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July 21 – Nuveen Global Investment Strategist Laura Cooper stated in a report that the European Central Bank (ECB) is likely to keep interest rates unchanged at its meeting this week after the June rate hike, but will maintain a tighter tone. Cooper said the ECB would remain open to further tightening if renewed tensions drive up energy prices. She said inflation is more moderate than feared, with little sign of renewed acceleration in the Purchasing Managers Index (PMI) pricing sub-index, while producer price data confirms that upstream cost pressures are easing. “These factors provide a reason to hold rates steady this month,” she said. The complexity lies in renewed disruptions to commodity supplies, which could reignite energy price pressures at a time when the ECB is gaining confidence in the path of declining inflation.According to the Joint Oil Data Institute (JODI), Saudi Arabias domestic refineries increased crude oil processing by 175,000 barrels per day in May, reaching 2.386 million barrels per day.According to the Joint Oil Data Institute (JODI), Saudi Arabias crude oil inventories increased by 2.827 million barrels in May, reaching 142.794 million barrels.According to the Joint Oil Data Institute (JODI), Saudi Arabias direct crude oil burning increased by 107,000 barrels per day in May, reaching 647,000 barrels per day.According to the Joint Oil Database (JODI), Saudi Arabias petroleum product exports increased by 74,000 barrels per day in May, reaching 1.083 million barrels per day.

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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