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On May 7th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting on May 6th. The meeting emphasized the need to adhere to a problem-oriented approach, accurately grasp the direction and focus of basic research in central enterprises, and strengthen basic research systematically and systematically based on national needs. It stressed guiding central enterprises to focus on applied basic research, leveraging their industrial and demand-driven advantages to promote the integration of the entire "science-technology-engineering-industry" chain. The meeting also emphasized strengthening overall planning, using the origin of original technologies as a starting point, and continuously exerting efforts in solving fundamental scientific problems, deploying strategic frontier technologies, and strengthening the supply of common technologies. Furthermore, the meeting stressed the importance of effectively cultivating high-level talent, increasing R&D investment, and building high-level platforms for basic research in central enterprises to drive the overall improvement of their basic research capabilities. The meeting called for pooling resources from all parties to promote stronger basic research in central enterprises with greater力度 and more concrete measures, strengthening collaboration with relevant departments, promoting the implementation of policies for investors, further deepening the reform of state-owned assets and enterprises, encouraging enterprises to be bold in innovation, and further stimulating the intrinsic motivation of researchers to engage in basic research, so as to make due contributions to achieving high-level scientific and technological self-reliance and building a strong science and technology nation.The yield on Japans two-year government bonds fell 1.0 basis point to 1.370%.May 7th Futures News: Economies.com analysts latest view: Brent crude oil futures have continued to decline in recent intraday trading. While the market had previously escaped oversold conditions, the Relative Strength Index (RSI) has begun to show a negative crossover signal. This opens up room for further declines in the short term, especially given that prices have remained below the 50-day moving average (EMA50) and previously broke below the short-term uptrend line; downward pressure remains.May 7th Futures News: Economies.com analysts latest view: WTI crude oil futures prices edged lower in the latest intraday trading session. The oversold condition of the Relative Strength Index (RSI) has eased, but the market still has room for further declines in the short term. Selling pressure remains dominant after prices broke below an important short-term uptrend line. Crude oil prices continue to trade below the 50-day moving average, which now acts as dynamic resistance, limiting any potential rebound. Unless oil prices regain their footing above key technical levels and resume upward momentum, these factors will reinforce the current bearish outlook.Futures News, May 7th: Economies.com analysts latest view: Spot gold continued its upward trend in the latest intraday trading, currently challenging the resistance level of $4700, which was our target price set in previous analysis. Gold prices have been trading above the 50-day moving average, supporting this upward momentum and reflecting strong upward momentum. Furthermore, gold prices previously broke through a minor descending channel that had been limiting its movement, a technical signal that reinforces the continuation of the recent rally. Despite the optimistic outlook, some potential pressure is emerging as the Relative Strength Index (RSI) has begun to show negative signals after reaching severely overbought levels, which could limit the ability of prices to continue rising at the same pace.

After a corrective move, the gold price should find support around $1,650, and talk of the US gross domestic product (GDP) is making the market excited

Alina Haynes

Sep 29, 2022 11:56

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After a massive upswing, the gold price (XAU/USD) is correcting in a healthy way during the Tokyo trading session. As the downward bias is not supported by momentum, the precious metal should attract strong buying interest near the $1,650.00 support level. Thus, after the correction ends, the precious metal will continue climbing.

 

Gold prices have dropped slightly since the US dollar index has shown signs of weakness (DXY). The DXY fell after it was unable to maintain a price above the key resistance level of 144.50. To sum up, the DXY appears to be nearing its peak, which coincides with the Federal Reserve's target of 4.6% for the overnight rate of interest (Fed).

 

After analyzing the Fed's current interest rate hike velocity, it is important to remember that the Fed's peak interest rate is not far from the present interest rate of 3.-3.325%. Until the Fed detects a prolonged softening in price pressures, the terminal rate is likely to remain at 4.6% for a while longer.

 

The US Gross Domestic Product (GDP) figures will be closely monitored by investors on Thursday. According to the early forecasts, the annualized GDP in the United States will continue its downward trend by 0.6% in the third quarter.

 

Gold is falling on an hourly chart, and it is getting close to the horizontal support at $1,649.83, which was set from Monday's high. Since the price of gold is falling steadily, it is likely to take advantage of the horizontal support described above. A reversal of polarity will be indicated, and the shiny metal will start to act more impulsively.

 

Short-term buyers have been able to keep gold prices above the 50-period Exponential Moving Average (EMA) at $1,641.58. Although gold has fallen below the 200-day exponential moving average (EMA) at $1,655.00, it is likely to regain that level in the near future.

 

In the meantime, the Relative Strength Index (RSI) (14) is trending upwards within a bullish range of 60.00-80.00, suggesting further gains. The momentum oscillator may also find support near 60.00.


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