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JPMorgan Chase raised its price target for Estée Lauder from $94 to $112.The main fuel oil contract continued its decline, turning from gains to losses during the day, and is currently down 0.95%, last quoted at 4177 yuan/ton, after rising more than 4% earlier.On August 20th, following SK Hynixs US IPO and the subsequent plunge in AI-related stocks, the financing costs for global investors to leverage their investments in SK Hynixs Korean shares have halved in recent weeks. According to sources, several banks, including Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, are offering clients exposure to SK Hynix through swap transactions at a premium of approximately 150 to 300 basis points above the Secured Overnight Financing Rate (SOFR). In mid-June, some banks were offering clients seeking to establish or renew SK Hynix swap contracts at rates exceeding SOFR by 1000 basis points. Since May 1st, SOFR has fluctuated between 3.50% and 3.69%. Previously, banks quoted extremely high financing rates to allocate limited quotas among clients to meet the demand for new SK Hynix swap transactions, and in some cases, even rejected client requests outright. At that time, the AI boom had driven SK Hynixs Korean shares to rise 11-fold in the 12 months ending June 22nd. As market sentiment becomes extremely bullish, banks are concerned that their portfolios are overly concentrated in these stocks, potentially driving up their financing costs in the repurchase market. Sources say that some banks that previously rejected client requests are now actively seeking new business.The European-Mediterranean Seismological Centre reports a 4.2-magnitude earthquake in Chiapas, Mexico.The Indonesian rupiah rose to 17,790 against the US dollar.

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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