Source: FX Empire
Security & Justice
Report: Israel Plans Wider Strikes on Hezbollah Targets
The Israeli military is reportedly gearing up for large-scale airstrikes in multiple regions across Lebanon, Israel's Channel 14 reported on Friday.
Friday, November 22, 2024
UNIFIL Denies Report of Convoy in Baalbek
UNIFIL spokesperson Andrea Tenenti issued a statement to the National News Agency, correcting inaccurate information reported by a media outlet.
Thursday, November 21, 2024
Opinion
Lebanon's Economy—Not Battlefield—May Have the Final Word
Time and again during this most recent war in Lebanon, we hear the phrase, “The battlefield has the final word”. It has become the sole and wholly unsatisfactory refrain of Hezbollah and the so-called 'Axis of Resistance'.
Wednesday, November 20, 2024
Flying Above the Bombs, a Lebanese Airline Becomes an Unlikely National Hero
It used to be like almost any other national carrier, fielding gripes about flight delays, ticket prices and bad food.
Wednesday, November 20, 2024
Sports
Alcaraz Beats Rublev to Open ATP Finals Account
Carlos Alcaraz opened his account at the ATP Finals on Wednesday with an entertaining 6-3, 7-6 (10/8) win over Andrey Rublev which boosted his hopes of reaching the semifinals.
Wednesday, November 13, 2024
Ecuador's Angulo, 22, Dies a Month After Car Crash
Ecuador international Marco Angulo has died at the age of 22 just over a month after being seriously injured in a car crash, his club has announced.
Tuesday, November 12, 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.
