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On June 16th, Futures News reported that the US and Iran reached an agreement to end the Middle East conflict, causing European and American crude oil futures settlement prices to fall to their lowest levels since March 4th. As of the crude oil close on June 15th, the domestic gasoline crack spread was 900.69 yuan/ton, an increase of 151.22 yuan/ton compared to the previous day, while the diesel crack spread was 762.05 yuan/ton, an increase of 159.04 yuan/ton compared to the previous day. The decline in international crude oil costs has limited the decline in the gasoline and diesel market, leading to a continued strengthening of the gasoline and diesel crack spread. However, current demand for gasoline and diesel lacks support, and prices are being dragged down by the decline in crude oil prices, which may limit the rebound potential of the gasoline and diesel crack spread.On June 16th, it was reported that eight departments, including the Ministry of Transport, jointly released the "Action Plan for Implementing Multimodal Transport Improvement and Unblocking Bottlenecks (2026-2030)," aiming to accelerate the construction of a modern multimodal transport network. The Action Plan proposes to strive to upgrade the multimodal transport functions of approximately 1,000 major freight nodes within about five years, achieving a multimodal transport transshipment rate exceeding 90% within one hour, and reaching 80% rail access rate in coastal ports multimodal transport areas, with 100% rail access rate at major ports along the Yangtze River. Simultaneously, breakthroughs will be achieved in optimizing security checks for container rail-water intermodal transport and implementing standards and rules such as the "single bill of lading" system.The June ZEW economic sentiment index for Germany and the Eurozone will be released in ten minutes.June 16th - On June 16th, with the successful loading of the last platform onto a ship in Binhai New Area, Tianjin, the onshore construction of all platforms for the Bozhong 26-6 oilfield development project (Phase II), the worlds largest metamorphic oilfield, was completed, laying the foundation for the oilfields timely commissioning. Located in the central Bohai Sea, the Bozhong 26-6 oilfields reservoir lies in Archean buried hill metamorphic rock strata at a depth exceeding 4,500 meters. It is the worlds largest metamorphic oilfield, with proven oil and gas geological reserves exceeding 200 million cubic meters. The Phase I development project officially commenced production in February of last year. The Phase II project will construct two new wellhead platforms offshore, consisting of jackets and upper modules. The two wellhead platforms completed this time will achieve unmanned operation.European Investment Bank President: Will not run for the position of President of the European Central Bank.

Predictions for Gold Prices — Gold prices rose as the dollar weakened

Alina Haynes

May 24, 2022 09:43

Gold prices rise as the dollar weakens to start the week. The currency experienced negative pressure on reduced growth prospects and likely march toward recession. Benchmark rates climbed as shares surged today. Today, the yield on the ten-year Treasury note rose by 3 basis points.

 

On Monday, there was little going on in the world of business. Focus continues on Fed Chair Powell’s speech tomorrow and major economic statistics including PCI and first-quarter GDP published this week. Investors are anxious about impending recession and sluggish economic growth.

Analytical Methods

Gold prices came back from session highs but are still higher and possibly be headed to the 1860s. This week's economic statistics might point to a slowdown in economic growth, which would benefit gold.

 

To begin the week, gold prices held above the 200-day moving average of $1839. Support is indicated near the 200-day moving average near 1839. Resistance is apparent at the May 12th peak of 1858.

 

The Fast Stochastic has formed a crossover buy signal, indicating that the short-term momentum is bullish. Prices are no longer oversold as the fast stochastic prints a value of 54.58, considerably above the oversold trigger level of 20.

 

Medium-term momentum turns bullish as the MACD can provide a crossover buy signal. This occurs as the 12-day moving average minus the 26-day moving average passes below the 9-day moving average of the MACD line.

 

Price declines are predicted by the MACD (moving average convergence divergence) histogram, which shows a downward trend in price.

 

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