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September 15: Building materials trading volume reached 117,600 tons, a 1.03% increase from the previous trading day. September 12: Building materials trading volume reached 116,400 tons, a 26.66% increase from the previous trading day. September 11: Building materials trading volume reached 91,900 tons, a 1.18% decrease from the previous trading day. September 10: Building materials trading volume reached 93,000 tons, a 8.28% decrease from the previous trading day. September 9: Building materials trading volume reached 101,400 tons, a 10.03% decrease from the previous trading day. Last weeks average: Building materials trading volume was 10,308 tons.Barclays (BCS.N) will undergo a major renovation of its New York headquarters and redesign its trading floor.On September 15th, European Central Bank (ECB) Executive Board member Schnabel stated that the ECB should maintain current interest rates given the upward risks to prices. Schnabel noted that small deviations from the 2% inflation target should be tolerated and that the ECB is currently in a favorable position. She stated, "Monetary policy should remain stable. Upward inflation risks dominate, with tariffs, services inflation, food inflation, and fiscal policy all likely contributing factors." Sources familiar with the matter stated that unless the eurozone experiences another major shock, borrowing costs are expected to remain at current levels for some time.On September 15th, Trump posted on Truth Social that companies should no longer be forced to report quarterly, subject to approval by the U.S. Securities and Exchange Commission (SEC). Instead, they should report every six months. This would save money and allow managers to focus on running the company properly.U.S. Treasury yields were steady or slightly lower in midday European trading on September 15th, as investors were reluctant to take new positions ahead of a Federal Reserve rate cut. "Investors are waiting to see whether inflation dynamics and Fed guidance will further shift expectations," Exness analyst Van Ha Trinh said in a report. The financial market strategist noted that any surprises in the pace or scale of policy easing could lead to sharp reactions in yields.

Forecast for the price of gold: XAUUSD anticipates a recovery from $1,740 ahead of Fed policy

Daniel Rogers

Jul 26, 2022 12:01

 截屏2022-07-26 上午11.43.32.png

 

Due to oscillators turning severely oversold on a smaller period, the price of gold (XAUUSD) is expected to rise following a sharp decline to close to $1,714.76. The precious metal had a significant drop on Monday after failing to surpass the peak from the previous week, which was about $1,740.00. Given that investors are staying away ahead of the Federal Reserve's interest rate policy, the sideways trend in gold prices is expected to persist (Fed).

 

Given that Fed chairman Jerome Powell is committed to achieving price stability, investors should be prepared for a rate increase of 75 basis points (bps). Since price pressures have increased to 9.1 percent annually and have not shown any signs of abating, market players earlier banked on a rate increase of 1 percent. However, the US economy's slowing is not causing the Fed to declare a significant rate rise.

 

Initial Jobless Claims have risen to a seven-month high of 251k as a result of the expensive US dollar index's (DXY) negative impact on US exports and, naturally, on corporate profits. After the digital behemoth Google stopped hiring, Meta, Spotify, and other major players in the industry are adopting layoff plans for employees. This might cause future US Nonfarm Payrolls (NFP) data to be uncertain. Moreover, it will support the gold bulls.

 

The 200-period Exponential Moving Average (EMA) for gold on an hourly basis is now at $1,720.43 after first rising above it. This suggests a corrective move rather than a reversal and will be followed by an impulsive bullish wave.

 

It is important to note that after eight weeks, the Relative Strength Index (RSI) (14) first showed an establishment in the bullish region of 60.00-80.00. This suggests that the short-to-long-term trend is optimistic and that market players will view a slight drop as a buying opportunity. Additionally, around about 40.00, the RSI (14) is finding support.


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