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On December 3, the European Central Bank (ECB) requested Italy to reconsider its proposal to declare the countrys gold reserves as the property of the Italian people, a move that could ultimately lead to the government selling some of its gold reserves. In a statement, the ECB said, "It is recommended that the Italian authorities reconsider the terms of the draft, while keeping in mind the maintenance of the independence of the Bank of Italy in fulfilling its fundamental responsibilities under the ECB System as stipulated in the treaty." According to data from the Bank of Italy, Italy holds approximately 2,452 tons of gold, ranking third globally after the United States and Germany. With the continued rise in gold prices, some members of the center-right party to which Italian Prime Minister Meloni belonged proposed an amendment in the upcoming budget to confirm that the gold reserves are managed and held by the Bank of Italy, but with the added statement that they "belong to the Italian people." The ECB noted, "The specific purpose of the draft terms is not yet clear."The MBA 30-year fixed mortgage rate in the United States was 6.32% for the week ending November 28, compared with 6.4% previously.The MBA Mortgage Purchase Index for the week ending November 28 was 186.1, compared to 181.6 previously.The MBA mortgage application activity index in the United States for the week ending November 28 was 313, compared with 317.6 in the previous week.The MBA Mortgage Refinancing Activity Index for the week ending November 28 was 1041.9, compared to 1090.4 in the previous week.

Prediction for ADA Price: US Inflation and the NASDAQ Will Deliver $0.325

Daniel Rogers

Dec 09, 2022 15:19

截屏2022-12-09 下午3.02.31.png 

 

IOHK network updates and US economic statistics may test buyer interest on Friday, following Thursday's high day for ADA.

 

On Thursday, ADA jumped 1.61 percent. ADA closed at $0.315 on Thursday, partially reversing Wednesday's 2.52% loss. Notably, the price of ADA dropped below $0.310 for the second time in eight sessions and ended a three-session losing trend.

 

ADA dropped to a morning low of $0.307 after a bearish start to the day. ADA reached a late-day high of $0.316 after avoiding the First Major Support Level (S1) at $0.0305. Nevertheless, unable to surpass the First Major Resistance Level (R1) at $0.318, ADA ended the day at $0.315.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads as low as 0 pips and a commission rate of $3.50 per 100,000 USD traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Thursday, US economic figures bolstered the likelihood of a December Fed policy shift. During the week ending December 2, initial jobless claims rose from 226 thousand to 230 thousand. Following the release of last week's US Employment Report, concerns about a pick-up in the rate of hiring cast doubt on the Fed's plans to slow the rate of interest rate hikes.

 

Cardano network improvements were also favorable for the ADA price, averting a drop below $0.300. Charles Hoskinson, the company's founder, was in the limelight, highlighting the benefits of the Midnight privacy protocol meant to provide smart contracts with anonymity.

 

It was another instance of ongoing activity on the Cardano network, although the information was insufficient to warrant a breakout session.

 

Input Output HK (IOHK) will provide the weekly Development Update later today. A surge in network projects would result in an increase in ADA prices. However, the NASDAQ and US economic indices will need to provide support. The wholesale inflation and consumer confidence numbers in the United States will impact market risk sentiment.

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