Source: FX Empire
Security & Justice
37 Killed in Two Days of Lebanon Exploding Devices
Lebanon’s Health Minister Firass Abiad said 37 people were killed and more than 3,500 wounded in a new toll after hand-held devices used by Hezbollah members exploded across Lebanon, in attacks blamed on Israel.
Thursday, September 19, 2024
Investigation Links Bulgarian Firm to Hezbollah Pager Explosions
Preliminary findings have identified the Bulgarian company Norta Global Ltd. in connection with the sale of pagers used by Hezbollah, which later exploded in Lebanon, LBCI channel reported.
Thursday, September 19, 2024
Opinion
Lebanon Should Not Be a Puppet Controlled by Hezbollah
Caretaker Prime Minister Najib Mikati this week expressed, during a meeting with ambassadors and acting representatives of the UN Security Council’s member states, Lebanon’s readiness to engage in indirect negotiations with Israel to achieve a ceasefire and end the ongoing war in the south of the country between Hezbollah and the Israeli army, amid escalating exchanges of fire and Israeli threats to expand the conflict.
Thursday, September 12, 2024
Why Riad Salameh's Arrest Is a Test for Lebanon's Judiciary
The arrest of former Central Bank of Lebanon chief Riad Salameh last week has triggered a slew of speculation both within and beyond Lebanon's borders.
Monday, September 9, 2024
Sports
Man City's Hearing for 115 Charges Begins
The hearing into Manchester City's 115 charges for alleged breaches of the Premier League's financial rules begins on Monday.
Monday, September 16, 2024
Piastri Wins as Norris Gains on Verstappen in Azerbaijan
Lando Norris drove an extraordinary race to catch and pass title rival Max Verstappen as his McLaren team-mate Oscar Piastri won an engrossing Azerbaijan Grand Prix.
Sunday, September 15, 2024
Sunday 7 April 2024 11:06:52
Gold Price Outlook: Hits $2,330 Amid Surging Nonfarm Payrolls; Week Ahead
Gold concluded this week at $2,330, a 4.35% ascent, reaching record highs, notably during a period of robust U.S. economic indicators.
The March Nonfarm Payrolls report in the U.S. showcased strength in the labour market, which typically would hint at less urgency for Federal Reserve rate cuts, yet gold prices surged, overlooking the uptick in U.S. Treasury yields and the dollar’s modest gains.
The price of gold, currently at $2,324, briefly touched $2,330 in the North American session on Friday. This rise is attributed to factors including U.S. dollar dynamics, geopolitical tensions, and sustained physical demand for gold.
The Nonfarm Payrolls for March significantly exceeded expectations, with the job count rising to 303,000, which influenced the Federal Reserve’s rate speculation, as evidenced by the adjusted probability of a June rate cut.
Despite the strong jobs data, Federal Reserve officials maintained a cautious stance on rate adjustments, mirroring Chair Jerome Powell’s earlier comments about no rush to alter rates. This sentiment was reflected across various Fed communications throughout the week.
The sale of locked-up SOL tokens by FTX at a notable discount raised concerns among creditors, impacting Solana’s market value and the broader cryptocurrency sphere. The price of SOL experienced fluctuations following the transaction announcements, highlighting the potential risks and volatilities in cryptocurrency investments.
Events Ahead:
Looking forward, the financial market anticipates key data releases and events that could impact gold’s price movement:
- Core CPI and CPI data: Scheduled for release on April 10, these figures will provide insight into inflation trends, influencing Fed rate decisions.
- FOMC Meeting Minutes: On April 10, these minutes will offer deeper insights into the Fed’s monetary policy outlook.
- Bond Auctions: The 10-year and 30-year U.S. bond auctions on April 10 and 11, respectively, will be closely watched for yield trends.
- Preliminary Consumer Sentiment and Inflation Expectations: Set for April 12, these metrics will further shape market sentiment and potentially influence gold prices.
As geopolitical tensions and economic data continue to unfold, the gold market remains a focal point for investors seeking stability in a landscape marked by uncertainty and strategic central bank actions.
With gold hovering near the $2,350 resistance level, market participants are closely monitoring these developments to predict the next significant move in gold prices.
Gold Price Forecast: Weekly Outlook
Gold’s price has risen to $2330, closing the week marking a 4.35% increase. With a pivot point set at $2316, gold shows immediate resistance levels at $2341, $2369, and $2400, while support lies at $2297, $2268, and $2242.
The RSI at 75 indicates strong buying pressure, and the 50-day EMA at $2253 confirms an upward trajectory. The technical pattern, particularly the bullish engulfing candle on the 4-hour chart, reinforces the likelihood of continued upward momentum.
