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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.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.

Forecast for the price of gold: XAU/USD advances toward $1,800 on a decline in consensus for US inflation

Daniel Rogers

Aug 09, 2022 15:19

 截屏2022-07-29 上午11.06.12.png

 

The price of gold (XAU/USD) has slowed down since reaching a peak over $1,790.00 during the Asian session. After a sharp rally, the precious metal is stabilizing in a higher market profile but the upward energy has not yet been exhausted. On the back of reduced projections for the US Consumer Price Index, the shiny metal is moving closer to the psychological resistance level of $1,800.00. (CPI).

 

According to market expectations, the US Consumer Price Index (CPI) will drop from its previous release of 9.1 percent to 8.7 percent. The consensus has decreased by 40 basis points, which is supported by the recent decline in oil prices. On account of growing recessionary fears and diminishing supply concerns, black gold lost its luster. This may encourage the Federal Reserve (Fed) to set interest rates a little lower this time.

 

Investors should be aware that a temporary decrease in price pressures does not signify that the Federal Reserve's (Fed) difficult work is finished. For the inflation rate to assert that the price pressures have subsided, a string of downward changes must be visible.

 

After receiving bids in the lower part of the Rising Channel that was established on a four-hour scale, gold prices have significantly recovered. The upper part of the aforementioned chart pattern is drawn from the high of July 22 at $1,739.37, and the lower part is drawn from the low of July 27 at $1,711.55.

 

The 20-period Exponential Moving Average (EMA) at $1,775.50 has been held by the bulls in gold. Although there has been a correction, the 50-EMA at $1,767.11 has held steady, showing that the short-term trend is incredibly optimistic.

 

Additionally, the Relative Strength Index (RSI) (14) has made an attempt to break above 60.00; if this is successful, it will support gold bulls even more.


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