Weekly

January 11th

Today's amplitude range
The market paid close attention to the speech of Fed Chairman Powell last night, but he did not make any comments on the federal funds rate. The market was relieved that the dollar weakened slightly and the gold price corrected upward. It is only a matter of time before the gold price hits US $1900. The three-hour chart shows a small round bottom, and it is expected to hit the high of this year again today. Today, keep yesterday's suggested fluctuation of $1868 to $1888.

China is also reissuing tourist visas to its citizens, but many countries around the world fear that Chinese tourists will bring variant virus strains, and have strengthened their requirements for Chinese immigrants to produce a 48-hour nucleic acid negative report. China said earlier that it would take discriminatory entry restrictions against China to a few countries and take reciprocal measures. Yesterday, China announced that the mainland would suspend the issuance of all visas to Korean tourists, with immediate effect. The door of China was suddenly half closed, and the market worried that the speed of normalization was slowed down. The Hang Seng Index opened low and closed low. The Hang Seng Index finally closed at 21331, down 56 points or 0.27%.

The World Bank released its latest economic forecast. Due to the soaring energy costs and the monetary tightening policies being implemented by the central banks of all countries, the borrowing costs have increased, the operating profits of the enterprise industry have been reduced, and the unstable situation of the Russian-Uzbekistan war has reduced the global economic growth forecast for 2023 from 3.0% in June last year to 1.7%, which is the third lowest growth figure in nearly 30 years. The three major European stock markets recovered, with Germany's DAX index down 0.15%; The CAC index in Paris, France, fell 0.22%, and the FTSE 100 index in Britain fell 0.4%.

Following Daley's hawking in the market, the Fed said that the peak interest rate of the Fed's current interest rate increase cycle is believed to exceed 5%. The market is concerned about the Fed Chairman Powell's speech at the International Conference on the Independence of Central Banks last night to see whether his speech will further support Daley's view. However, Powell only stressed the independence of the Federal Reserve, but said nothing about the interest rate or the US economy. The US stock market was relieved. The Dow Jones Index rose 0.56% to close, the Standard&Poor's 500 Index also rose 0.69%, and the Nasdaq Composite Index rose 1.01%.

The market paid close attention to the speech of Federal Reserve Chairman Powell last night, fearing that he would confirm Daley's opinion on the peak interest rate of the federal funds rate. The gold market performed relatively flat yesterday, with a fluctuation of only $13. Powell did not mention the interest rate, the dollar slightly decreased, and the gold price rose to close. The price of gold rose from $1867.9 to $1880.8 and ended at $1877, up $5.3.

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