In this article, we have covered the highlights of global market news about the AUD Forecast, Gold Price, Silver Price and Crude Oil Price.

AUD: US Dollar Volatility Dominates the AUD

Another eventful week for the AUD ended worth more than at the beginning of the week.

The release of domestic inflation estimates, followed by a rate rise from the Federal Reserve and GDP data from the United States, gave plenty of ammo for market turbulence. On Tuesday, the RBA will deliberate on whether or not to change the current interest rate.

The Australian consumer price index came in lower than expected, which dampened expectations of a significant interest rate increase from the Reserve Bank of Australia (RBA) this week.

As a result, the AUD/USD exchange rate moved lower going into the meeting of the Federal Reserve, and the move of 75 basis points from them met market estimates. The rhetoric that Fed Chair Jerome Powell used in the aftermath led to an adjustment lower of future raises for the Fed, and his language was responsible for this adjustment.

This caused the US Dollar to fall while the Australian Dollar rose, leading to more USD weakness and AUD strength due to the US GDP statistics that shocked the negative.

As a result of these three occurrences, the yields on the Australian Commonwealth Government bonds (ACGB) with terms of three and ten years fell. If yields keep going in the wrong direction, this might be detrimental to the AUD.

Gold Price Technical Perspectives

Gold (XAU/USD) has shown some impressive strength lately as it approaches the support established by several lows set in 2021. The region between 1687 and 76 seems to be a decent floor for the time being, but the bounce might be tested throughout the following week.

Given that most rallies have been unsuccessful since they peaked at the beginning of the year, a test would be something that would be beneficial to have. If we see a little decline that is just temporary, this may be an indication that the market is beginning to behave differently once it has reached significant long-term support.

A trend-line is developing from the recent lows, which is very close to converging with a swing-high at 1739. It would be very positive if the XAU price could hold here for another move upward. If we see that level be broken and the price drop too much lower, we will need to contemplate the possibility that, at the very least, a retest of long-term support is on the way, or perhaps worse.

Forecast for Silver – XAG Could Put Rally to the Test

After the Fed’s announcement, the silver price (XAG/USD) broke out of a minor wedge formation. The price increased, breaking above a trend line drawn in April, and is now getting closer to a significant swing low in May. If we see a broader rally emerge, it would be beneficial to have the bounce tested and hold, much as we saw with gold.

In contrast to gold, there is a degree of ambiguity around the support levels that should be monitored in silver. The time taken by resistance is 20.43.

Crude Oil Price Technical Prediction: WTI Rebounds into August

WTI crude oil prices increased by more than 12 percent from their lows in July. This ends a three-week losing trend for crude oil prices. This recovery of technical support is the primary priority, and the battle lines have been formed in preparation for the August opening.

Before the market opens in August, the emphasis will still be on confirming a possible exhaustion bottom off one of these levels in the coming weeks. This is necessary if the longer-term advance in oil prices is to continue being profitable. If a more significant turn occurs, trade losses should be capped at the low close (less than 95), and a close higher than 111 is required to signal a continuation of the trend before it can be considered valid.

Please click here for the Market News Updates from July 29, 2022.