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On May 2, Swissquote analyst Ipek Ozkardeskaya said in a report: "Last months non-farm payrolls report unexpectedly rose, but given the recent series of weak data, we are more likely to see a weak report this time. As long as wage growth remains reasonable, this will stimulate expectations of a Fed rate cut."The U.S. non-farm payrolls and unemployment rate for April, as well as the monthly and annual average hourly earnings rates will be announced in ten minutes.On May 2, Hungarian Prime Minister Orban said in Budapest on May 2 local time that the Russian-Ukrainian conflict has caused Hungary to lose about 20 billion euros in the past three years. Now, Ukraine asks the EU to support it to maintain the size of its 1 million troops, and this part of the funds should have stayed in the EU to develop the economy. Ukraines joining the EU will lead to the bankruptcy of Hungarys economy. Orban said that the EU proposed to jointly borrow to fund Ukraine because they have realized that they can no longer rely on existing resources to support Ukraine. Now it is necessary to prevent Europe from falling into a debt vortex.Gold futures rose in relatively light trading as the dollar and U.S. Treasury yields slipped. But they fell overall this week after a sharp sell-off on Thursday. Analysts at SP Angel said in a report that ETF outflows indicate that traders and investors have taken profits after gold prices rose 21% so far this year. SP Angel said that the cooling of trade tensions is reducing the appeal of gold, while Trump announced that he does not intend to fire Powell. The focus now turns to U.S. employment data due on Friday. If the data is weaker than expected, it will boost optimism about the Federal Reserves interest rate cuts, which is a positive for non-interest-bearing gold.Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said on May 2 that the rise in core inflation in the eurozone in April should not cause concern for ECB policymakers because the rise in the service sector is temporary. Core inflation rose from 2.4% to 2.7%, and service sector inflation rose from 3.5% to 3.9%, partly due to the timing of Easter. But lower oil prices and a stronger euro will pull down energy inflation, leading to lower costs for production inputs and imports. At the same time, the hit to demand will push down core inflation and accelerate the slowdown in wage growth. This anti-inflation trend means that the ECB is likely to cut interest rates at its June meeting and then keep them unchanged.

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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