Takemuki Takaaki "Weekly Gold Price Outlook" July 19, 2022 issue

Mr. Takaharu Kabutaki, President and CEO of Investment Daily, and a renowned cycle analysis expert, writes a weekly report on gold price outlook.

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Last week's New York gold price (near month) closed down $38.70 at $1,703.60. For the week, it briefly fell below $1,700, hitting $1,695, the lowest since August last year. The big influence likely came from the Consumer Price Index (CPI) for June released on the 13th. Year-over-year inflation rose 9.1%, marking a more than 40-year high not seen since November 1981, which had a particularly large impact and affected the gold market as well. The price reaction that day briefly rose nearly $40 due to inflation fears, but later declined as the prospect of a 1.00% rate hike at the next FOMC meeting was disliked. While concerns about inflation remain, the market is increasingly recognizing that gold prices are not likely to rise solely on that factor anymore.

However, at that time there seemed to be resistance around $1,700; as this level has been tested a few times, the support could become fragile.

For more, please refer to the PDF file.

【Takahiro Kabutaki — Profile】

Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, partnered with renowned U.S. market analyst Raymond Meriman and published the domestic first market cycle and astrology report. Well-regarded for analysis that leverages cycles and astrology. President of Investment Daily, Inc.; President of Investment Daily Publishing Co., Ltd.; Director of Wakabayashi FX Associates; member of the Japanese Technical Analysts Association; Editor-in-Chief of Investment Daily α.

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