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The Russian Ministry of Defense stated that it shot down 326 Ukrainian drones last night.Global Chip LOF: Trading will be suspended from the opening of the market on the afternoon of June 10, 2026 until the close of the market on the same day. During the suspension period, redemption services for this fund will continue as usual.On June 10th, the wheat market saw relatively stable prices, with some companies raising their purchase prices. With a large influx of new wheat onto the market, supply continues to increase, narrowing the price gap between new and old wheat. Flour processing companies in producing areas are purchasing new and old wheat at the same price. However, end-user demand remains weak, and flour mills are operating at low rates, primarily purchasing to replenish their inventories for immediate needs. On the policy front, grain depots are gradually resuming purchases, and prices, after falling, have stabilized and rebounded slightly. Increased reserve purchases have effectively alleviated downward price pressure from the concentrated arrival of new wheat. In the short term, new wheat prices remain stable due to the support of reserve purchases, but lack upward momentum in the near term.A Reuters poll predicts the Bank of Japan will raise interest rates to 1.25% in the fourth quarter (consistent with the results of the May poll).A Reuters poll shows that 94% of economists expect the Bank of Japan to raise its key interest rate to 1.00% in June (up from 65% in May).

Gold Price Prediction - Gold Prices Will Experience Declining Pressure as the Dollar Strengthens

Daniel Rogers

May 13, 2022 10:17

Gold prices are under pressure to decline as investors flock to the dollar as a safe-haven asset. The market became more risk-averse as a result of rising inflation statistics. The dollar rises as investors flock to the currency for its safe-haven attraction.

 

In response to strong inflation data, investors shifted into bonds and sold equities, lowering benchmark yields. Today, the yield on ten-year bonds fell 7 basis points.

 

This week, initial unemployment claims increased by 1,000 to 203,000 from the revised total of 202,000 previous week. The result conforms to the tight labor market. As workers are pushed to seek out better options, job postings and resignation rates have reached all-time highs.

 

The most recent CPI data indicates that the Fed is concerned about rising inflation. The CPI came in at 8.3%, which was stronger than anticipated. Nonetheless, the reading was lower than March's reading of 8.5%. The data supports the Fed's strategy to aggressively tighten interest rates in response to rising inflationary pressures.

Technical Evaluation

Gold prices fall below the 200-day moving average of $1,836 and are subject to bearish pressure that might drive gold prices to $1,800. Near the 200-day moving average at 1,836 is viewed as support. Near the 10-day moving average of 1,874, there is expected to be resistance.

 

As a result of the Fast Stochastic's crossover sell signal, short-term momentum is negative. As the fast stochastic displays a value of 9.79 below the oversold threshold of 20, prices are oversold.

 

As the MACD produces a crossover sell signal, medium-term momentum has gone negative. This occurs when the 12-day moving average minus the 26-day moving average crosses below the MACD line's 9-day moving average.

 

The trajectory of the MACD (moving average convergence divergence) histogram is negative, indicating falling prices.

 

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