Source: FX Empire
Security & Justice
Southern Lebanon Endures Massive Damage: 40,000 Homes Leveled Across 37 Towns
Israeli forces have systematically destroyed entire neighborhoods in southern Lebanon, leveling more than 37 towns and wiping out over 40,000 residential units, according to Lebanon's National News Agency.
Tuesday, November 5, 2024
Gaps in Coastal Radar Enabled Israeli Raid in Batroun, Army Commander Says
Lebanon’s army chief, General Joseph Aoun, detailed to Caretaker Prime Minister Najib Mikati how Israeli forces likely exploited gaps in the country's coastal radar system during the recent raid carried out in Batroun. The briefing comes as Lebanese officials seek answers on how Israel’s elite Shayetet 13 unit carried out the landing undetected.
Monday, November 4, 2024
Opinion
The Emptying of Baalbek Is a Moment to Take Stock
“Large numbers of people continue to flee their homes every day, as Israel’s military operations in Lebanon have been going on unabated.” These disturbing words could be from almost any news report about Israel’s invasion of its northern neighbour over the past month. However, they can be found in a report by the Norwegian Refugee Council’s Internal Displacement Monitoring Centre issued on July 27, 2006.
Saturday, November 2, 2024
A Future Without Hezbollah
At the end of September, when Israel’s campaign to destroy Hezbollah was reaching its height, I met one of the group’s supporters in a seaside café in western Beirut. He was a middle-aged man with a thin white beard and the spent look of someone who had not slept for days. He was an academic of sorts, not a fighter, but his ties to Hezbollah were deep and long-standing.
Thursday, October 31, 2024
Sports
FC Barcelona Fears First Team Star Will Be Banned From Playing, Reports SPORT
FC Barcelona is concerned that one of its main first-team stars will be banned from playing at the turn of 2025 because of issues related to his registration and Financial Fair Play (FFP) limits according to SPORT, which cited anonymous sources.
Friday, November 1, 2024
Tottenham Forward Son Heung-min Crowned Asia’s International Player of the Year
Tottenham forward Son Heung-min was crowned as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation at its annual awards ceremony Tuesday.
Wednesday, October 30, 2024
Tuesday 5 March 2024 15:28:33
Gold Prices Forecast: Approaching Historic Highs Amid Rate Cut Hopes
Gold Price Surge and Fed Interest Rate Cut Speculation
Gold prices are advancing towards historic highs, influenced by growing expectations of the Federal Reserve’s potential interest rate cut in June. The financial community is closely watching Federal Reserve Chair Jerome Powell’s imminent speech and key U.S. employment data for more guidance.
At 11:24 GMT, XAU/USD is trading $2126.13, up $11.77 or +0.56%.
Federal Reserve’s Stance and Economic Indicators
The possibility of gold achieving new record highs is increasing, fueled by the prospect of U.S. interest rate cuts, alongside global geopolitical tensions and concerns about economic growth. Last week saw a notable rise in gold prices, propelled by disappointing U.S. manufacturing data and reduced inflationary pressures. According to Atlanta Fed President Raphael Bostic, the Fed may endorse two quarter-point rate cuts by year-end. However, he emphasized the importance of balancing economic strength against potential inflation risks, suggesting a cautious approach to rate adjustments.
Gold’s Response to Market Trends
Despite a 10% decline in the holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, gold prices have demonstrated remarkable stability. This resilience underscores gold’s status as a preferred asset during periods of economic uncertainty. Upcoming events such as Powell’s congressional testimony and crucial labor market reports are likely to shed light on the Federal Reserve’s timing for potential rate cuts.
Investor Expectations and Market Reactions
The market is speculating over a 50% chance of a Federal Reserve rate cut by June. This anticipation is grounded in economic indicators and the forthcoming guidance from Federal Reserve Chairman Powell. Should the labor market and broader economy show signs of cooling, it might reinforce the likelihood of rate cuts. Nevertheless, the complex economic backdrop and policy uncertainties call for careful market observation.
Short-Term Forecast: Bullish on Gold
In the short term, the gold market is expected to maintain a bullish stance. The anticipated Federal Reserve rate cuts and ongoing global uncertainties contribute to this positive outlook. Gold’s allure as a non-yielding asset is typically magnified by lower interest rates. Investors should pay close attention to Powell’s testimony and upcoming economic data, which are poised to play a critical role in shaping gold’s price direction.
Technical Analysis
Gold’s strong performance on Tuesday has put the market in a position to challenge the December 4 top at $2149.00. This is a potential breakout level since there is no resistance over this price.
On the downside, minor support is $2067.00, followed by the major 50-day moving average support at $2036.83.
Without significant resistance, apparent weakness in the market can typically be attributed to profit-taking.
