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With the US-Iran negotiations still unresolved, international oil prices remain high. A quick overview of the pre-market conversion prices of crude oil between domestic and international markets is provided in this chart.According to Futures News on August 10, as of 20:30 Beijing time, WTI crude oil futures rose 2.88% and US natural gas futures rose 4.17%.According to A95 Consulting, gasoline imports in Ukraine increased by 34% in July.Iranian President: The meeting with the Supreme Leader lasted 7-8 hours.On August 10th, according to Kyodo News, several Japanese government officials revealed that the Japanese and US governments conducted an unusual joint intervention to buy yen on July 31st (US Eastern Time), the first such action in 28 years. The decisive factor was that Bank of Japan Governor Kazuo Ueda strongly hinted at a press conference that day (July 31st) that policy interest rates would be raised as soon as possible, in September or later. Ueda explicitly stated that if necessary, the pace of interest rate hikes would be "accelerated." The US side gave a positive assessment, and both sides were aligned in preventing excessive yen depreciation. This is because the US is concerned that Japans slow pace of interest rate hikes has led to excessive yen depreciation, which could trigger further price increases and a rise in long-term interest rates, potentially impacting global financial markets. A senior Japanese government official revealed: "Governor Uedas statement was very persuasive to the US. At the same time, this also means that the Bank of Japan has no choice but to raise interest rates at its next policy meeting (September 17-18)."

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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