Bearish Weekly Signal Dominates

Last week natural gas reached a new trend high of 3.16 before sellers took back control and drove the price back down. Subsequently, a bearish weekly signal triggered earlier this week that is certainly following through to the downside as trading continues near the lows of the week. If 2.70 support breaks, the 200-Day MA at 2.47 may be tested quickly.

It can be considered along with the most recent swing low of 2.475. A 38.2% Fibonacci retracement completes at 2.55. Given the bearish weekly pattern a lower price zone around 2.37 could also be approached. That would follow a bearish drop through the 200-Day MA, however. It comes from the convergence of the 50-Day MA and the 50% retracement level of the full rally off the April swing low.

Upside Breakout Above 2.77 Could Lead Higher

Nonetheless, it remains possible that a bullish reversal signal is given on Monday on a move above today’s high of 2.77. That price level coincides with the 20-Day MA at 2.78. The 20-Day line would also need to be taken out for a more reliable indication of strength. The 20-Day line was tested as resistance earlier in today’s session and the price of natural gas was rejected to the downside.

This behavior indicates that the market recognizes the price area of the 20-Day MA. Notice that on Monday and Tuesday it was clearly showing an area of support. Today’s successful test of the line as resistance sets of a continuation of the retracement to lower price zones. But, at stated above, that may start to change on a breakout above 2.77.

For a look at all of today’s economic events, check out our economic calendar.

As of June 20, 2024, copper futures contracts to be settled in July 2029 were trading on U.S. markets at around 4.5 U.S. dollars per pound. This is higher than the price of 3.92 U.S. dollars per pound for contracts to be settled in January 2024, indicating that copper traders expect the price of copper to fluctuate. Copper futures are contracts that effectively lock in a price for an amount of copper to be purchased at a time in the future, which can then be traded on markets. Futures markets therefore provide an indicator of how investors think a commodities market will develop in the future.

Economic Data and Interest Rate Expectations

Recent U.S. economic data has pointed to a potential slowdown. Thursday’s report showed first-time applications for unemployment benefits fell moderately, while new housing construction dropped significantly. Tepid retail sales last month have kept the possibility of a September rate cut on the table. Lower interest rates typically reduce the opportunity cost of holding non-yielding bullion, providing support for gold prices.

Treasury Yields Surprisingly Dip

U.S. Treasury bond yields dipped slightly on Friday as investors analyzed the latest economic data for signs of a slowing economy. The 10-year Treasury yield fell 2 basis points to 4.23%, and the 2-year Treasury note yield dropped 2 basis points to 4.709%. The number of Americans filing new claims for unemployment benefits dropped by 5,000 to 238,000 for the week ended June 15, slightly above economists’ forecasts. Housing starts fell more than expected last month, down 5.5% to a seasonally adjusted annual rate of 1.277 million units.

US Dollar Hits 8-Week High

The U.S. dollar pushed to a fresh eight-week high against the yen and remained near a five-week peak against the sterling on Friday. The dollar index, which measures the currency against six major peers, spiked 0.41% overnight. This increase followed dovish signals from the Swiss National Bank and the Bank of England, with the latter hinting at a potential rate cut in August. The dollar index is on course for a slight weekly gain, extending its winning streak to three weeks.

Impact of Yields and Dollar on Gold

Lower Treasury yields and a strong dollar have a mixed impact on gold prices. Lower yields are supportive because they reduce the opportunity cost of holding non-yielding assets like gold. When bond yields fall, gold becomes more attractive as an investment. However, a stronger dollar tends to be restrictive because gold is priced in dollars. As the dollar strengthens, gold becomes more expensive for foreign investors, potentially dampening demand.

Market Forecast: Bullish

Given the current economic data and trends, gold prices are likely to maintain their upward momentum in the short term. The potential for further interest rate cuts and lower Treasury yields support a bullish outlook for gold. While a stronger dollar might create some headwinds, the overall economic environment suggests continued strength for bullion. Traders will be closely monitoring upcoming manufacturing and services Purchasing Managers’ Index readings for June, as well as existing home sales data for further market direction.

Technical Analysis

XAU/USD Current price: $2,354.46

• Tepid United States data put modest pressure on the USD ahead of the American opening.
• Russian President Putin spurred risk aversion by speaking about the nuclear doctrine.
• XAU/USD is firmly bullish in the near term, could extend advance towards $2,400.

XAU/USD accelerated north on Thursday, trading above the $2,350 mark and at its highest in two weeks. The US Dollar lost steam following the release of United States (US) tepid data, as the country reported that Initial Jobless Claims for the week ended June 14 were up by 238K, worse than the 235K expected.

Furthermore, Building Permits fell by 3.8% MoM in May, while Housing Starts declined by 5.5%. Finally, the Philadelphia Fed Manufacturing Survey printed at 1.3 in June, down from the previous 4.5 and worse than the 5 anticipated.  

Nevertheless, the Greenback managed to turn higher against other major currencies and remained pressured against Gold amid a bout of risk aversion triggered by Russia. President Vladimir Putin said the country is considering introducing changes to its nuclear doctrine, including lowering the threshold for the use of such weapons in the West. Additionally, Putin said that Russia could provide other countries with its weapons as the West does to Ukraine.

On Friday, S&P Global will release the preliminary estimates of the US June PMIs, which are expected to indicate a slight contraction in business growth. The economy, however, is expected to remain in expansion territory.

XAU/USD short-term technical outlook

Technical readings in the daily chart show that XAU/USD positive momentum is building up. The pair advanced above a now flat 20 Simple Moving Average (SMA), providing dynamic support at around $2,334. The 100 and 200 SMAs accelerated their advances below the shorter one, maintaining their upward slopes. Finally, technical indicators are crossing their midlines into positive ground for the first time in a month.

The near-term picture is bullish. Technical indicators in the 4-hour chart head north almost vertically, approaching overbought territory without signs of upward exhaustion. At the same time, XAU/USD is trading above all its moving averages, although the 20 SMA barely turned higher below the longer ones.

 Support levels: 2,346.10 2,334.00 2,322.15

Resistance levels: 2,366.30 2,378.40 2,391.05

XAU/USD Current price: $2,354.46

• Tepid United States data put modest pressure on the USD ahead of the American opening.
• Russian President Putin spurred risk aversion by speaking about the nuclear doctrine.
• XAU/USD is firmly bullish in the near term, could extend advance towards $2,400.

XAU/USD accelerated north on Thursday, trading above the $2,350 mark and at its highest in two weeks. The US Dollar lost steam following the release of United States (US) tepid data, as the country reported that Initial Jobless Claims for the week ended June 14 were up by 238K, worse than the 235K expected.

Furthermore, Building Permits fell by 3.8% MoM in May, while Housing Starts declined by 5.5%. Finally, the Philadelphia Fed Manufacturing Survey printed at 1.3 in June, down from the previous 4.5 and worse than the 5 anticipated.  

Nevertheless, the Greenback managed to turn higher against other major currencies and remained pressured against Gold amid a bout of risk aversion triggered by Russia. President Vladimir Putin said the country is considering introducing changes to its nuclear doctrine, including lowering the threshold for the use of such weapons in the West. Additionally, Putin said that Russia could provide other countries with its weapons as the West does to Ukraine.

On Friday, S&P Global will release the preliminary estimates of the US June PMIs, which are expected to indicate a slight contraction in business growth. The economy, however, is expected to remain in expansion territory.

XAU/USD short-term technical outlook

Technical readings in the daily chart show that XAU/USD positive momentum is building up. The pair advanced above a now flat 20 Simple Moving Average (SMA), providing dynamic support at around $2,334. The 100 and 200 SMAs accelerated their advances below the shorter one, maintaining their upward slopes. Finally, technical indicators are crossing their midlines into positive ground for the first time in a month.

The near-term picture is bullish. Technical indicators in the 4-hour chart head north almost vertically, approaching overbought territory without signs of upward exhaustion. At the same time, XAU/USD is trading above all its moving averages, although the 20 SMA barely turned higher below the longer ones.

 Support levels: 2,346.10 2,334.00 2,322.15

Resistance levels: 2,366.30 2,378.40 2,391.05

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Coffee Concentrate Market was valued at USD 3.42 Billion in 2023 and is expected to grow at a CAGR of 8.92 Percent over the forecast period to reach USD 6.22 Billion by 2030.Coffee Concentrate Market is segmented into Coffee Concentrate by Product Type, End User, Product Format, and Region. For the estimation of the Coffee Concentrate Market size, the bottom-up approach was used.

To access more details regarding this research, visit the following webpage:https://www.stellarmr.com/report/Coffee-Concentrate-Market/1942

Coffee Concentrate Market Overview

The coffee concentrate is incredibly strong, highly concentrated coffee that can be used to make your favourite coffee drinks such as iced coffee, and regular coffee as well as cocktails and desserts. Coffee concentrate is made by placing coarsely ground coffee beans in cold water and leaving it to brew. The result is a highly concentrated liquid, which when diluted becomes palatable. It can then be used to make almost any coffee drink.

Coffee Concentrate Market Dynamics

The coffee concentrate market is driven by the growing demand for convenient beverage options in today’s fast-paced lifestyles, changing consumer preferences towards premium and specialty coffee products, and increasing health awareness leading to the adoption of healthier alternatives like cold brew concentrates. Continuous innovation in flavors, formulations, and packaging formats, coupled with expanding distribution channels, contributes to market growth. Additionally, the overall rise in coffee consumption globally, driven by urbanization and lifestyle changes, further propels the market forward, while the emphasis on environmental sustainability encourages the development of eco-friendly coffee products and packaging, appealing to environmentally conscious consumers and driving market competitiveness.

North America leads the market, driven by a strong coffee culture, increasing demand for convenient beverage options, and a growing preference for premium and specialty coffee products.

coffee concentrate consumption is fueled by the popularity of cold brew variants, health-conscious consumer trends, and a preference for artisanal and sustainable coffee options. The Asia Pacific region exhibits significant growth potential, supported by rapid urbanization, changing lifestyles, and the rising adoption of Western coffee consumption habits. Latin America, known for its rich coffee heritage, presents opportunities for market expansion with its abundance of high-quality coffee beans and growing interest in innovative coffee products. Africa, with its emerging coffee culture and growing middle class, holds promise for market growth, particularly in countries with increasing urbanization and disposable incomes.

For in-depth information on this study, visit the following link:https://www.stellarmr.com/report/req_sample/Coffee-Concentrate-Market/1942

Coffee Concentrate Market Segmentation

By Type

Caffeinated

Decaffeinated

Caffeinated coffee concentrates hold a prominent position in the market, drawing in consumers who crave the familiar taste and invigorating effects of traditional coffee.

This segment commands a substantial share due to the widespread preference for caffeinated beverages among both coffee enthusiasts and casual drinkers. Conversely, the decaffeinated coffee concentrate segment, though smaller, is witnessing growth as consumers increasingly prioritize wellness and seek flavorful options devoid of caffeine’s stimulating effects.

By Distribution Channel

Supermarkets and Hypermarkets

Convenience Stores

Online Retail Platforms

Others

By Packaging

Bottles

Pouches

Others

By Source

Arabica

Robusta

Others

To Learn More About This Study, Please Click Here:https://www.stellarmr.com/report/req_sample/Coffee-Concentrate-Market/1942

Coffee Concentrate Market’s Key Players include:

Starbucks Corporation (Seattle, Washington, United States)

Nestlé S.A. (Vevey, Switzerland)

JAB Holding Company (Luxembourg City, Luxembourg)

Illycaffè S.p.A. (Trieste, Italy)

The Coca-Cola Company (Atlanta, Georgia, United States)

Keurig Dr Pepper Inc. (Burlington, Massachusetts, United States)

Suntory Holdings Limited (Tokyo, Japan)

UCC Ueshima Coffee Co., Ltd. (Kobe, Japan)

Califia Farms LLC (Los Angeles, California, United States)

La Colombe Coffee Roasters (United States)

Key questions answered in the Coffee Concentrate Market are:

What is Coffee Concentrate?

What was the Coffee Concentrate Market size in 2023?

What is the expected Coffee Concentrate Market size by 2030?

What is the growth rate of the Coffee Concentrate Market?

What are the key benefits of the Coffee Concentrate Market?

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)

Past Pricing and price curve by region (2018 to 2022)

Market Size, Share, Size & Forecast by different segment | 2023 -2030

Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region

Market Segmentation – A detailed analysis by Type, Distribution Channel, Packaging, Source, and Region

Competitive Landscape – Profiles of selected key players by region from a strategic perspective

Competitive landscape – Market Leaders, Market Followers, Regional player

Competitive benchmarking of key players by region

PESTLE Analysis

PORTER’s analysis

Value chain and supply chain analysis

Legal Aspects of Business by Region

Lucrative business opportunities with SWOT analysis

Recommendations

Stellar Market Research is a leading Consumer Goods & Services research firm that has also published the following reports:

Microneedling Market https://www.stellarmr.com/report/Microneedling-Market/2047

Daptomycin Market https://www.stellarmr.com/report/Daptomycin-Market/2065

Febrile Seizures Market https://www.stellarmr.com/report/Febrile-Seizures-Market/2064

Car Air Purifier Market https://www.stellarmr.com/report/Car-Air-Purifier-Market/2069

Cheilectomy Market https://www.stellarmr.com/report/Cheilectomy-Market/2055

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About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

This release was published on openPR.

Natural Gas Technical Analysis

Natural gas markets fell initially during the early hours on Thursday, but then turned around to show signs of support. With that being said, the market is likely to continue to be very noisy, but the $3 level above is a significant barrier that I think is going to be very difficult to overcome. Keep in mind, we’re in the midst of a heat wave here in America, and that does have an influence on pricing, but we also have to also keep in mind that this time of year generally isn’t that positive for natural gas after all.

You have a situation where, unless it’s hot, the demand for natural gas, i.e. electricity, is going to be somewhat limited. Most people are outside. Also, another thing to keep in mind is, if the economy is slowing down, the demand for natural gas will drop. On the positive side though, we have a shortage in Europe yet again, and at this point in time, it seems as if that could come into the picture over the next several months.

What is the price of platinum today?

The price of platinum opened at $1,017.92 per ounce, as of 9 a.m. That’s up 1.24% from the previous day and up 3.05% from the beginning of the year.

The lowest trading price within the last day: $999.40 per ounce. The highest platinum spot price in the last 24 hours: $1,023.94 per ounce.

Platinum spot price

Platinum price chart

The chart below shows how the spot price of platinum is trending over the year.

Year to date, platinum is up 3.05%, as of 9 a.m. The 52-week high reached $1,083.27 on May 22, 2023, and the 52-week low dropped to $843.15 on Nov. 10, 2023.

The precious, silvery-colored metal is priced in U.S. dollars. This means that the fluctuations in the value of the U.S. dollar can impact its price.

The price of XPT/USD reflects the value of one ounce of platinum in U.S. dollars, and it is traded like traditional currency pairs. Because platinum trades occur globally, investors can also track the spot price of platinum in other currencies, such as XPT/EUR for euros and XPT/GBP for British pounds.

Factors that can influence the price of platinum include changes in demand, geopolitical events and tensions in major platinum-producing countries. Of course, investor opinion and speculation can also affect prices.

Precious metals prices

Platinum is one of four main precious metals investors can trade via physical bullion, exchange-traded products or futures contracts. Gold, silver and palladium spot prices are also updated 24/7 in various currencies.

Platinum price vs. gold

Currently, platinum trades at $1,017.92 per ounce, as of 9 a.m., compared to gold, which trades at $2,348.35 per ounce. Year to date, platinum prices are up by 3.05% and gold prices are up by 13.65%.

“Historically, platinum has often been more expensive than gold due to its relative scarcity and unique properties. However, the price of platinum can fluctuate in response to changing market conditions,” said John Bergquist, president of Elysium Financial.

Political instability and supply disruptions in major platinum-producing regions like South Africa and Russia affect prices.

The silvery metal also tends to be a less reliable store of value than gold.

While historically, platinum has been pricier than gold, that flip-flopped briefly in August 2011. When looking at the gold-to-platinum price ratio, platinum was priced above gold from January 2013 until December 2014. Since then, gold has more than doubled its value compared to platinum prices.

History of platinum prices

Like any metal, the price of platinum can be volatile. Various factors affect it, the most significant being supply and demand dynamics. Other factors, such as economic conditions, geopolitical events, and changes in industrial and investment demand, can also impact the price of platinum.

At the start of the new millennium, the precious metal’s spot price was around $420. Fast-forward over 20 years, and the current price of platinum has more than doubled.

The spot price soared to new heights, trading in February 2008 at around $2,200 per troy ounce. In November of that year, the price returned to less than $1,000.

Platinum’s spot price has fluctuated between around $800 to $1,400 for the past decade, hovering around the $1,000 threshold on average.

Platinum prices today remain historically low. Prices dropped as low as $623.50 in March 2020 during the COVID-19 pandemic. While prices have recovered, platinum is nowhere near its all-time high of $2,213.20, set on March 3, 2008.

Platinum futures

Futures contracts let investors speculate on the future price movements of an underlying asset like platinum.

These financial contracts represent an agreement between two parties to trade a set amount of platinum at a specified price at a future date. They can be settled by exchanging the physical commodity or cash in place of the commodity.

Futures contracts differ from spot prices in that futures contracts establish a future price whereas spot prices are for immediate delivery. These contracts can be fulfilled by trading the physical commodity or exchanging cash in place of the underlying asset. They are usually traded through an exchange.

Investing in platinum

The automotive industry creates the highest demand for platinum. Platinum is a key component in manufacturing catalytic converters, which are responsible for reducing vehicle emissions.

In addition to the automotive industry, platinum is widely used in the industrial industry to create medical products, nitric acid and glass. As the demand for these products rises, so does the price of platinum.

It is anticipated that platinum will play an essential role in the development of hydrogen technology. Platinum is used to produce carbon-free hydrogen from renewable energy.

“If hydrogen-based power meets expectations in the coming decade, then one could expect a material demand tailwind in platinum,” said Stash Graham, managing director of Graham Capital Wealth Management.

Precious metals such as platinum, gold and silver have long been used to diversify an investment portfolio.

When choosing investments, it is crucial to consider potential drawbacks. While there may be an increase in the demand for platinum, other factors may throw a wrench in the investment benefits.

When considering an investment, it is essential to consider your current holdings and individual financial goals.

Platinum is rarer than both silver and gold, which could make it attractive to investors seeking a scarce metal. This practice helps protect other holdings, such as stocks, in an economic downturn. Investing in platinum can help balance inflation and economic uncertainties.

Frequently asked questions (FAQs)

What is the highest price platinum has ever been?

The highest platinum price was $2,213 on March 3, 2008. This notable high can be attributed to critical supply issues in South Africa, the world’s largest platinum producer. Both geopolitical and economic factors played a role in this price hike during the recession.

How is the spot price of platinum determined?

The London Bullion Market Association is responsible for price auctions of platinum and other industrial metals.

X

Lower Rates Key Driver, But Market Fully Priced In

Lower interest rates are the main driver for gold, reducing the opportunity cost of holding non-yielding bullion. However, the market already expects at least one rate cut, with this scenario fully priced into the dollar. Furthermore, stable government gold purchases suggest limited upside unless a significant change in the current environment occurs. Support remains near the $2,300 level.

Geopolitical Uncertainty Adds Tailwind

Upcoming elections in France and the UK add a layer of geopolitical uncertainty, which can be a positive for gold. This uncertainty, coupled with pockets of economic weakness like the disappointing retail sales data, could provide further support for gold prices. A recent pause in central bank buying, particularly by China, has tempered some upside momentum, but a resumption of buying could act as a catalyst.

Focus Shifts to Upcoming Data

The immediate focus for gold traders now shifts to Thursday’s U.S. weekly jobless claims data and Friday’s flash purchasing managers’ indexes. This data will provide further clues on the health of the U.S. economy and potentially influence the Fed’s monetary policy stance. A strong economic showing could trigger a pullback in gold prices, but absent a hawkish shift from the Fed, expect gold to hold its ground and potentially make another run at its record highs.

Short-Term Forecast: Bullish

Despite the current pause, the fundamental backdrop for gold remains supportive. Dovish Fed expectations and potential for further economic weakness should continue to underpin prices in the near term. While the recent consolidation phase may test investors’ patience, a strong showing in the upcoming economic data is the only major risk on the horizon. Absent a hawkish surprise from the Fed, expect gold to hold its ground around $2,300 and potentially challenge its record highs again.

Technical Analysis