Yamadome Takaaki 『Weekly Gold Market Outlook』 November 28, 2022 issue

Takao Kabutoki, President and CEO of Investment Daily News Co., Ltd., and a master of cycle analysis, writes a weekly report on precious metal market outlook.

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Last week's New York gold price settled at $1,754, down $0.40 from the previous week. Although the weekly closing price was almost unchanged from the prior week, the weekly low of $1,719 ended with a notably long lower wick.

The big event was the FOMC minutes released on the 23rd, which showed that a 'considerable number' of policymakers agreed that the pace of rate hikes would slow down 'soon becomes appropriate.' The dollar fell sharply. In the dollar-yen pair, the yen strengthened by more than 4 yen over three days (about 3%), and it fell nearly 10% against the euro. Despite the dollar weakening, gold did not rise and instead fell by about $20, then gradually recovered after the 24th.

As a result, the contents of the FOMC minutes were broadly in line with expectations for November 1–2 when the FOMC met, supporting a slower pace of rate hikes and signaling that the run-up in expectations was exhausted.

For more, please refer to the PDF file.

【Takao Kabutoki — Profile】

Graduated from Kansai Gakuin University, Faculty of Economics. In 1995, partnered with the world-renowned U.S. market analyst Raymond Merriman to publish the domestic first market cycle and astrology reports. Renowned for market analysis utilizing cycles and astrology. President and CEO of Investment Daily News Co., Ltd.; President and CEO of Investment Daily News Publishing Co., Ltd.; Director of Wakabayashi FX Associates Co., Ltd.; Member of the Japanese Technical Analysts Association; Editor-in-Chief of Investment Daily Alpha.

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