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On January 5th, Hong Kong stocks closed with the Hang Seng Index up 0.03% and the Hang Seng Tech Index up 0.09%. The total turnover of the Hang Seng Index reached HK$283.462 billion. On the sector front, short video concept stocks strengthened throughout the day, with Kuaishou (01024.HK) rising over 11% and Bilibili (09626.HK) rising over 5%. Mainland property stocks were active, with Ronshine China (03301.HK) and Greentown China (03900.HK) rising over 6%. Pharmaceutical outsourcing concept stocks collectively strengthened, with Joinn Laboratories (06127.HK) rising over 13% and Tigermed (03347.HK) rising over 6%. On the downside, commercial aerospace stocks collectively declined, with Goldwind Technology (02208.HK) falling over 8% and Asia Pacific Satellite (01045.HK) falling over 6%. Automotive stocks weakened throughout the day, with Great Wall Motor (02333.HK) falling more than 6% and NIO (09866.HK) falling nearly 6%.The Hang Seng Index closed up 8.77 points, or 0.03%, at 26,347.24 on Monday, January 5; the Hang Seng Tech Index closed up 5.19 points, or 0.09%, at 5,741.63 on Monday, January 5; the H-share Index closed down 20.52 points, or 0.22%, at 9,148.47 on Monday, January 5; and the Red Chip Index closed up 2.83 points, or 0.07%, at 4,086.74 on Monday, January 5.Hong Kong stocks closed higher, with the Hang Seng Index up 0.03% and the Tech Index up 0.09%. Kuaishou (01024.HK) surged over 11%, NIO (09866.HK) fell about 6%, and XPeng (09868.HK) dropped over 4%.On January 5, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked about Trumps "threats" to Cuba and other countries. In response, Lin Jian stated that China firmly supports the status of the Latin American and Caribbean Zone of Peace, opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty and security of other countries, opposes the use or threat of force in international relations, and opposes external forces interfering in the internal affairs of Latin American countries under any pretext.Spains unemployment rate fell 0.67% month-on-month in December, compared with a previous reading of -0.77%.

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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