Market Forecasts

• WTI declines toward $81.00 as hawkish central banks and economic worries compete with OPEC+ rhetoric
  WTI pares its first weekly rise in five weeks as traders await additional information. Fears of a Russian supply shortage and rumors of an OPEC+ output cut benefit buyers. Concerns of economic downturn and aggressive rate hikes impede the uptrend. Risk catalysts are crucial, but China PMIs and US inflation may also attract oil traders' attention.
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• Forecast for Gold Price: XAU/USD surpasses $1,650 on falling wedge breakthrough; US PCE inflation observed
  The price of gold increases when a bullish chart formation is confirmed. Despite a weakening DXY, rising rates and declining equities failed to deter XAU/USD purchasers. In addition to geopolitical and economic concerns, hawkish central bankers will investigate gold buyers. On firmer readings, the Fed's preferred inflation statistics can threaten the rising trend.
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• After a corrective move, the gold price should find support around $1,650, and talk of the US gross domestic product (GDP) is making the market excited
  The corrective move in gold's price is predicted to end once bids emerge near $1,650.00. Because the Fed is expected to slow the pace of its rate hikes, the DXY appears to have achieved a fresh high. Consecutive quarterly declines of 0.6% in annualized US GDP are possible.
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• Price of WTI weakens inside a falling wedge, breaking below prior support near $82.00
  WTI reverses its upward trend of the past two days and cuts daily gains after reaching its highest point since May. Buyers are encouraged by a bullish chart pattern and rising oscillators, but the 100-SMA acts as a filter for gains. Above the $75.00 level, several supports will present a difficulty to bears.
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• Gold Price Prediction: XAU/USD aims for $1,620.00 as yields surge and the Fed raises rates. Powell's address targeted
  Gold prices are aiming for $1,620.00 as benchmark 10-year US yields have reached 4%. As inflation has not responded favorably to rising interest rates, Fed Chairman Powell will adopt a more hawkish approach. The Fed will present a strategy for increasing interest rates during the remainder of 2022.
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• Gold Price Prediction: XAU/USD swings sideways around $1,630 as investors anticipate Fed Chair Powell's address
  Ahead to Fed Powell's speech, the price of gold fluctuates erratically around $1,630.00. The strategy chosen by the Fed for the remainder of 2022 will set the stage for the 2023 rate hike cycle. DXY was bolstered by rising consumer confidence and a slower-than-anticipated decrease in durable goods demand.
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