Takaki Kamiyuki "Weekly Gold Market Outlook" September 12, 2022 issue
Takao Kabuki, the representative director and president of Investment Daily Co., Ltd., and a master of cycle analysis, writes a weekly report on the outlook for precious metals.
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Last week, New York gold finished up for the first time in four weeks, closing at 1,718.8 dollars, up 5.8 dollars. However, interest rates remain on an upward trend, and there is no momentum yet to reverse the decline in gold. The U.S. 10-year Treasury yield approached the high level of June at around 3.34% last week, continuing to rise for six weeks. Regarding rates, as noted last week, “In reality, the U.S. 10-year Treasury yield has strengthened its uptrend since August 2, and although last weekend showed a supply-induced dip in rates, it has not yet changed the trend. The chart pattern is somewhat like a double top, but there is still room to test higher levels. However, in the forecast in this column, we expect the pace of rate hikes to slow in the latter half of the year.”
Last week, Federal Reserve officials continued to argue that substantial rate hikes are necessary to combat inflation. Chairman Powell stated that “the Fed is strongly committed to keeping inflation in check,” and Fed Governor Waller indicated that, while the economy can absorb shocks, proactive rate hikes are needed, showing support for a substantial increase at this month’s FOMC.
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【Takao Kabuki — Profile】
Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, partnered with Raymond Merriman, a world-renowned U.S. market analyst, issuing the domestic first market cycle and astrology report. Renowned for cycle and astrology-based market analysis. Representative Director of Investment Daily Co., Ltd., President of Investment Daily Publishing Co., Ltd., Director of Wakabayashi FX Associates, Member of the Japan Technical Analysts Association, Editor-in-Chief of Investment Daily α.
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