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Hong Kong-listed Kingsoft Software (03888.HK) plunged sharply in the afternoon and is now down more than 9%.Futures July 2, Economies.com analysts latest view today: In intraday trading, gold prices have fallen, which is a natural corrective trend. EMA50 remains an important technical support level for price movements in the short term. This decline is an attempt to get rid of the obvious overbought conditions on the (Relative Strength Index) RSI, especially with the emergence of negative signals, which may help prices accumulate new bullish momentum and support prices to resume their upward trend. It should be noted that the price has previously broken out of the bearish correction channel. As long as the price remains above the above support level and does not fall below the nearest support level, this will maintain the validity of the bullish view, otherwise it may weaken the expected bullish scenario.Futures July 2, Economies.com analysts latest view today: WTI crude oil futures continue to fluctuate in a narrow sideways range between the 65.56 resistance level and the 63.70 support level, indicating that the market is in a state of confusion and wait-and-see, waiting for new momentum to push prices out of this range. In the short term, bearish correction waves dominate, and as negative pressure from trading below EMA50 continues, if prices fail to break through the upper resistance level, the possibility of a decline is strengthened.On July 2, CICC published a Hong Kong stock strategy report, stating that the macro environment of Hong Kong stock industry rotation is: "Fund abundance + asset shortage = index volatility + extreme structure". The reason why the market presents this index volatility, but the characteristics of active structural market are determined by the three macro environments of insufficient overall economic returns, structural bright spots, and abundant funds. For the market, the Hang Seng Index has been fluctuating in the range of 23,000 to 24,000 points given by the bank in the past month. The corresponding risk premium and the optimistic sentiment are already equivalent to the high point in early October last year, so further optimism also requires more catalysts. CICC suggests that investors can moderately reduce their positions in the short term, or switch to AI Internet, which is expected to have a stable dividend and has cooled significantly compared with the beginning of the year, and wait for subsequent opportunities. If there is a large fluctuation, it can intervene more actively and buy back high-quality assets at a lower cost, but the premise is to keep the "bullet".Futures July 2, Economies.com analysts latest view today: Brent crude oil futures prices fluctuated, affected by the stability of the key support level of $66.50. If the subsequent price continues to remain stable, it will provide bullish momentum. However, in the short term, the bearish correction wave dominates the market, but because it is trading below EMA50, coupled with the negative overlap signal on the RSI, the negative pressure continues.

Gold Price Prediction: XAU / USD Bulls encounter resistance, while bears eye trendline support

Alina Haynes

Mar 13, 2023 11:24

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Gold price was approximately 0.5% higher at the start of the week following a 2% increase in the first hour of Tokyo trade on Friday, and as US authorities announced plans to limit the repercussions from the failure of Silicon Valley Bank (SVB). Gold is currently trading at $1,878 and ranges from $1,867.03 to $1,894.68 at the time of writing.

 

In a joint statement, the US Treasury and Federal Reserve announced a number of measures to stabilize the banking system and announced that depositors at SVB would have access to their funds on Monday. The Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have full access to their funds beginning Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg stated in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

Investors hypothesized that the Federal Reserve would be reluctant to upset the boat by increasing interest rates by a massive 50 basis points this month, resulting in a weaker US Dollar. Fed fund futures surged in early trading, implying only a 17% chance of a half-point hike, down from 70% before the SVB announcement last week. The apex for rates was 5.14%, down from 5.69% last Wednesday, and markets were even pricing in rate cuts by the end of the year. In a move that has benefited the price of gold, yields on two-year Treasuries fell to 4.445%, well below last week's peak of 5.08%.

 

In the meantime, speculators will focus on the US Consumer Price Index data that will be released on Tuesday. Even though the financial system is under stress, there is the possibility of a more aggressive Federal Reserve if the data comes in strong. ´´Core prices likely gained momentum in February with the index increasing a robust 0.5% MoM, as we look for the recent substantial relief from goods deflation to start normalizing,´´ analysts at TD Securities explained. "Shelter inflation is likely to remain the most significant wild card, while a decline in petroleum and food prices will likely reduce non-core CPI inflation. Our m/m forecasts imply total/core price growth of 6.1%/5.5% YoY.

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