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September 9th - As of September 9th, the August sales figures for new cars in China from Japans three major automakers have all been released. Toyota, Nissan, and Honda all recorded double-digit year-on-year declines. Toyotas August sales in China reached 118,400 units, a 22.8% decrease year-on-year, marking the seventh consecutive month of sales falling below the same period last year. Nissans sales were 28,275 units, a 51.9% decrease year-on-year; Hondas sales were 26,749 units, a 49.9% decrease year-on-year, with both companies sales nearly halved. Nissans year-on-year sales decline has lasted for five consecutive months, while Hondas has been below the same period last year for 31 consecutive months. Analysts believe that as price competition among Chinese electric vehicle manufacturers intensifies, electric vehicles with more significant price advantages are attracting more consumer demand, while sales of the mainstay gasoline-powered vehicles for Japanese automakers remain sluggish.Market news: Kioxia denied any intention to cooperate with SK Hynix, while promising to curb rising chip prices.Hang Seng Index futures opened 0.15% higher at 25,268, a discount of 49 points.The SC crude oil futures contract surged 4.00% intraday, currently trading at 731.70 yuan per barrel.At the opening of the morning session, most domestic futures contracts rose. Methanol rose nearly 4%, container shipping to Europe and SC crude oil rose over 3%, fuel oil and synthetic rubber rose over 2%, and coking coal, polyvinyl chloride (PVC), benzene, caustic soda, liquefied petroleum gas (LPG), and low-sulfur fuel oil (LU) rose nearly 2%. On the downside, palladium fell nearly 3%, Shanghai gold and soybean meal fell over 1%, and rapeseed meal fell nearly 1%.

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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