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Eurozone August industrial output monthly rate will be released in ten minutes.On October 15th, data showed the London silver market was in rare turmoil. A powerful "short squeeze" has pushed the benchmark price to over $50 per ounce. Anant Jatia, chief investment officer at Greenland Investment Management, stated, "Theres no liquidity in the market right now. What were seeing in the silver market is completely unprecedented." The London Bullion Market Association (LBMA) acknowledged "tightness in the silver market" and stated it is closely monitoring the market. Daily silver auction prices in London are currently breaking records. The spot premium relative to New York futures has widened to as much as $3, while the annualized rate of overnight borrowing costs has climbed to over 100%. In 1980, regulators quelled the Hunt brothers short squeeze by restricting new positions on US exchanges. Today, such a mechanism no longer exists. Precious metals analyst Vincent Lanci stated that relief from the current pressure must rely on increased physical supply: either from ETF liquidations (i.e., sales of physical gold) or from overseas shipments. Some traders have already begun transferring silver via air freight.Apple Inc (AAPL.O) is lobbying the Indian government to amend its income tax laws to ensure the company is not taxed on supplies of high-end iPhone devices to its contract manufacturers, a problem seen as a hurdle to its future expansion, sources said.The onshore RMB closed at 7.1238 against the US dollar at 16:30 on October 15, up 173 points from the previous trading day.Yuichiro Tamaki, leader of the National Democratic Party of Japan: If trust can be established, we can cooperate with the Liberal Democratic Party.

Gold Price Prediction: XAU/USD stays range-bound over $1,800 despite a rebound in risk-on sentiment

Alina Haynes

Dec 29, 2022 11:42

 截屏2022-06-10 下午4.40.17_1024x576.png

 

In the Asian session, the gold price (XAU/USD) is fluctuating modestly above the psychological resistance of $1,800.00. Despite an early-trade pullback in the US Dollar Index (DXY), the precious metal is demonstrating a dismal performance. After reaching a four-day high of 104.56 on Wednesday, the US Dollar Index has plummeted to a level below 104.30.

 

In the meantime, S&P500 futures are providing optimism for a rebound following a two-day decline. In addition, risk-perceived currencies are regaining traction as investors shrug off concerns regarding an increase in Covid-19 cases in China. Following the rise of the US Dollar Index, rates on 10-year US Treasuries have decreased to about 3.86 percent.

 

During the holiday week, the economic calendar had nothing concrete to give; nonetheless, Wednesday's release of U.S. Pending Home Sales data revealed the effects of rising interest rates by the Federal Reserve (Fed). As a result of the Fed's decision to raise the interest rate to 4.5 percent, economic data for the month of November fell by 4 percent to the lowest level in 20 years.

 

On a two-hour period, the gold price is auctioning in a neutral channel, indicating a reduction in volatility due to the absence of significant economic events. After approaching the 100-period Exponential Moving Average (EMA) around $1,802.20, the precious metal has regained power. In addition, the 200-day exponential moving average (EMA) at $1,793.35 is trending higher, indicating that the upside bias remains strong.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that the Gold price is awaiting a new catalyst for a dramatic rise.


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