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Market News [Market Evening] International Gold Price Up to $1785, Three Consecutive Daily Positive

[Market Evening] International Gold Price Up to $1785, Three Consecutive Daily Positive

In response to soaring inflation, the Federal Reserve raised interest rates for the second consecutive time by 75 basis points on Wednesday (July 27). Chairman Powell said that another "unusually large" rate hike at the September policy meeting may be appropriate, but the decision to do so will depend on the upcoming economic data, the Fed will not give forward guidance.

TOPONE Markets Analyst
2022-07-29
1065

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As of 17:00 (GMT+8), spot gold rose 0.414% to $1762.71/oz and spot silver rose 0.165% to $20.012/oz.


Comment: International gold prices daily three consecutive favorable, a new high since July 6 to $ 1767.80 / ounce; as there are more signs that the US economy may recession, the dollar index fell below the 106 mark, a new low since July 5 to 105.531. US gold futures prices in the open contracts rose against the background of the rebound, which opened the door for the continuation of the rally in the short term.


Suggestion: short spot gold 1763.00, target point 1760.00.


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As of 17:00 (GMT +8), the U.S. dollar index fell 0.236% to 105.80, EUR/USD rose 0.178% to 1.02140; GBP/USD fell 0.084% to 1.21605; AUD/USD rose 0.126% to 0.70017; USD/JPY fell 1.002% to 132.962.


Comment: Following the 1.6% economic contraction in the first quarter, the US economy fell twice in a row, in line with the usual definition of recession. However, the National Bureau of Economic Research NBER is the official arbiter of recessions and will probably make a ruling only in a few months.


Suggestion: short EUR/USD 1.02130, target 1.00960.


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As of 17:00 (GMT+8), WTI was up 1.003% at $97.489/barrel; Brent was up 1.411% at $103.492/barrel.


Comment: International oil prices rose nearly 2%. Boosted by supply concerns, the focus shifted to the next meeting of the Organization of the Petroleum Exporting Countries and its partners (OPEC+). Against the backdrop of a weak dollar and continued tight supply, there is little chance of a major drop in oil prices.


Suggestion: Short US crude at 97.400, target 93.690.


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1. El Salvador's finance minister: Bitcoin strategy is working; still plans to issue Bitcoin bonds. 


2. Web3 biometric startup Realtime completed $50 million in financing with participation from GEM Digital Limited. 


3. Three Arrows Capital liquidators may force the founders to provide more information. 


4. Arbitrum: Rinkeby test network migration to Nitro has been successfully completed. 


5. Web3 game company Ambrus Studio received several million dollars in financing, valued at $65 million. 


6. Miami to issue 5,000 Ether NFTs in partnership with Time, MasterCard, and Salesforce. 


7. The Economist Intelligence Unit: Swift may face the challenge of a new era of cross-border payments.


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Taiwan Weighted Index rose 0.053% to 14,979.2 points.


Nikkei 225 index down 0.291% at 27797.0 points.


Hong Kong's Hang Seng Index fell 2.763% to 20,095.0 points.


Australia's S&P/ASX200 index rose 0.172% to 6974.55 points.


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20:30 (GM+8): 


Canada May QoQ GDP (%)


Canada May QoQ GDP (%)


PCE Price Index (%)


US Core PCE Price Index (%)


22:00(GM+8): 


Final University of Michigan Consumer Confidence Index for July.


University of Michigan 5-10 Year Final Inflation Rate Estimate for July(%).


July Final University of Michigan Current Conditions Index.


Final University of Michigan Expected Index, July.

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