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June 9th - According to a foreign media report citing an Indian trade official, India is seeking new preferential tariff terms from the United States in negotiations to finalize a provisional trade agreement with Washington. The US and India reached a preliminary agreement on a trade deal in February, but progress slowed after the US Supreme Court overturned President Trumps comprehensive tariff measures. Subsequently, the US proposed an additional 12.5% tariff on imports from India and other countries. The US is also considering another tariff on India, citing overcapacity in sectors such as textiles. The Indian trade official said, "Once we can finalize this tariff, we can finalize a trade agreement with the US. But obviously, this rate must be competitive with direct competitors. India will seek assurances from the US that no further additional tariffs will be imposed on India in the future after an agreement is reached."Market news: AstraZenecas (AZN.O) oral obesity medication helped patients lose 10.5% of their weight in trials.Cadence announced a collaboration with Intel (INTC.O) foundries to accelerate optimization of Intels 14A process for HPC and mobile designs.Applied Digital (APLD.O) has signed a 210 MW lease agreement for the Delta Forge2 project, expanding its “AI Factory” franchise model to its fifth campus.The Dow Jones Industrial Average closed down 80.77 points, or 0.16%, at 50,786.01 on Monday, June 8; the S&P 500 rose 21.94 points, or 0.30%, to 7,405.68 on Monday, June 8; and the Nasdaq Composite rose 220.23 points, or 0.86%, to 25,929.66 on Monday, June 8.

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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