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Japanese Finance Minister Satsuki Katayama: No comment on foreign exchange levels.Japanese Finance Minister Satsuki Katayama: He held talks with US Treasury Secretary Bessenter after the G7 summit.Japanese Finance Minister Satsuki Katayama: There has been no change to the existing agreement between Japan and the United States to take decisive measures. He reiterated coordination with U.S. Treasury Secretary Bessenter in the market.Japanese Finance Minister Satsuki Katayama: He held an online meeting with U.S. Treasury Secretary Bessenter on Monday to discuss the impact of global financial markets and the conflict with Iran.On June 23, Morgan Stanleys Chief Investment Officer and Chief U.S. Equity Strategist, Mike Wilson, stated that despite the weakening stock market and flattening yield curve, last weeks FOMC meeting under Federal Reserve Chairman Warsh was a good and necessary first step in rebuilding the Feds credibility. Wilson noted that since Warshs nomination in February, the S&P 500s ratio to gold has risen by nearly 40%, which he believes is a strong vote of confidence from the market in the new chairmans ability to restore policy discipline. The Morgan Stanley strategist pointed out that liquidity, rather than interest rate hikes, is the main risk facing the stock market in the near term. He mentioned that the size of reserve management programs has decreased by about 75% from their peak, and the scale of Treasury repurchase agreements has also shrunk by 50%. Wilson warned that accelerated loan growth has exacerbated the liquidity crunch as the real economy absorbs more capital while balance sheet support decreases. He expects the U.S. stock market to be volatile in July and may experience a correction, with the next round of the earnings-driven bull market delayed until liquidity drag is lifted. Wilson also expressed support for Warshs approach of reducing excessive forward guidance, arguing that the market should react to newly released data rather than trying to predict the Feds statements.

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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