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On March 30, Atsushi Mimura, Japans top foreign exchange official, issued his strongest warning to speculators to date, stating that if current market conditions persist, authorities may need to take decisive intervention measures in the foreign exchange market. "We are increasingly aware that speculative activity is not only heating up in the crude oil futures market, but is also rapidly spreading in the foreign exchange market," Mimura said at a press conference on Monday. He emphasized, "If this trend continues, we believe that swift and decisive action may be imminent." Mimuras remarks came after the yen fell below the 160-dollar mark last week—the critical level at which the Japanese government plans to implement foreign exchange intervention in 2024. He added, "We are fully prepared to respond, with a broad and comprehensive monitoring scope," implying that the Japanese government is not only closely monitoring foreign exchange market movements but also simultaneously paying attention to related markets such as crude oil futures.A chart summarizing the overnight price movements of international spot platinum and palladium.US President Trump: (Regarding Russian oil tankers heading to Cuba) Theres no problem with that, whether theyre Russian or from another country.US President Trump: (Regarding the Russian oil tanker bound for Cuba) We dont mind if someone loads a cargo onto it.Bank of Japan Governor Kazuo Ueda: If short-term interest rates are not adjusted appropriately, leading to excessive inflation, there is also a risk of excessive adjustment in long-term interest rates.

Gold Price Prediction: The XAU/USD pair stabilizes around $1,850 as the DXY flounders ahead of steady US inflation

Alina Haynes

Jun 08, 2022 14:56

 截屏2022-06-07 下午5.14.47.png

 

During the Asian session, the gold price (XAU/USD) is exhibiting choppy movement. The precious gold is fluctuating within a $2 range following a retreat from Tuesday's $1,855.64 high. This week's US inflation numbers will have a big influence on the Federal Reserve's (Fed) attitude to be taken the following week, hence causing considerable volatility in the foreign exchange market.

 

Fed chair Jerome Powell may implement an aggressive interest rate strategy in light of the optimistic US Nonfarm Payrolls report and annual inflation rate above 8 percent. Undoubtedly, rising pricing pressures are eroding household incomes in the United States, a situation that requires the Fed's sole attention. Fed Powell's declaration of a 50 basis point (bps) consecutive rate rise would be the ideal approach to continue the battle against inflation.

 

In the meantime, the US dollar index (DXY) is encountering obstacles at its important resistance level of 102.48. Tuesday's rise in positive market mood diminished the DXY's attractiveness and supported risk-perceived currencies. To go higher, the DXY must surpass Tuesday's high of 102.84.

Technical Analysis of Gold

XAU/USD is exhibiting an ascending triangle pattern on a four-hour time frame. The ascending trendline is drawn from the low of May 16 at $1,786.94, while the horizontal resistance is drawn from the high of May 24 at $1,866.89. At $1,850, the 21-period Exponential Moving Average (EMA) intersects with gold prices, indicating an impending consolidation. In the meanwhile, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that forthcoming trading sessions will be volatile.

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