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On November 19th, Judo Bank economist Matthew De Pasquale stated that the Reserve Bank of Australias rate-cutting cycle has ended at the 3.6% interest rate level. While the market is still pricing in a slight probability of further rate cuts next year, this reflects more on balance sheet dynamics and tail risk hedging considerations than a genuine market expectation of a rate reduction. Recent data continues to show an economic recovery, meaning that unless a major economic shock occurs, the next step for interest rates is likely to be an increase.On November 19th, futures market news reported that wheat prices continued their upward trend, with cautious buying and selling. Grain traders held onto their stocks in anticipation of further price increases, showing a strong reluctance to sell and significantly reducing the supply of wheat in circulation, leading to a tighter market. While flour mills were operating at low capacity and wheat consumption was limited, some were actively raising prices to encourage purchases as inventories began to deplete. The current tight supply and expanding demand for feed have created a price floor, and wheat prices are expected to remain high and volatile in the short term. However, continued weak demand for flour processing and other milling operations will limit further price increases.According to RIA Novosti, Russian air defense forces shot down 65 Ukrainian drones last night.The Polish Armed Forces stated that Poland scrambled fighter jets to ensure the security of its airspace following Russias attack on Ukraine.The Hang Seng Tech Index in Hong Kong fluctuated and declined, falling more than 1% before midday, while the Hang Seng Index fell 0.43%.

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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