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Market News [Market Morning] Gold Suddenly Fell Below the 1700 Mark After Being Hit by a Big Order! Biden Will Announce Climate Decree, Oil Groups Warn!

[Market Morning] Gold Suddenly Fell Below the 1700 Mark After Being Hit by a Big Order! Biden Will Announce Climate Decree, Oil Groups Warn!

The U.S. dollar was trading around 107.05, and gold prices fell nearly 1% on Wednesday, back below the 1700 integer mark. Although Fed officials have played down the view of raising interest rates by 100 basis points, the rebound in gold prices failed as traders took profits; oil prices fell on Wednesday , affected by fears that the economy may slow down, resulting in reduced energy demand. Days focus on the Bank of Japan and the European Central Bank interest rate decisions.

TOPONE Markets Analyst
2022-07-21
633

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On Wednesday, spot gold suffered a big deal after the opening of US stocks, fell below the important mark of 1700, the lowest point was close to 1690, and finally closed down 0.84% at $1696.74 per ounce; spot silver fell after hitting the $19 mark, and finally closed down 0.22% to $18.69 an ounce.


Comment: Gold prices fell on Wednesday, and the dollar strengthened, overshadowing support from expectations that the Federal Reserve may not raise interest rates by 100 basis points next week. Gold prices are stuck in a tight range, but there are a lot of volumes. Fed officials have played down the notion of a 100 basis point rate hike, but gold still hasn't managed to bounce back as traders still sell before prices fall further.


Suggestion: Spot gold is short at 1692.70; the target point is 1685.00.


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After several days of consolidation, the US dollar index regained the 107 mark and finally closed up 0.3% at 107.04; the 10-year US bond yield once fell below 3% and finally closed at 3.03%.


Comment: The dollar rose 0.5% against a basket of currencies on Wednesday to trade at 107.15, not far from a 20-year high of 109.29 hits last week. The dollar rose against the euro in choppy trade on Wednesday, but gains were capped as traders were reluctant to push for big moves ahead of a key European Central Bank policy decision on Thursday.


Suggestion: short position of EUR/USD 1.01820, target point 1.01110


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In terms of crude oil, the two oils fluctuated within a narrow range. WTI crude oil finally closed down 0.55% at US$102.38 per barrel; Brent crude oil closed up 0.63% at US$107.63 per barrel.


Comment: Oil prices slipped on Wednesday after US government data showed lower demand for gasoline during peak summer driving and as central banks raised interest rates to fight inflation, fueling fears of a possible economic slowdown and reducing energy demand.


Suggestion: go short at 102.580 of US crude oil, target at 100.310


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The three major U.S. stock indexes closed higher collectively. The Dow initially closed up 51 points, the Nasdaq closed up 1.58%, and the S&P 500 closed up 0.59%. US stocks ushered in the earnings season, and large technology stocks generally strengthened, with Tesla closing up nearly 1%.


Comment: US stocks closed higher on Wednesday, with the tech-heavy Nasdaq rising 1.6% on positive earnings signals, but people remained cautious about inflation and further rate hikes by the Federal Reserve.


Suggestion: Long position of Nasdaq index 12400.600, target point 12530.800.


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Biden to Announce Executive Action Order on Climate Change, Oil Group Warns It Will Affect Its Development


US President Joe Biden has said climate change is a clear and present threat to the United States and that he will announce more executive action orders to address the emergency as Congress fails to act. More than a dozen oil and gas groups have warned that so-called climate policies, such as banning exports or limiting domestic production, will set us back and will drive up costs and global emissions.


Putin signals to restart European gas deliveries, but with conditions


Russian President Vladimir Putin has hinted that a key pipeline of gas will be restarted, but he has warned that unless a dispute over sanctioned parts is resolved, supplies will be severely limited. Putin sent the clearest signal yet that Moscow plans to restart at least some of the gas transmission. The German Cascade gas pipeline operator said Gazprom has re-determined gas flows, which will be 30% on July 21, and that there may be further changes to Nord Stream 1.


US EIA Strategic Petroleum Reserve inventories last week at the lowest since the week of July 12, 1985


The EIA report showed that US Strategic Petroleum Reserve (SPR) inventories fell by 4.998 million barrels to 480.1 million barrels last week, a drop of 1.03%, the lowest since the week of July 12, 1985. In addition, EIA crude oil inventories fell by 445,000 barrels last week, while US crude product supplies rose last week to the highest since March, the largest weekly increase since December last year.

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