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1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 1.24% to 49,910.59 points, the S&P 500 rose 1.46% to 7,365.12 points, and the Nasdaq Composite rose 2.02% to 25,838.94 points. The S&P 500 and Nasdaq continued to hit new highs. Disney rose over 7%, and Nvidia rose over 5%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 2.39%, with Google and Tesla rising over 2%. The Nasdaq China Golden Dragon Index rose 3.45%, with Baidu Group rising over 11% and Kingsoft Cloud rising over 8%. 2. All three major European stock indexes closed higher. The German DAX rose 2.12% to 24,918.69 points, the French CAC40 rose 2.94% to 8,299.42 points, and the UK FTSE 100 rose 2.15% to 10,438.66 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 7.02 basis points to 3.863%, the 3-year Treasury yield fell 7.66 basis points to 3.889%, the 5-year Treasury yield fell 8.06 basis points to 3.995%, the 10-year Treasury yield fell 7.62 basis points to 4.346%, and the 30-year Treasury yield fell 5.07 basis points to 4.935%. 4. Most London base metals rose, with LME tin up 9.27% to $54,330.0/ton, LME copper up 1.96% to $13,391.5/ton, LME zinc up 1.16% to $3,409.5/ton, LME lead up 0.03% to $1,973.0/ton, LME aluminum down 1.45% to $3,537.5/ton, and LME nickel down 2.25% to $19,200.0/ton. 5. The WTI crude oil futures contract closed down 5.93% at $96.21/barrel; the Brent crude oil futures contract fell 7.2% to $101.96/barrel. 6. International precious metals futures generally closed higher, with COMEX gold futures up 2.95% to $4,703.10/ounce and COMEX silver futures up 5.77% to $77.83/ounce.Market news: South Koreas Minister of Industry stated that investment plans related to the United States will be announced after June.On May 7, Iranian Parliament Speaker Mohammad Qassem Ghalibaf stated in a televised address to the nation on May 6 that the "enemy" is attempting to exert economic pressure through a naval blockade and manipulate public opinion, aiming to undermine national unity and force Iran to surrender. He urged all levels of Iranian officials and the public to work together to counter this. Ghalibaf added that Iran does not underestimate the possibility of military attacks, especially terrorist attacks, but that the "enemy" plans to weaken Iran from within.May 7 - According to a source familiar with the matter, the Trump administration is exploring the use of oil resources beneath U.S. military bases and other Department of Defense facilities to replenish the nations dwindling emergency reserves. The source stated that no decision has yet been made regarding this potential move. This action comes as the U.S. government pledges to explore innovative ways to replenish the strategic petroleum reserve, which has been further depleted during the war with Iran.May 7th - The US has been consistently signaling its intention to end the conflict with Iran. On May 6th, US President Trump repeatedly expressed optimism about reaching an agreement with Iran, stating that a possible agreement would include Iran shipping its highly enriched uranium to the US. In response, Iran stated that US media outlets have been publishing speculative reports and fake news in recent hours to cover up the failure of the US "Freedom Project," "attempting to distort the facts." Iranian Foreign Ministry spokesman Bagaei emphasized that Iran has not yet responded to Pakistan, the mediator, regarding the USs 14-point proposal.

Forecast for Gold Price: XAU/USD falls sideways below $1,630 as DXY loses momentum and yields approach 4.24 percent

Daniel Rogers

Oct 21, 2022 15:05

 截屏2022-07-29 上午11.06.12.png

 

In the Tokyo session, the gold price (XAU/USD) is oscillating within a small range of $1,625.00-1,628.55. Gold awaits price action from the US dollar index (DXY). The DXY is battling to maintain its position above the immediate resistance level of 113.00. As S&P500 futures have retreated from about 3,645.00, the asset was unable to maintain above the 113.00 barrier.

 

Well, returns on U.S. government bonds are soaring like there is no tomorrow and do not perceive any barrier. Since the subprime crisis, 10-year US Treasury rates have increased to 4.24 percent for the first time. Federal Reserve (Fed) policymakers' hawkish remarks have a positive impact on rates.

 

Thursday, Fed Governor Lisa Cook erroneously stated that inflationary pressures are too high and that additional rate hikes are necessary to combat them. She said that additional rate hikes are forthcoming and that the restrictive approach will be maintained.

 

According to the CME FedWatch tool, the probability of a fourth consecutive 75 basis point (bps) rate increase remains over 93%.

 

After testing the $1,642.58–$1,670 range's highest auction area on an hourly scale, the gold price has experienced a precipitous drop. The precious gold is falling toward its two-year low of $1,614.85, which will occur on September 8, 2022. The decline of the 20-period and 50-period Exponential Moving Averages (EMAs) at $1,629.86 and $1,634.46 strengthens the negative filters.

 

In the meantime, the Relative Strength Index (RSI) (14) is bouncing between 40.00 and 60.00, and a change into the negative 20.00 to 40.00 area will spark downward momentum.


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