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On June 10th, the wheat market saw relatively stable prices, with some companies raising their purchase prices. With a large influx of new wheat onto the market, supply continues to increase, narrowing the price gap between new and old wheat. Flour processing companies in producing areas are purchasing new and old wheat at the same price. However, end-user demand remains weak, and flour mills are operating at low rates, primarily purchasing to replenish their inventories for immediate needs. On the policy front, grain depots are gradually resuming purchases, and prices, after falling, have stabilized and rebounded slightly. Increased reserve purchases have effectively alleviated downward price pressure from the concentrated arrival of new wheat. In the short term, new wheat prices remain stable due to the support of reserve purchases, but lack upward momentum in the near term.Japans Topix index fell by more than 1%.Futures News, June 10th - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending June 6th, Japans commercial crude oil inventories were 9,536,700 kiloliters, a decrease of 480,004 kiloliters from the previous weeks 10,016,700 kiloliters. Refinery operational capacity (BPSD) utilization was 80.20%, compared to 79.10% the previous week. Refinery design capacity (BPCD) utilization was 65.90%, compared to 63.10% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.On June 10, the State Taxation Administration released relevant information showing that tax authorities have continuously strengthened publicity, guidance, and policy support for residents overseas income, resulting in a significant increase in taxpayers compliance with regulations. From January to May, approximately 13 billion yuan in back taxes were collected.The bid-to-cover ratio for Japans 30-year government bond auction was 2.94, down from 3.49 the previous time, marking the lowest level since June 2025.

Forecast for the price of gold: XAU/USD advances toward $1,800 on a decline in consensus for US inflation

Daniel Rogers

Aug 09, 2022 15:19

 截屏2022-07-29 上午11.06.12.png

 

The price of gold (XAU/USD) has slowed down since reaching a peak over $1,790.00 during the Asian session. After a sharp rally, the precious metal is stabilizing in a higher market profile but the upward energy has not yet been exhausted. On the back of reduced projections for the US Consumer Price Index, the shiny metal is moving closer to the psychological resistance level of $1,800.00. (CPI).

 

According to market expectations, the US Consumer Price Index (CPI) will drop from its previous release of 9.1 percent to 8.7 percent. The consensus has decreased by 40 basis points, which is supported by the recent decline in oil prices. On account of growing recessionary fears and diminishing supply concerns, black gold lost its luster. This may encourage the Federal Reserve (Fed) to set interest rates a little lower this time.

 

Investors should be aware that a temporary decrease in price pressures does not signify that the Federal Reserve's (Fed) difficult work is finished. For the inflation rate to assert that the price pressures have subsided, a string of downward changes must be visible.

 

After receiving bids in the lower part of the Rising Channel that was established on a four-hour scale, gold prices have significantly recovered. The upper part of the aforementioned chart pattern is drawn from the high of July 22 at $1,739.37, and the lower part is drawn from the low of July 27 at $1,711.55.

 

The 20-period Exponential Moving Average (EMA) at $1,775.50 has been held by the bulls in gold. Although there has been a correction, the 50-EMA at $1,767.11 has held steady, showing that the short-term trend is incredibly optimistic.

 

Additionally, the Relative Strength Index (RSI) (14) has made an attempt to break above 60.00; if this is successful, it will support gold bulls even more.


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