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On August 7, the New York Federal Reserves latest monthly survey showed that consumers confidence in the Federal Reserves long-term inflation management has declined. The data showed that consumers expectations for inflation over the next five years were 2.9%, up from 2.6% in the June survey. Short-term inflation expectations remained largely unchanged, with expectations for the next year rising to 3.1% from 3% in June, and expectations for the next three years remaining stable at 3%. In other aspects, consumer confidence remained good in July. Fewer consumers (37%) believed that the unemployment rate would be higher in a year, the lowest proportion since January. Consumers believe that if necessary, they are 51% likely to find a new job in the next three months, up from 49.6% in June. Consumers said they expect government debt to grow by 9.1% over the next 12 months, up from 7.3% a month ago.Bank of England Governor Bailey: I will not prejudge the Bank of Englands decision on the pace of quantitative tightening in October. The steepening of the yield curve is a global phenomenon.New York Fed: The three-year expected inflation rate remained unchanged at 3.0% in July; the five-year expected inflation rate was 2.9% in July, higher than 2.6% in June.New York Fed: Home price increase expectations remained unchanged at 3% in July, and consumers believe it will be easier to obtain credit in the future.The New York Fed’s one-year inflation forecast for the United States in July was 3.09%, compared with 3.02% in the previous month.

Weekly Gold Price Prediction: Gold Markets Fall

Alina Haynes

Jul 11, 2022 11:38

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Over the course of the week, gold markets have taken a beating, breaking through the $1800 level, the uptrend line, and eventually the $1750 level. Despite the fact that the market is expected to continue to trend downward strongly, we may have a brief rebound because we are now oversold. It would be fascinating to observe whether or not there is a comeback rally after the attempts to stabilize on Thursday and Friday.

 

On the other side, it would indicate that we are headed significantly lower if we were to break down below the week's candlestick low. Having said that, I won't be persuaded about a significant shift until we break over the top of this candlestick. The US currency has a significant impact on this market as well, and it should be noted that the US dollar has been very strong. Consequently, it is clear that the situation with regard to the gold market has changed.

 

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If we were to reverse course and take out this candlestick, one would have to speculate that perhaps we are about to move to the $1880 level. However, I believe that given enough time, we will view this as a situation where we absolutely continue to go to the downside. A move to the $2000 level is possible if that level is broken, but I wouldn't hold my breath for it to happen. At this moment, the market is more likely than not going to experience further high volatility. Keep the size of your position acceptable.

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