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The Dow Jones Industrial Average closed down 1,152.46 points, or 2.18%, at 51,594.86 on Wednesday, July 29; the S&P 500 closed down 112.40 points, or 1.51%, at 7,316.38; and the Nasdaq Composite closed down 433.97 points, or 1.74%, at 24,442.94 on Wednesday, July 29.July 30th - U.S. stocks initially rose and then fell after the Federal Reserve announced its decision on Wednesday. The Dow Jones Industrial Average closed down 2.18%, the S&P 500 fell 1.5%, and the Nasdaq Composite fell 1.7%. SK Hynix (SKHY.O) fell 2.6%, SanDisk (SNDK.O) fell 7%, Micron Technology (MU.O) fell 9.9%, Nvidia (NVDA.O) fell 3.5%, and Seagate Technology (STX.O) rose more than 2%. The Nasdaq China Golden Dragon Index closed up 1.7%, and Li Auto (LI.O) rose more than 4%.According to CNBC, "New Bond King" Gundlach said the Federal Reserve may raise interest rates in September, especially if the yield curve continues to steepen.Market news: Canadian Prime Minister Carney has dismissed the idea that Canada should restrict the supply of critical resources to the United States in retaliation for its tariff policies.On July 30th, analysts described the Federal Reserves decision as "hawkish inaction." While a majority of members chose to keep interest rates unchanged, three members—Dallas Feds Logan, Cleveland Feds Hammark, and Minneapolis Feds Kashkari—voted in favor of a 25-basis-point rate hike. Barclays Marc Giannini stated, "The FOMC made a hawkish inaction decision." "This policy decision was made amidst significant hawkish headwinds, with these hawkish members favoring an immediate rate hike rather than waiting for more data." Previously, economists had widely expected two dissenting votes, making Kashkaris vote in favor of the rate hike surprising to some. Janus Henderson Investors analyst Daniel Syluk stated, "The three dissenting votes highlight that there remains a considerable force within the committee concerned about inflation."

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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