Kabuki Takaaki 『Weekly Gold Market Outlook』 July 11, 2022 issue

Kabutegi Takao, the president and representative director of Investment Daily News Co., Ltd., and a master of cycle analysis, writes a weekly report on the outlook for the gold market.

------------------------------------------------------------------

First, I would like to extend my heartfelt condolences on the passing of former Prime Minister Shinzo Abe. It is unimaginable that such a tragic incident could occur in Japan, and it raises questions about future protective measures. May he rest in peace.

Now, the June U.S. employment statistics showed non-farm payrolls rising by 372,000, well above market expectations of about 270,000. The unemployment rate held at 3.6%, indicating a solid labor market, which reaffirmed the market’s view of the justification for a substantial rate hike by the Fed.

Last week’s gold price continued to fall, closing down $59.20 at $1,742.3 (near-term). The week's low reached $1,726.0, which is below the year-to-date low of $1,778.8 recorded in January. As I mentioned last week, although we are currently in a triple-bottom scenario, a break below could bring into view the $1,670s, extending from last year’s triple bottom (March–August) at around $1,700.

Please see the continuation in the PDF file.

[Takao Kabutogi] Profile

Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, partnered with the globally renowned U.S. market analyst Raymond Merriman to publish the domestic first market cycle and astrology report. He is well-regarded for market analyses utilizing cycles and astrology. Representative Director of Investment Daily News Co., Ltd.; Representative Director of Investment Daily News Publishing Co., Ltd.; Director of Wakabayashi FX Associates; Member of the Japanese Technical Analysts Association; Editor-in-chief of Investment Daily α.

* Please make final investment decisions at your own risk.

* Unauthorized copying or distribution of this report constitutes a breach of contract. If such breach is discovered, legal action may be taken. Even during your subscription period, distribution may be halted. We appreciate your understanding and cooperation.

* This report does not guarantee the accuracy of future outlooks or profitability. Traders and readers are to trade at their own risk. Neither the author nor the publisher of this report bears responsibility for the decisions of any market participants. Regardless of the instrument, spot, futures, or options trading is considered high risk.