Gold and Crude Oil Forecast

(Anton Kolhanov)

Will gold fall to the 1727 level?

This/next week forecast (August 8 – 5, 2022)

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 1812, which will be followed by moving up to resistance level 1879.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 1812, which will be followed by reaching support level 1787 and then to 1755, 1727.

Monthly Forecast, August 2022

Uptrend scenario

The uptrend may be expected to continue in case the market rises above resistance level 1786, which will be followed by reaching resistance level 1876.

Downtrend scenario

An downtrend will start from resistance 1786, which will be followed by moving down to support level 1676 and if it keeps on moving down below that level, we may expect the market to reach support level 1557.

Could crude oil move to the 101.88 level?

This/next week forecast (August 8 – 5, 2022)

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 92.93, which will be followed by moving up to resistance level 101.88.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 92.93, which will be followed by reaching support level 85.41 and if it keeps on moving down below that level, we may expect the market to reach support level 76.98.

Previous week forecast

Monthly forecast, August 2022

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 101.53, which will be followed by moving up to resistance level 114.05.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 92.93, which will be followed by moving down to support level 85.41 and 76.98.

US treasury bans use of Tornado Cash raising doubts on the crypto market

(XTB Analysis Team)

The news that the US Treasury Department has banned all Americans from using decentralized crypto-mixing service Tornado Cash or any of the Ethereum wallet addresses tied to the protocol after North Korean hackers allegedly used it to launder stolen crypto funds has once again raised doubts on the stability of the whole sector. This news highlights the fragility of the cryptocurrency market and the ability of regulators to crack down on service providers based on a variety of reasons, particularly national security. While general market conditions appear to be slightly improving, despite contrasting economic data, this news casts a shadow over the cryptocurrency market and may discourage further investments from people fearing their coin may be the next one to be targeted.

Sales figures show signs of improvement boosted by summer heatwave

Sales improved in July as the heatwave boosted sales of hot weather essentials such as summer clothing, picnic treats, and electric fans. While consumer confidence remains weak, and despite the cost of living crisis and on-going reports of low consumer confidence actual sales still managed to hold up. However, things could change drastically after the summer with the economic situation expected to get even tougher as consumers return from summer breaks to holiday credit card bills, another energy price hike and rising interest rates. This in turn could lead to a noticeable drop in demand which could have cascading effects on the economy and further add to ongoing recession fears.

Read Trading today’s US CPI print

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