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July 22 (Futures News) – Crude oil continued its upward trend, boosting confidence among fuel oil market participants to support higher prices. Refineries increased supply and were reluctant to sell at low prices, but downstream traders moderately replenished their inventories and remained cautious in their purchases. Market buying activity was slow, and fuel oil prices steadily climbed. It is expected that todays trading will see some areas remain stable while others may see slight increases.Futures News, July 22nd - According to foreign media reports, Brent crude oil futures rose on Tuesday, hitting a five-week high, influenced by the US-Iran conflict and the Houthi threat to impose a naval blockade on Saudi Arabia. This will help boost the early performance of Malaysian crude palm oil futures. The El Niño phenomenon, which may threaten palm oil production in Southeast Asia, also provides support for prices. The Malaysian Meteorological Department stated that with the strengthening of El Niño, Malaysia will experience record-breaking high temperatures next year, raising concerns about declining palm oil production. However, weak demand for Malaysian palm oil exports will limit the markets rebound momentum.Spot gold touched the $4,100/ounce mark for the first time in a week.July 22 – According to the South Korean media outlet *Chosun Ilbo*, the South Korean government stated that it has held a meeting with major exporters to discuss stabilizing the exchange rate through strengthened government-business cooperation. Heo Jang, the Second Vice Minister of Strategy and Finance, held the meeting on July 21 at the Seoul Government Building with major exporters including Samsung Electronics, SK Hynix, Hyundai Motor & Kia, HD Korea Shipbuilding & Marine Engineering, Hanwha Marine, and Samsung Heavy Industries. Heo Jang stated that prior to the exporters meeting in June, the Korean won had depreciated to around 1550 won against the US dollar. However, with exporters increasing foreign exchange settlements, shipbuilding companies increasing forward foreign exchange sales, and capital inflows from SK Hynixs ADR issuance, the won has recently fallen back to the high range of 1400 won against the US dollar, alleviating the imbalance between foreign exchange supply and demand. He predicts that with continued strong semiconductor exports in the second half of the year, South Koreas foreign exchange supply and demand situation will further improve. Participating companies stated that they will further cooperate with the government to stabilize foreign exchange supply and demand, promote the continued improvement in the recent supply and demand trend, and contribute to maintaining stability in the foreign exchange market.July 22 – The Ministry of Industry and Information Technology announced today that the "Notice on Organizing and Carrying Out the Construction of National-Level Zero-Carbon Factories" has been officially released. my country will organize and carry out the construction of national-level zero-carbon factories and zero-carbon computing facilities. The notice clarifies the application requirements for national-level zero-carbon factories, selecting manufacturing enterprises and computing facilities with a certain construction foundation, clear construction goals, and a clear implementation path, and committing to completing the construction goals within the specified period, and including them in the national-level zero-carbon factory construction list.

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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