Kizuki Takaaki 『Weekly Gold Market Outlook』 August 8, 2022 issue

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

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The U.S. employment statistics released last week showed nonfarm payrolls up 528,000, far surpassing market expectations of 250,000, and the unemployment rate fell to 3.5%. The average hourly wage increased 5.2% year over year.

In response, the market reassessed concerns about a U.S. recession and strengthened expectations that the Fed will continue to raise rates aggressively. At the same time, a 0.75% rate hike in September became a baseline expectation.

Last week the New York gold price closed up by $17.60 at $1,780, with the week high briefly touching the $1,800 range (near month $1,801). However, after the employment data release, concerns about rising interest rates weighed on prices, causing a drop of more than $30 from the highs at one point.

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【Takao Kabuki — Profile】

Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, partnered with the world-renowned U.S. market analyst Raymond Meriwether, and issued the domestic first market cycle and astrology report. He is well-regarded for cycle and astrology-based market analysis. Representative Director of Investment Daily Journal Co., Ltd., Representative Director of Investment Daily Journal Publishing Co., Ltd., Director of Wakabayashi FX Associates Co., Ltd., Member of the Japan Technical Analysts Association, Editor-in-Chief of Investment Daily Journal Alpha.

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