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Weekly Summary (9/8/2022)

Spot gold rallied on Monday (8 August) as the US dollar index lost some of the gains it had made following the release of US non-farm payrolls data on Friday (5 August). Investors look to the upcoming US inflation data for July this week for new clues on the Fed's hawkish policy outlook. Former US Treasury Secretary Summers said he was concerned that a slowdown in headline inflation could prompt the Fed to conclude that policy has worked. Nobel laureate Krugman also warned that now is not the time for the Fed to change course.

Fed governor Jerome Bauman said on Saturday (6 August) that she supported the Fed's 75 basis point rate hike in July and that consideration should be given to maintaining the current pace of rate hikes at the upcoming September policy meeting to bring inflation back down.

Prices have continued their upward trend since last week, once flipped down to the 1760 range after being affected by the non-farm payrolls data and then reversed to the upside again, currently in the 1780 range, with strong upward momentum, and is expected to continue to maintain its upward trend this week, targeting the 1800 round number.

Technical analysis.

The market has continued to maintain an uptrend since the start of the week with a smooth upward process. After the non-farm payrolls data prices resumed upward momentum, entering the Bollinger band upper orbit range, rising momentum is more obvious and strong. The current continuous piercing of the upper orbital line is expected to rise further to stimulate a new round of upward movement, with a target price of 1800.

Important information for the week.

Wednesday: 20:30 US July CPI annual rate not quarterly adjusted (%)

Thursday: 20:30 U.S. July PPI annual rate (%)


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