Kadomei Takaki? Wait, proper reading: "鏑木 高明 『週刊 金相場展望』 2022年8月22日号" Translation: Takaki Kamiki? Actually, the name is "Takaki Kabiki"? The Japanese name appears as "鏑木 高明" which is read as "Kabuki Takaaki" or "Kabuki Takaaki" depending on reading. A c
This is the Gold Market Outlook report written weekly by Takaki Kabumoki, the President and CEO of Investment Daily Co., Ltd., and a master of cycle analysis.
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Last week's NY gold price (near term) closed at $1,753, down $52.20 from the previous week, erasing nearly half of the gains of the past four weeks.
Last week I stated the following: “From a short-term Bollinger Band perspective, it is easy to understand that a contracting phase is underway, suggesting that the market may continue to consolidate a little longer. At this stage, however, the consolidation is likely to break upward, making another higher price advantageous. The next target is near the June rebound high of around $1,880.” Unfortunately, that forecast missed. I will reexamine it.
In the chart of 10-year U.S. Treasuries, I said last week: “It has fallen into a familiar chart pattern, but once it moves into a complex phase, breakout above 3% tends to see near-term resistance, and there are many cases where it settles between 2.6% and 3.0% for a while. In that period, gold is unlikely to react strongly to the rate.” At the end of last week, rates rose above the consolidation of the past two weeks and neared 3%. There is still room to rise. On the other hand, the dollar index rose noticeably last week. This can be seen as the trigger for gold’s decline. Regarding this, I noted: “However, the dollar index also fell last week, updating its lows since July 14 (near-term peak). Right now, 105 is providing support and is helping a rebound from being oversold. The Stochastics indicator is showing a bullish divergence, and the next %D reversal upward could signal a dollar rise. The next target is around 107.50.”
From the dollar's perspective, the gold movement proved correct (strong dollar / weak gold).
For more, please refer to the PDF file.
【Takaki Kabutoki — Profile】
Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, formed a partnership with the world-renowned U.S. market analyst Raymond Meriman and published the domestic first market cycle and astrology report. He is well known for cycle and astrology-based market analysis. President & CEO of Investment Daily Co., Ltd., President of Investment Daily Publishing Co., Ltd., Director of Wakabayashi FX Associates Co., Ltd., member of the Japan Technical Analysts Association, and Editor-in-Chief of Investment Daily Alpha.
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