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On May 25th, Japanese media reported that the oil tanker "Idemitsu Maru," operated by a Japanese company, arrived at a port in Aichi Prefecture, central Japan. This is the first Japanese oil tanker to leave the Strait of Hormuz and return to its home port since the outbreak of hostilities with Iran. According to Kyodo News, citing sources, the "Idemitsu Maru" carried 2 million barrels of crude oil, equivalent to approximately 80% of Japans daily crude oil consumption. All crew members, including three Japanese nationals, are in good health. The crude oil will next be transported via undersea pipeline to a refinery in Aichi Prefecture.As geopolitical tensions between the US and Iran ease, international oil prices continue to decline. A quick overview of the pre-market conversion prices of crude oil between domestic and international markets is provided in this chart.Spot gold and silver are trending upwards; a chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.On May 25, President Xi Jinping held talks with Serbian President Aleksandar Vučić at the Great Hall of the People in Beijing. Xi Jinping emphasized that the ironclad friendship between China and Serbia is unique, with a profound historical logic and a solid foundation in reality. Both sides should continue to firmly support each other. China supports Serbia in adhering to a development path suited to its own national conditions and is willing to strengthen exchanges of experience in governance with Serbia. Chinas 15th Five-Year Plan comprehensively outlines high-quality development goals; both sides should strengthen the alignment of development strategies, implement the medium-term action plan for jointly building the Belt and Road Initiative, and continuously promote cooperation in areas such as transportation and energy infrastructure. Facing the new wave of technological revolution and industrial transformation, both sides should increase cooperation in emerging fields such as artificial intelligence, the digital economy, green energy, and advanced manufacturing to explore new growth points.On May 25, Iranian media reported that an Iranian delegation led by Parliament Speaker Mohammad Ghalibaf arrived in Doha, the capital of Qatar. The delegation will hold consultations with senior Qatari officials on issues related to ending the conflict.

Gold Prices Depreciate When Treasury Yields Increase

Larissa Barlow

Apr 22, 2022 10:04

On Thursday, gold prices fell as the currency gained strength. Treasury rates have continued to rise in the aftermath of a strong jobless claims data. The yield differential widened in favor of the Euro and the Yen, exerting downward pressure on the dollar. For April, the Philadelphia Fed reported a weaker-than-expected reading of 17.6, compared to forecasts of around the trailing year-to-date average of 21.

 

Initial Jobless Claims were 184,000 for the week ending April 16, down 2,000 from the previous week but well ahead of expectations of 182,000. Continuing claims, which are released one week after the headline figure, decreased by 58,000 to 1.417 million, the lowest level since February 21, 1970. 

Technical Evaluation

On Thursday, gold prices fell. Prices were unable to break through resistance near the 1,958-day moving average. At 1,933, support is located near the 50-day moving average.

 

Momentum has shifted negative in the short term as the Fast Stochastic generated a crossover sell signal. Both the RSI and the Fast Stochastic are in the neutral zone, indicating that the gold price has been consolidating.

 

The MACD has generated a crossover sell signal, indicating that the medium-term momentum has become negative. As the MACD line crosses below the MACD signal line, this occurs. The MACD (moving average convergence divergence) histogram exhibits a downward trend, indicating decreasing prices and accelerating downward momentum.

 

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