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On May 2, German Reconstruction Bank economist Schoenwald said in a report that the European Central Bank should be free to cut interest rates again after data showed that the euro zone inflation rate remained at 2.2% in April. She said that the stronger euro made imported goods cheaper, coupled with the suppression of the economy by trade conflicts, should be enough to stabilize consumer inflation around the 2% target in the medium term. This leaves room for the ECB to cut interest rates again in June. However, price pressures in the euro zone service industry remained high, pushing up the core inflation rate.According to Japans Kyodo News: The United States is not considering exempting Japan from its 10% reciprocal tariff.On May 2, analysts at Monex Europe said in a report that the progress made by the right-wing party Reform UK in the UK local elections may be one of the reasons for the current decline of the pound against the euro. "While the local election results will not have a huge impact on the market in our view, it still made headlines in the UK, and the reform seemed to have had a very good night at the expense of both the Labour Party and the Conservative Party." However, they said that the US non-farm payroll report will eventually have a greater impact on the trend of the pound.ExxonMobil (XOM.N): Continues to focus on cutting business costs.Israeli military: It has been confirmed that a missile was fired from Yemen towards Israeli territory and the air defense system was activated to intercept the threat.

Gold Price Prediction - Gold Prices Fell Sharply as Yields Increased

Alina Haynes

May 10, 2022 11:13

Despite soaring inflation and falling economic growth, gold prices declined. The dollar strengthened against other major currencies. As a result of the Fed's rate tightening, benchmark yields continue to rise, as the ten-year Treasury yield rose to 3.185 percent.

 

In accordance with forecasts, wholesale inventories in the United States increased by 2.3% in March compared to the previous month. Year-over-year, wholesale inventories climbed by 22%. The calculation of the gross domestic product includes inventories.

 

Wednesday's inflation figures will likely indicate the magnitude of the Fed's next action.

Analytical Techniques

Gold prices experienced negative pressure and are on course to break below the 200-day moving average of $1,836. Near the 200-day moving average at 1,836 is viewed as support. Near the 10-day moving average of 1,882 is observed resistance.

 

Short-term momentum is negative as the Fast Stochastic generated a sell crossing signal. With a value of 13.5 below the oversold threshold of 20, the fast stochastic indicates that prices are oversold.

 

As the MACD produces a crossover sell signal, medium-term momentum has gone negative. This occurs when the 12-day moving average minus the 26-day moving average passes beneath the 9-day moving average of the MACD line. The MACD (moving average convergence divergence) histogram shows a negative trajectory, indicating falling prices.

 

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