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UK Maritime Trade Organization: No damage assessment reported; environmental impact unknown.UK Maritime Trade Organization: A projectile struck the hull; crew reports safety.On August 15th, the Indonesian Ministry of Foreign Affairs Consular Department reported that no foreign citizens were injured or killed in the earthquake. The department stated that a 7.7-magnitude earthquake struck off the coast of Nagkeo Regency, East Nusa Tenggara (NTT) at 4:58:24 AM local time on August 15th. The epicenter was located approximately 38 kilometers northeast of Mbay, with a depth of 15 kilometers. The earthquake initially raised concerns about a potential tsunami, prompting the evacuation of some coastal residents. The Indonesian Meteorology, Climatology and Geophysics Agency reported that as of 11:00 AM Central Indonesian Time on August 15th, 111 aftershocks had been recorded since the 7.7-magnitude earthquake in Nagkeo Regency, East Nusa Tenggara, with the most recent measuring 3.8. Seismic activity is ongoing, and the tsunami warning was lifted at 7:31 AM. The main risks in the area are currently aftershocks and secondary hazards such as damaged buildings.Seven people were killed in an Israeli airstrike in southern Lebanon on Saturday.On August 15th, South Koreas Ministry of Industry announced on Saturday that it had dismissed its chief trade negotiator, without disclosing the specific reasons. Trade Minister Yeo Han-koo, who had previously served as South Koreas chief trade envoy, traveled to Washington multiple times this year to hold talks with the US government and members of Congress on issues related to tariffs, semiconductor measures, and digital policy. The Ministry of Industry stated that personnel decisions involving political appointments fall under the presidents authority and that it will strive to ensure that current trade affairs are not affected. No successor has yet been appointed.

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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