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April 23rd, Futures News: Economies.com analysts latest view: Spot gold fell in recent intraday trading, testing the $4700 support level, which was our target level set in our previous analysis. This support provided some positive momentum for gold prices, causing a rebound and partially recovering previous losses. This movement reflects that gold prices are attempting to stabilize after recent selling pressure. Despite the rebound, a cautious approach is still necessary, as gold prices remain below the 50-day EMA, which acts as dynamic resistance and limits the possibility of a full-scale recovery. Furthermore, the short-term corrective uptrend line has been broken. Meanwhile, the Relative Strength Index (RSI) continues to release negative signals after entering overbought territory, which may support the possibility of further pullbacks in gold prices in the near future.April 23rd, Futures News: Economies.com analysts latest view: WTI crude oil futures prices have fluctuated significantly in recent intraday trading, having previously touched the resistance level of $95.00, which was also the previously set price target. Due to the strong performance of this resistance level, prices have pulled back to accumulate the momentum needed to challenge it again. Meanwhile, the Relative Strength Index (RSI) shows prices digesting overbought conditions and has formed a negative crossover, explaining the recent brief decline. Nevertheless, prices remain supported by trading above the 50-day EMA, and the previous breakout of the corrective downtrend line also has a positive impact. These factors enhance the possibility of a resumption of the upward trend and an attempt to break through the resistance level.April 23 (Futures News) – Economies.com analysts latest view: Brent crude futures extended their recent gains during intraday trading, rebounding from the key resistance level of $100.00, which was previously considered an important price target. This move reflects the markets attempt to alleviate the clearly overbought conditions indicated by the Relative Strength Index (RSI), especially against the backdrop of initial bearish signals. Despite signs of cooling in the short term, prices remain supported by short-term bullish structures, including a descending wedge pattern and continued trading above the 50-day EMA. This further strengthens the overall positive bias and supports the potential for Brent crude futures to continue rising in the near term.Indias preliminary manufacturing PMI for April was 55.9, below the expected 54.1 and the previous reading of 53.9.On April 23, local time, the Japanese House of Representatives passed a bill to establish a "National Intelligence Agency" in a plenary session. The bill will now be submitted to the House of Councillors for a vote. Since Prime Minister Sanae Takaichi took office last October, the Japanese government has repeatedly stated its intention to establish a new intelligence agency, the "National Intelligence Agency," citing insufficient cooperation among existing agencies in intelligence integration. In March of this year, the Japanese government passed a resolution and submitted a related bill to the Diet, proposing to establish a new intelligence mechanism with the "National Intelligence Council" at its core and the "National Intelligence Agency" as its specific operational body.

Before the US PMI is released, the gold price is expected to rise beyond $1,740 per ounce

Daniel Rogers

Aug 23, 2022 14:48

 截屏2022-08-22 下午5.31.01_1024x576.png

 

On the back of conflicting forecasts for US Purchasing Managers Index (PMI) data, the gold price (XAU/USD) is trying to break above $1,740.00. A new monthly low of $1,727.85 was recorded for the precious metal on Monday, but it has since rallied strongly. Given the lack of impetus in the upward trend, the gold price is likely to stay volatile. However, a pullback may be less profitable.

 

The consensus for the S&P Global Manufacturing PMI is 51.5, which is down from the prior reading of 52.2. When compared to its previous reading of 47.3, the Services PMI has room to grow.

 

The yellow metal has been supported by the disappointing early estimates of US Durable Goods Orders. From a previous release of 2%, the market expects the economic figures to sharply decrease to 0.5%. It's important to note that the most recent reading showed no change in underlying pricing pressures, which stood at 5.9%. So, we expect to see little change, if any, in the Durable Goods Orders numbers. Unfortunately, a precipitous drop in economic statistics portends a precipitous drop in demand.

 

The other thing that will be in the spotlight is Federal Reserve (Fed) chair Jerome Powell's remarks from the Jackson Hole Economic Symposium. US economic conditions and Fed Powell's direction on inflationary pressures and interest rates will be determined by him.

 

Gold prices on an hourly scale are looking to continue their recovery after breaking above the $1,729.44 61.8% Fibonacci retracement (set from the low of $1,680.91 on July 21 to the high of $1,807.93 on August 10). Gold has been testing the resistance of the 20-period Exponential Moving Average (EMA) around $1,738.00; a sustained move above this level would signal a change in trend toward the bullish side.

 

Furthermore, the Relative Strength Index (14), which had been negative in the 20.00-40.00 range, has moved into the bullish 40.00-60.00 zone, indicating that gold prices are currently not bearish.

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