @ 07:06 GMT Jan 7
  • SUP 1: $1900.9 - Low Jan 6
  • SUP 2: $1878.5 - 50-day EMA
  • SUP 3: $1855.4 - Low Dec 21
  • SUP 4: $1844.9 - Low Dec 16

Gold found resistance yesterday however the move lower is likely a correction with bullish trend conditions still intact. The move higher earlier this week confirmed a resumption of the uptrend that started early December. All near-term retracements have been cleared and the focus is on $1965.6, the Nov 9 high. A breach of this hurdle would mark an important technical break. Key support lies at $1855.4, Dec 21 low. Initial support is $1900.9.

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