Takaki Kobiki? Hmm, the name in Japanese: "鏑木 高明" transliterates as Takachi? Wait correct:鏑木 is Kaburagi or Kabutogi? Actually common reading: 鏑木 is Kaburagi or Kabutogi; 高明read as Takaki? "鏑木高明" likely "Tachimaki Takaki"? This is uncertain. Context: Japa
The representative director and president of Kabushiki Kaisha Investment Daily, and a master of cycle analysis,
this is the weekly report on the outlook for the gold market written by Takaki Kabuki.
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Last week's big event, Chairman Powell's speech at Jackson Hole seemed to be hawkish in the market's view. First, the Dow Jones Industrial Average in the U.S. stock market almost reached a new high for the eighth time in eight months. The Nasdaq had already hit a record high of 21,803.75 on August 13, but last weekend it did not surpass that, at 21,545.43. Similarly, the S&P could not surpass its record high of 6,481.34 set on the 15th, at 6,478.89. Whether the stock market that could not set a new high can do so this week is the point.
In the USD/JPY exchange rate, the dollar was sold during the speech, dropping from the pre-speech high of 148.71 to 146.54 after the speech, a drop of more than two yen (1.45%). Spot gold rose from the immediate low of 3,321.29 to 3,378.63 about three hours later, a gain of over $57 (1.43%).
From the speech content, the market has fully priced in a September rate cut, but even before that, particularly after the employment report on August 1, a September rate cut had already been a baseline expectation. However, as some somewhat hawkish views increased in the meantime, the probability of a rate cut diminished, and in USD/JPY terms, after August 4 the decline halted, with a range around 147.50 for the whole of last week, moving one yen.
The continuation can be viewed in the PDF.
【Takaki Kabuki – Profile】
Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, allied with the world-renowned U.S. market analyst Ray Dalio? Note: The original name seems to be "Raymond Merriman" (雷蒙德・メリマン). This is a transliteration; the common English name is Raymond Merriman. He partnered with the internationally renowned U.S. market analyst Raymond Merriman to publish domestic first market cycles and astrology reports. He is well-regarded for market analysis utilizing cycles and astrology. President of Investment Daily, Inc. and Investment Daily Publishing Co., Ltd., member of the Japan Technical Analysts Association, editor-in-chief of ‘Investment Daily α’.
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