US Dollar struggles to capitalize on upbeat data ahead of PCE inflation
Here is what you need to know on Friday, January 27: The US Dollar Index managed to post small daily gains on Thursday following the robust macroeconomic data releases from the US but seems to be struggling to gather further bullish momentum early Friday. The benchmark 10-year US Treasury bond yield holds steady above 3.5% […]
Room for extra losses near term
Considering advanced figures from CME Group for crude oil futures markets, traders added around 16.4K contracts to their open interest positions on Tuesday, clinching the third consecutive daily advance. On the other hand, volume resumed the downtrend and dropped by around 133.6K contracts. WTI faces a minor support near $78.00 Prices of the WTI started […]
XAG/USD marches towards 200-SMA inside weekly bearish channel
Silver price renews intraday high to reverse the previous day’s slump to five-week low. 200-SMA, bearish chart formation keeps XAG/USD bears hopeful. Monthly high acts as the last defense of Silver bears. Silver price (XAG/USD) picks up bids to refresh intraday high near $23.55 as it bounces off the five-week low marked the previous day. […]
XAU/USD bulls move in ahead of key events and pending Federal Reserve
Gold price runs higher within the consolidation and towards recent bull cycle highs. Gold price will now depend on key United States economic events ahead. The Federal Reserve is looming and all will be revealed at the start of February. Gold price has been a touch higher at the start of the week, digging into […]
Vedanta to sell its foreign zinc assets to Hindustan Zinc for $2.98 bn
Metals and mining major Vedanta on Thursday said that its board had approved the sale of its international zinc assets in South Africa and Namibia to subsidiary Hindustan Zinc (HZL) for $2.98 billion. In a disclosure to the stock exchanges, Vedanta said the transaction would be an all-cash […]
India considering measures to cool high wheat prices: Govt official
NEW DELHI (Reuters) – India has been considering measures to cool domestic wheat prices, which jumped to a record high this week as supplies dwindled, Food Secretary Sanjeev Chopra said on Thursday.The world’s second-biggest producer of the grain banned wheat exports in May, but that has failed to stop domestic […]
Q3 preview: Metal firms’ sales likely to flatten, profits may plunge
Subdued demand as well as volatile prices will likely weigh on earnings of metal companies for the third quarter of the ongoing financial year (Q3 of FY23), Bloomberg consensus estimates for the period show. Year-on-year (YoY) net sales growth will be flat in Q3, Bloomberg data shows, while the bottom […]
Will disinflation inflate Silver prices?
Disinflation continues, and it’s good news for silver prices. The odds of seeing a less hawkish Fed are rising! Great news for the economy and the precious metals! The prices declined in December 0.1% compared to November. The deflation followed 0.1% inflation in the preceding month. The core inflation, which excludes food and energy prices, […]
XAU/USD eyes $1,900 and US CPI on renewed upside – Confluence Detector
Gold price looks north, as US Dollar licks its wounds amid sluggish Treasury yields. Markets turn cautious amid expectations of a softer US CPI report. Gold bulls stay hopeful whilst above critical $1,825 support, eye $1,850 again. Gold price is holding near eight-month highs, as bulls seek another to take on the $1,900 barrier ahead […]
Extra losses appear favoured in the short term
CME Group’s flash data for natural gas futures markets showed another daily build in open interest on Tuesday, now by around 16.6K contracts. On the other direction, volume shrank by nearly 60K contracts, extending the ongoing choppiness. Natural Gas: Key support emerges at $3.50 Tuesday’s marked retracement in prices of the natural gas was in […]