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Futures news on May 7: 1. The trading volume of WTI crude oil futures was 1,059,426 lots, an increase of 129,693 lots from the previous trading day. The open interest was 1,983,546 lots, an increase of 24,481 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 236,342 lots, an increase of 53,719 lots from the previous trading day. The open interest was 176,010 lots, a decrease of 86 lots from the previous trading day. 3. The trading volume of natural gas futures was 559,303 lots, an increase of 67,586 lots from the previous trading day. The open interest was 1,511,106 lots, an increase of 439 lots from the previous trading day.Futures May 7, Economies.com analysts latest views today: Brent crude oil futures prices closed higher in recent intraday trading, testing the short-term main bearish trend line, touching the resistance level of the 50-day exponential moving average (EMA50), and approaching the key resistance level of 62.60 after a strong bullish correction yesterday. At the same time, the beginning of negative signals on the relative strength index (RSI) increased the downward pressure on prices in future transactions.Futures May 7, Economies.com analysts latest views today: In recent intraday trading, WTI crude oil futures prices closed higher, testing the key resistance level of 59.65, which represents a turning point, while touching the resistance level of the 50-day exponential moving average (EMA50) and testing the bearish trend line in the short term. The negative signals that began to appear on the relative strength index (RSI) strengthened the signals in this area, which indicated that a negative divergence may have formed after reaching an area that was too overbought compared to the price trend.Futures May 7, Economies.com analysts latest views today: In recent intraday trading, spot gold fell sharply, falling below $3,400 per ounce again, accompanied by a solid selling wave and a negative signal in the relative strength index (RSI), which had previously reached an overbought level. The decline occurred after a sharp rise in the previous two days, indicating that a profit-taking process may be entered, which may continue until the end of this week. During this period, the main bullish trend is dominant and trades with the short-term minor trend line, which is supported by its continued trading above the 50-day exponential moving average (EMA50).On May 7, Wang Qing, chief macro analyst at Orient Securities, explained that the central banks package of monetary policy measures this time has begun to exert full force in three directions: quantitative policy, price policy and structural monetary policy. It is expected that the central bank will continue to implement interest rate cuts and reserve requirement ratio cuts in the second half of the year. It is estimated that the policy interest rate cut will reach 0.6 percentage points for the whole year, and the reserve requirement ratio cut will reach 1 percentage point for the whole year.

Gold Price Prediction: XAU/USD measures support around $1850 as DXY demonstrates weariness; US Inflation anticipated

Daniel Rogers

Jun 10, 2022 14:31

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After a slight retracement from $1,850.37, the gold price (XAU/USD) is seeking a firmer base at $1,845.00. After falling to around $1,840.00, the precious metal exhibited a receptive purchasing response. A responsive buying move often occurs when market participants perceive the item to be a value wager.

 

On a global scale, the precious metal is trading sluggishly; nevertheless, the announcement of US inflation data will spark explosive movement in the counter. Investors are concerned that the US Consumer Price Index (CPI) is not showing any impact despite the Federal Reserve's quantitative tightening initiatives (Fed).

 

The annual US CPI is expected to remain unchanged at 8.3 percent, according to market opinion. In the past three months, the Fed has increased interest rates by 0.75 percent and implemented a rapid balance sheet reduction program. One may argue that the pricing pressures are so intense that significant quantitative tightening measures are required for a substantial price decline to occur.

 

The US dollar index (DXY) has exhibited symptoms of fatigue after failing to exceed Thursday's high of 103.37. A higher-than-anticipated inflation rate will bolster the DXY bulls and set them up for a more rapid ascent.

Technical Analysis of Gold

On a four-hour time period, gold prices are exhibiting a protracted consolidation. The precious gold is fluctuating between $1,828.55 and $1,871.16 per ounce. At $1,849.70, the Exponential Moving Average (EMA) of 21 periods intersects with gold prices. In addition, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that the asset is seeking a catalyst for a dramatic rise.

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