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On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.Bank of Japan Governor Kazuo Ueda: Price changes in goods frequently purchased by households may affect consumer sentiment and the underlying inflation rate.

Weekly Gold Price Prediction: Gold Markets Fall

Alina Haynes

Jul 11, 2022 11:38

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Over the course of the week, gold markets have taken a beating, breaking through the $1800 level, the uptrend line, and eventually the $1750 level. Despite the fact that the market is expected to continue to trend downward strongly, we may have a brief rebound because we are now oversold. It would be fascinating to observe whether or not there is a comeback rally after the attempts to stabilize on Thursday and Friday.

 

On the other side, it would indicate that we are headed significantly lower if we were to break down below the week's candlestick low. Having said that, I won't be persuaded about a significant shift until we break over the top of this candlestick. The US currency has a significant impact on this market as well, and it should be noted that the US dollar has been very strong. Consequently, it is clear that the situation with regard to the gold market has changed.

 

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If we were to reverse course and take out this candlestick, one would have to speculate that perhaps we are about to move to the $1880 level. However, I believe that given enough time, we will view this as a situation where we absolutely continue to go to the downside. A move to the $2000 level is possible if that level is broken, but I wouldn't hold my breath for it to happen. At this moment, the market is more likely than not going to experience further high volatility. Keep the size of your position acceptable.

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