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The chart shows that at 22:00 Beijing time on July 20, there will be large foreign exchange options contracts for the Euro, Swiss Franc, Australian Dollar, New Zealand Dollar, and Japanese Yen expiring, including 7 contracts with strike prices exceeding 1 billion. Please manage your risks.Futong Technology (00465.HK) surged more than 70% in the afternoon.According to Irans Mehr News Agency, the Bushehr region of Iran has been attacked.On July 20th, Rainer Guntermann, interest rate strategist at Commerzbank, stated in a report that rising oil prices have made another European Central Bank (ECB) rate hike in September a possibility, and the market has fully priced in this expectation. ECB President Christine Lagarde is likely to take a hawkish stance on inflation risks. However, given the increasing headwinds to economic growth, the current situation remains highly uncertain, and Lagarde is unlikely to commit to a September rate hike ahead of schedule.On July 20th, UK-based startup CuspAI launched the "AI Materials Foundry" alliance, bringing together over 48 tech giants, industrial companies, and research institutions, including Nvidia, Meta, and Hyundai Motor. The alliance aims to integrate computing and research resources to develop software that helps researchers develop new materials for chipmakers and other industries faster and at a lower cost than existing methods. To achieve this goal, CuspAI has raised $450 million in Series B funding from investors including Bezos Fund. CuspAI co-founder and CEO Chad Edwards stated that the majority of the funds will support R&D labs built with partners in Cambridge, Singapore, and the San Francisco Bay Area. He noted that 80% of the companys research investment this year will be focused on materials discovery. He added that one of the companys goals is to reduce or completely eliminate the use of rare metals with supply chain risks, such as ruthenium and iridium, in chip manufacturing.

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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