May 27thOmenblack3The price of gold could reach $5000 to $7000 an ounce, marking the beginning of a long bull market. Adam Adam Rozencwajg, managing partner of Goehring & Rozencwajg, said the forecast depended on unprecedented accumulation by central banks and significant shifts in the global monetary system. Rozencwajg thinksOmenblack3We are only in the early stages of this rally. "I think we are in the early stages of a very long and strong gold bull market," he said. In the end, I think prices may really get out of control. How high can they finally reach? $5000, $6000 or even $7000 is not impossible. " Rozencwajg believes that if current trends continue, this could happen in the next decade. This bullish sentiment is supported by the central bank's unprecedented buying behavior. Central banks bought well over 1000 tons of gold. This is the fastest accumulation we have seen since we left the gold standard in 1971.
In addition, Masai Takako, a former member of the policy committee of the Bank of Japan, believes that if economic conditions remain roughly unchanged, the Bank of Japan is likely to raise its benchmark interest rate to zero by the end of the year.Omenblack3.5%. Masai said in an interview on Monday: "it really depends on the real economy, but if economic expectations remain at the current level, I think it is OK to raise interest rates one or two more times, and eventually raise interest rates to zero."Omenblack3About 5%. " Masai said inflation expectations for businesses and households had changed because of rising prices over the past two years. "the BoJ wants to make sure everything is all right, but at the same time they have to deal with the side effect of a weaker yen." on the plus side, companies have good performance and have the ability to invest in the future. " She said the Bank of Japan needs to strengthen communication on the yen issue and be vigilant about its possible impact on consumption. Masai served on the board of the Bank of Japan for five years until June 2021. Japanese inflation cooled for the second month in a row in April, with consumer prices excluding fresh food rising 2.2 per cent, according to data released on Friday. The index exceeded the BoJ's price target of 2 per cent for the 25th month in a row.
There is not much data to pay attention to today, only the German IFO business climate index in May is worthy of attention.
Gold / US dollar
Gold fluctuated upwards on Friday, closing slightly higher on the daily line, and is now trading around 2343. In addition to the short covering of gold constitutes a certain support, the dollar index in profit-taking and other factors depressed to close down also formed a certain support for gold. In addition, central banks continue to accumulate gold and continue to support it. Today, we will focus on the pressure situation near 2360, with the lower support around 2330.
AUD / USD
The Australian dollar fluctuated upwards on Friday, closed slightly higher on the daily line, and is now trading around 0.6630. In addition to the short covering and the technical buying formed near the 0.6600 mark, the decline in the US dollar index also provided some support to the Australian dollar. In addition, the rise in commodity crude oil prices has also provided some support to the commodity currency, the Australian dollar. Today, we will focus on the pressure situation near 0.6700, with the lower support around 0.6550.
Us dollar / Canadian dollar
The US dollar / Canadian dollar fluctuated downwards last Friday, losing the 1.3700 mark and is now trading around 1.3660. In addition to profit-taking to a certain extent, the weakening of the technical selling pressure formed by the US dollar index near the 105.00 mark also constitutes a certain pressure on the exchange rate. In addition, the higher price of crude oil has also exerted some pressure on the exchange rate. Today, we will focus on the pressure situation near 1.3750, with the lower support around 1.3550.