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On April 26, UBS said that the current market thinking is consistent with the banks basic forecast, that is, tariffs will be reduced from the current announced level for the rest of the year, and the Federal Reserve will further cut interest rates this year. However, as uncertainty in trade, economy and Federal Reserve policy remains high, expected volatility also remains high. However, UBS believes that the US stock market is attractive, and the S&P 500 index target continues to be 5,800 points by the end of the year. UBSs current basic forecast is that the Federal Reserve will cut interest rates by 75 to 100 basis points this year, but in the short term, the Feds policy flexibility seems more limited because it must balance concerns about economic growth with the risk of inflation recovery.According to AFP: Senior officials said that Ukrainian President Zelensky and US President Trump may meet in Rome.Spokesman for Ukrainian President Volodymyr Zelensky: Ukrainian President Volodymyr Zelensky has arrived in Rome to attend the Popes funeral.According to the Ukrainian National News Agency: Russian troops launched 414 attacks in the Zaporizhia region at night.Market news: Ukrainian President Zelensky and his wife arrived in Rome.

Gold Price Prediction: XAU/USD looks daily close for bear pennant confirmation; downward remains preferred

Daniel Rogers

Sep 22, 2022 14:49

 截屏2022-09-21 下午5.02.08_1024x576.png

 

"The non-interest-bearing yellow metal appears vulnerable as Switzerland and the United Kingdom tighten monetary policy in the upcoming session. In the event that tensions between Russia and the West escalate, the dollar may experience more gains, as the flight to safety may continue in full force. In the foreseeable future, XAU/USD appears to be in a lose-lose situation."

 

"On Wednesday, the gold price temporarily violated the rising trendline support at $1,664, but avoided confirmation of a bear pennant by completing the day near $1,674. A daily closure below the support is required for the bearish continuation pattern to be confirmed. The psychological level of $1,650 will be the initial line of defense, below which buyers will seek a sustained advance into the subsequent support at about $1,642."

 

"On the other hand, any attempts at a comeback will require acceptance above the current range highs at $1,680." The next obstacle to the upward is positioned near $1,700. Daily closure above the latter is crucial for releasing the additional recovery towards the bearish 21-day moving average (DMA) at $1,704."

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