Ikanagi Takaki "Weekly Gold Market Outlook" February 6, 2023 issue
Makoto Kabutogi, the CEO of Investment Daily News Co., Ltd., and a master of cycle analysis, writes weekly the Gold Market Outlook report.
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The market has been oscillating on expectations of U.S. monetary policy. At last week's FOMC, a 0.25% rate hike was decided, and the view that the tightening cycle would end ahead of schedule grew stronger. However, in the subsequent jobs report on the 5th, nonfarm payrolls rose by 517,000, well above market expectations of 185,000, indicating labor market resilience and fueling thoughts that rate hikes will continue for longer, prompting reactions across markets.
The Fed is viewed as likely to raise rates at least twice more, lifting the policy rate to between 5.0% and 5.25% no later than June.
U.S. yields: the 10-year Treasury rose 0.13 percentage points to 3.53% from the previous day. From a chart-formation perspective, there is an image of a near-term double bottom having formed. A move above 3.6% appears to be testing around 3.9%.
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【Takao Kabutogi — Profile】
Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, formed a partnership with the world-renowned U.S. market analyst Raymond Meriman (Raimondo Meriman is a possible transliteration issue), issuing domestically the first market cycle and astrology reports. He is known for cycle and astrology-based market analysis. CEO, Investment Daily News Co., Ltd.; President, Investment Daily News Publishing Co., Ltd.; Director, Wakabaya FX Associates, Inc.; Member, Japanese Technical Analysts Association; Editor-in-Chief, Investment Daily Alpha.
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