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3 07, 2024

Silver (XAG/USD) Price Forecast: Bullish Trends Above $29.35; Buy Now?

By |2024-07-03T18:31:53+03:00July 3, 2024|Forex News, News|0 Comments


Silver prices (XAG/USD) began the day on a positive note, gaining momentum despite a strong US dollar and prevailing risk-on market sentiment.

Currently, silver trades around $29.7275, after reaching an intraday high of $29.7545. This bullish rally is largely due to growing expectations of Federal Reserve rate cuts in September and December. These expectations were reinforced by dovish comments from Federal Reserve Chair Jerome Powell on Tuesday.

Economic Concerns and Geopolitical Tensions

While the upward movement in silver prices is noticeable, several factors are exerting downward pressure. Concerns over a global economic slowdown, persistent geopolitical tensions, and political uncertainty in the US and Europe are significant. These elements are making traders cautious about taking aggressive positions in silver.

According to Powell, “We are prepared to adjust policy as necessary to sustain economic expansion.” This statement has increased investor anticipation for upcoming Federal Reserve actions, adding to the cautious sentiment in the market. Traders are particularly focused on the release of the FOMC meeting minutes, scheduled later in the US session, to gain clearer signals about future Fed policies.

In the meantime, key US economic data points such as the ADP report on private-sector employment and the ISM Services PMI are also being closely monitored. These indicators are expected to provide further insights into the economic landscape and influence silver prices.

Impact of US Economic Indicators on Silver Prices

On the US economic front, the dollar has strengthened, buoyed by robust labor market data exceeding expectations. This has tempered some investor expectations for a September rate cut by the Fed. The strong economic data indicates resilience in the economy, reducing immediate pressure for monetary easing. However, markets are still pricing in increased odds of a rate cut in September and potentially another in December.

Investors remain cautious as they await clarity on the Federal Reserve’s stance regarding rate cuts. Powell has expressed satisfaction with progress on inflation but emphasized the importance of sustained movement toward the 2% target before considering any rate reductions.

JOLTs job openings rose unexpectedly from 7.919 million in April to 8.140 million in May, surpassing economists’ expectations of 7.910 million. This increase indicates a strengthening US labor market, which has the potential to boost wages and disposable income. Increased disposable income could stimulate consumer spending, contributing to demand-led inflation pressures.

The strengthened US dollar and robust economic indicators may curb immediate silver price gains. However, improved consumer spending could support industrial demand and inflation pressures, benefiting silver in the longer term.

Silver Price Forecast: Technical Outlook

Silver is currently trading at $29.68, up 0.56%. The 2-hour chart reveals key levels, with the pivot point at $29.55. Immediate resistance is at $29.84, followed by $30.03 and $30.32. Support levels are at $29.32, $29.08, and $28.87.

Silver (XAG/USD) Price Forecast: Bullish Trends Above .35; Buy Now?

Technical indicators show the 50 EMA at $29.35 and the 200 EMA at $29.50, indicating an upward trend. A bullish engulfing pattern further supports a buying trend in silver. Silver remains bullish above $29.55, but a break below this level could trigger a sharp selling trend.



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3 07, 2024

Natural Gas Price Forecast – natural gas continues to hang at low levels

By |2024-07-03T12:27:42+03:00July 3, 2024|Forex News, News|0 Comments


Natural gas markets have continued to go a bit sideways as the market hangs around very low levels. Because of this, I’m simply sitting on my hands and waiting for the appropriate trading opportunity.

Natural gas markets have been sold off rather drastically over the last several months, as we have left the coldest part of the year for the United States. At this point, the $2.50 level underneath is offering support, and it is a level that is historically important as we have seen so much in the way of support at this level over the last several years. At this point, I’m not willing to sell this market, because quite frankly we don’t have that far to go before you can run into trouble. However, I’m not willing to buy this market as although it is oversold, the reality is that there are far too many reasons to think that natural gas will remain cheap.

NATGAS Video 14.02.19

After all, there is a massive oversupply of natural gas in the United States and Canada, which both could power the world for 300 years based upon proven gas in the ground. With that in mind, the fact that we rallied should get you interested in selling at signs of exhaustion. We have fallen so far that I think we need a significant rally though, probably to at least the $2.75 level, perhaps even the $3.00 level. As soon as we get to those levels and show signs of exhaustion, I will not hesitate to sell this market. From a technical standpoint, you could make an argument for a falling wedge, which is a slightly bullish pattern, but I will ignore those buying signals and simply look for an opportunity to sell at higher levels as it goes with the longer-term trend.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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3 07, 2024

XAU/USD eyes a range breakout, as Fed Minutes looms

By |2024-07-03T10:26:54+03:00July 3, 2024|Forex News, News|0 Comments


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  • Gold price oscillates in a familiar range near $2,330 early Wednesday.
  • The US Dollar licks wounds with US Treasury yields amid a cautious mood.  
  • Fed Chair Powell touts inflation progress, boosts September rate cut prospects.
  • Gold price needs to crack the 50-day SMA for a sustained recovery, as the daily RSI prods 50 level.

Gold price is trading around a flatline near $2,330 early Wednesday, as traders consider the recent US jobs data and Federal Reserve (Fed) Chairman Jerome Powell’s speech, bracing for yet another busy US calendar.  

Gold price awaits US ADP jobs data and Fed Minutes

Asian markets are trading mixed, shrugging off the positive close on Wall Street overnight. Weaker-then-expected China’s Caixin Services PMI rekindles economic growth concerns and dents the sentiment around the domestic stocks. The negative shift in the market mood somewhat helps limit the US Dollar decline while keeping Gold price slightly on the back foot.

However, the downside in Gold price remains capped, as the US Treasury bond yields continue to reel from the pain of dovish comments from Fed Chair Jerome Powell delivered on Tuesday at the European Central Bank (ECB) Forum on central banking in Sintra. The benchmark 10-year US Treasury yields nudged lower to 4.43% on Tuesday after one of its largest single-day gains of the year on Monday.

Though Powell cheered the recent inflation data, which clearly points to a disinflationary path, he quickly added that he wants to see more before being confident enough to start cutting interest rates.

Markets scaled up bets for a September rate cut slightly after Fed Chair Powell acknowledged progress in disinflation, as they perceived his comments as dovish. Currently, markets see a 67% chance of the Fed lowering rates in September, a tad higher than about 63% seen before Powell’s commentary.

Renewed dovish Fed expectations could continue to provide ‘dip-buying’ demand for Gold price, also as the latest World Gold Council (WGC) report showed a net 10 tons of Gold buying by central banks in May. The National Bank of Poland was the biggest Gold purchaser in May, adding 10 tons of gold to its reserves, the WGC report said.

All eyes now turn to the US ADP Employment Change report after the Job Openings and Labor Turnover Survey (JOLTS) showed Tuesday that the job openings rose to 8.14 million at the end of May, an increase from the 7.92 million job openings in April. The ADP data is expected to show 160K jobs gains in the US private sector last month, against a 152K increase in May.

Next of note for Gold price remains the Minutes of the Fed’s June 11-12 policy meeting, which could shed more insights on the central bank’s rate and inflation outlook, having a considerable impact on the value of the US Dollar and the Gold price.

Gold price technical analysis: Daily chart

 

With the 14-day Relative Strength Index (RSI) flirting with the 50 level and Gold price defending the 21-day Simple Moving Average (SMA) at $2,328, risks appear evenly split for traders.

Gold buyers need a sustained break above the 50-day SMA barrier at $2,338 to restart a meaningful recovery from the monthly low of $2,287. 

The next topside barrier is seen at the $2,350 psychological level, above which the two-week high of $2,369 could be challenged.

Conversely, if the 21-day SMA resistance-turned-support at $2,328 fails to hold the fort, sellers could extend their control for a test of this week’s low of $2,319.

The $2,300 threshold will come into play should the selling momentum gather pace. The next strong support is aligned at the June low of $2,289.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

 

  • Gold price oscillates in a familiar range near $2,330 early Wednesday.
  • The US Dollar licks wounds with US Treasury yields amid a cautious mood.  
  • Fed Chair Powell touts inflation progress, boosts September rate cut prospects.
  • Gold price needs to crack the 50-day SMA for a sustained recovery, as the daily RSI prods 50 level.

Gold price is trading around a flatline near $2,330 early Wednesday, as traders consider the recent US jobs data and Federal Reserve (Fed) Chairman Jerome Powell’s speech, bracing for yet another busy US calendar.  

Gold price awaits US ADP jobs data and Fed Minutes

Asian markets are trading mixed, shrugging off the positive close on Wall Street overnight. Weaker-then-expected China’s Caixin Services PMI rekindles economic growth concerns and dents the sentiment around the domestic stocks. The negative shift in the market mood somewhat helps limit the US Dollar decline while keeping Gold price slightly on the back foot.

However, the downside in Gold price remains capped, as the US Treasury bond yields continue to reel from the pain of dovish comments from Fed Chair Jerome Powell delivered on Tuesday at the European Central Bank (ECB) Forum on central banking in Sintra. The benchmark 10-year US Treasury yields nudged lower to 4.43% on Tuesday after one of its largest single-day gains of the year on Monday.

Though Powell cheered the recent inflation data, which clearly points to a disinflationary path, he quickly added that he wants to see more before being confident enough to start cutting interest rates.

Markets scaled up bets for a September rate cut slightly after Fed Chair Powell acknowledged progress in disinflation, as they perceived his comments as dovish. Currently, markets see a 67% chance of the Fed lowering rates in September, a tad higher than about 63% seen before Powell’s commentary.

Renewed dovish Fed expectations could continue to provide ‘dip-buying’ demand for Gold price, also as the latest World Gold Council (WGC) report showed a net 10 tons of Gold buying by central banks in May. The National Bank of Poland was the biggest Gold purchaser in May, adding 10 tons of gold to its reserves, the WGC report said.

All eyes now turn to the US ADP Employment Change report after the Job Openings and Labor Turnover Survey (JOLTS) showed Tuesday that the job openings rose to 8.14 million at the end of May, an increase from the 7.92 million job openings in April. The ADP data is expected to show 160K jobs gains in the US private sector last month, against a 152K increase in May.

Next of note for Gold price remains the Minutes of the Fed’s June 11-12 policy meeting, which could shed more insights on the central bank’s rate and inflation outlook, having a considerable impact on the value of the US Dollar and the Gold price.

Gold price technical analysis: Daily chart

 

With the 14-day Relative Strength Index (RSI) flirting with the 50 level and Gold price defending the 21-day Simple Moving Average (SMA) at $2,328, risks appear evenly split for traders.

Gold buyers need a sustained break above the 50-day SMA barrier at $2,338 to restart a meaningful recovery from the monthly low of $2,287. 

The next topside barrier is seen at the $2,350 psychological level, above which the two-week high of $2,369 could be challenged.

Conversely, if the 21-day SMA resistance-turned-support at $2,328 fails to hold the fort, sellers could extend their control for a test of this week’s low of $2,319.

The $2,300 threshold will come into play should the selling momentum gather pace. The next strong support is aligned at the June low of $2,289.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

 



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3 07, 2024

Natural Gas Price Forecast: Breakdown Signals Lower Targets

By |2024-07-03T02:21:08+03:00July 3, 2024|Forex News, News|0 Comments


200-Day Line Fails to Hold as Support

Both the long-term 200-Day MA and intermediate 50-Day MA failed to stop the descent in the price of natural gas. And it is on track to close clearly below the line today. This increases the short-term bearish outlook and the chance to reach lower targets before the retracement is complete. Below 2.34 begins a price zone from 2.235 to around 2.18.

Nonetheless, this does not mean that natural gas continues straight down as it has the past several days. A bounce is coming sometime. If it comes soon, the first sign of strength would be on a rally above today’s high of 2.48. Potential resistance around the 200-Day MA at 2.47 and the 50-Day line at 2.49 should also be considered, followed by this week’s high of 2.60.

Result of Failed Trendline Breakout

Natural gas is reacting to a failed trendline breakout that began in early-June. It was able to stay above the long-term downtrend line for only four days before it succumbed to selling pressure. Bearish implications were confirmed today with the drop below the 200-Day line. This means that the recovery could take some time.

Possible Time Symmetry

Let’s quickly analyze the timing of the current retracement. As indicated above, it takes the shape of a falling ABCD pattern. The AB decline of the pattern occurred in eight days while the current CD down leg is now in its fourth day. Will a retracement low be reached after an eight-day decline for the CD leg of the pattern? If it does, time symmetry will be represented. As with price, once swings match in time a potential pivot point has been identified.

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



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3 07, 2024

Global Coffee Capsules Market Size To Worth USD 14.2

By |2024-07-03T00:20:33+03:00July 3, 2024|Forex News, News|0 Comments


New York, United States , July 02, 2024 (GLOBE NEWSWIRE) — The Global Coffee Capsules Market Size is to Grow from USD 6.9 Billion in 2023 to USD 14.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.48% during the projected period.

Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/4760

A coffee capsule is a paper filter-free coffee container made of aluminum or plastic. It is typically different from other things since it is designed expressly to work with a certain brand or system. Utilizing single-serve vacuum-packed coffee capsules calls for certain equipment. As a result, producers release new formulas onto the market, such as coffee capsules. Caffeine also enhances athletic performance by increasing fatty acid oxidation and metabolism and releasing fatty acids from fat cells. There is a growing market for non-alcoholic beverages. Non-alcoholic beverage options include fruit juices, bottled water, carbonated soft drinks, and RTD tea and coffee. Growing urbanization, changing lifestyles, rising health consciousness, and rising disposable income are all predicted to cause a rise in the use of non-alcoholic beverages. Popular non-alcoholic drinks, such as coffee, are valued for their strong caffeine flavor and scent. However, due to the detrimental impacts of packaging, it is anticipated that the demand for coffee capsules will decrease. Coffee capsules are not recyclable since they include both plastic and aluminum.
Browse key industry insights spread across 210 pages with 95 Market data tables and figures & charts from the report on the “Global Coffee Capsule Market Size, Share, and COVID-19 Impact Analysis, By Material (Aluminum, Compostable, PBT Plastic), By Application (Residential, Commercial), By Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”

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The aluminum segment is anticipated to hold the greatest share of the global coffee capsules market during the projected timeframe.   
Based on the material, the global coffee capsules market is divided into aluminum, compostable, and PBT plastic. Among these, the aluminum segment is anticipated to hold the greatest share of the global coffee capsules market during the projected timeframe. A combination of their simplicity of use and adaptability, aluminum coffee capsules have seen a significant increase in popularity recently. Customers who want to quickly and conveniently create delicious coffee without having to measure out coffee grounds or grind their own beans are starting to like aluminum coffee capsules more and more. Aluminium coffee capsules are in high demand due to the growing popularity of single-serve coffee makers such as Keurig and Nespresso. These machines, which are designed to use pre-packaged coffee capsules, allow users to quickly prepare one cup of coffee. 

The commercial segment is anticipated to hold the greatest share of the global coffee capsules market during the projected timeframe.   
Based on the end user, the global coffee capsules market is divided into residential and commercial. Among these, the commercial segment is anticipated to hold the greatest share of the global coffee capsules market during the projected timeframe. The use of coffee capsules in an industrial setting has several advantages. Coffee capsules are a cost-effective and practical solution for businesses looking to provide a range of coffee choices without having to hire professional baristas or invest in specialist equipment. Coffee capsules additionally reduce waste and disarray, which is advantageous in hectic workplaces where productivity and organization are essential.

The supermarkets & hypermarkets segment is predicted to hold the greatest share of the coffee capsules market during the estimated period.
Based on the distribution channel, the global coffee capsules market is divided into supermarkets and hypermarkets, specialty stores, online stores, and others. Among these, the supermarkets & hypermarkets segment is predicted to hold the greatest share of the coffee capsules market during the estimated period. Supermarkets and hypermarkets provide a wide variety of food, drink, and everyday items. Numerous brands of coffee capsules are among the many products available in supermarkets and hypermarkets. Customers have lots of alternatives when it comes to coffee capsules because supermarkets and hypermarkets have dedicated departments for them. The producers of coffee capsules sell directly to retailers or distributors, who resell the capsules to retailers that stock supermarkets and hypermarkets.

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Asia Pacific is expected to hold the largest share of the global coffee capsules market over the forecast period.

Asia Pacific is expected to hold the largest share of the global coffee capsules market over the forecast period. The growth of the Asia Pacific market is heavily impacted by variables such as customers’ changing lifestyles and preference for coffee over tea. Customers in the Asia-Pacific region, especially those from China, India, and Japan, prefer to purchase health-related goods. The strong demand for novel products in the Asia Pacific region is driving the market’s growth. The market for coffee capsules is growing in the Asia-Pacific region as a result of rising coffee maker supply and demand.

Europe is predicted to grow at the fastest pace in the global coffee capsules market during the projected timeframe. Coffee capsules, sometimes referred to as coffee pods, allow consumers to quickly and simply make one cup of coffee at home or at work. There are a number of factors driving the demand for coffee capsules in Europe, such as the rising popularity of single-serve coffee and the trend toward home brewing. Consumers are searching for quick and easy ways to enjoy delicious coffee at home without having to invest in bulky, costly coffee brewing supplies. coffee capsules’ ease of use and convenience have increased their appeal. Because they have already been measured, ground, and packaged, they are a hassle-free option for clients who are rushed for time.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global coffee capsules Starbucks Corporation, illycaffè S.p.A., Coffeeza, The Kraft Heinz Company, Dualit Limited, JACOBS DOUWE EGBERTS, RAVE COFFEE, Nestle Nespresso SA, Gourmesso Coffee, Blue Tokai Coffee, Keurig Green Mountain, Inc., Gloria Jeans, DD IP Holder LLC, com, Starbucks Corporation, Others.

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Recent Developments

  • In April 2024, Arabica coffee capsules that are compatible with the Nespresso machine are being promoted as a way for Starbucks and Nespresso to bring the Starbucks coffee experience home. The new campaign aims to highlight the wide range of Flavors available in Starbucks’ great coffee.
  • In February 2024, Nestle S.A., one of the leading producers of coffee, announced the launch of their new range of organic coffees. The most recent product to be added to the organic collection is the Nespresso Brazil Organic Coffee Capsule. This new product is a responsibly sourced 100% Arabica blend.

Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global coffee capsules market based on the below-mentioned segments:

Global Coffee Capsules Market, By Material

  • Aluminium
  • Compostable
  • PBT Plastic

Global Coffee Capsules Market, By End Use

Global Coffee Capsule Market, By Distribution Channel

  • Supermarkets And Hypermarkets
  • Specialty Stores
  • Online Stores
  • Others

Global Coffee Capsules Market, Regional Analysis

  • North America
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

Browse Related Reports

Global Smart Card Materials Market Size, Share, and COVID-19 Impact Analysis, By Material (Polyvinyl Chloride (PVC), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate-Glycol (PETG), and Others), By Type (Contact Cards, Contactless Cards, and Multi-Component Cards), By Application (BFSI, Government, Telecommunication, Retail, Healthcare, Hospitality, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Global Gummy Market Size, Share, and COVID-19 Impact Analysis, By Product (Vitamins, Minerals, Dietary Fibers), By Ingredients (Fruit-Based Gummies, Gelatin-Free Gummies, CBD/THC Gummies, Probiotic Gummies, Vitamin/Supplement, Collagen Gummies), By End User (Children, Adults, Seniors), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Global Food Thickeners Market Size, Share, and COVID-19 Impact Analysis, By Type (Protein, Starch, Hydrocolloids & Others), By Source (Animal, Plant & Others), By Application (Bakery, Confectionery & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Global Diabetic Food Market Size, Share, and COVID-19 Impact Analysis, By Product (Confectionery, Snacks, Dairy Product & Others), By Distribution Channel (Supermarkets & Hypermarkets, Online & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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2 07, 2024

XAU/USD under mild selling pressure around $2,320

By |2024-07-02T22:19:45+03:00July 2, 2024|Forex News, News|0 Comments


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XAU/USD Current price: $2,323.79

  • Comments from Federal Reserve Chair Jerome Powell helped the market’s mood improve.
  • The focus shifts to United States employment-related data, ADP report scheduled for Wednesday.
  • XAU/USD trades with a soft tone, limited chances of a bearish extension in the near term.

Spot Gold holds to familiar levels on Tuesday, with XAU/USD now retreating from an intraday high of $2,336.72 to trade just above the $2,320 mark. The bright metal turned south as the mood somehow improved in the American session following comments from Federal Reserve (Fed) Chairman Jerome Powell. Powell participated in a monetary policy panel at the 2024 ECB Forum on Central Banking in Sintra and noted the disinflation trend shows “signs of resuming.” However, he also said that the labor market is still strong, and that policymakers need to see more data like the one they have been seeing recently.

Meanwhile, Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, also hit the wires in a different event and said he still thinks a soft landing is possible and that the ark of inflation is clearly down. As a result, stock markets trimmed most of their intraday losses, although Wall Street’s major indexes remain in the red. Nevertheless, decreased demand for safety weighed on Gold.  

Speculative interest now focuses on United States (US) employment-related data. The country will release the Automatic Data Processing (ADP) Research Institute’s monthly report on private sector job creation for June and Challenger Job Cuts for the same month on Wednesday. The ADP report is expected to show that the private sector added 160K new positions in June, slightly above the 152K added in May. The reports could confirm or deny the case presented by Chair Powell about the labor market still being tight.

XAU/USD short-term technical outlook shows

The daily chart for XAU/USD shows it hovers around a flat 20 Simple Moving Average (SMA) for a third consecutive day, while the longer moving averages keep heading north below the current level. A bullish 100 SMA provides dynamic support at around $2,261.50. Technical indicators, in the meantime, turned modestly lower at around their midlines, lacking clear directional strength.

In the near term, and according to the 4-hour chart, XAU/USD is bearish-to-neutral, as it rests above a flat 100 SMA, while the 20 SMA turned directionless just above the current level. At the same time, the Momentum indicator heads south right below its midline, while the Relative Strength Index (RSI) indicator consolidates at around 48.

Support levels: 2,319.00 2,308.30 2,293.50  

Resistance levels: 2,337.00 2,345.20 2,354.60

XAU/USD Current price: $2,323.79

  • Comments from Federal Reserve Chair Jerome Powell helped the market’s mood improve.
  • The focus shifts to United States employment-related data, ADP report scheduled for Wednesday.
  • XAU/USD trades with a soft tone, limited chances of a bearish extension in the near term.

Spot Gold holds to familiar levels on Tuesday, with XAU/USD now retreating from an intraday high of $2,336.72 to trade just above the $2,320 mark. The bright metal turned south as the mood somehow improved in the American session following comments from Federal Reserve (Fed) Chairman Jerome Powell. Powell participated in a monetary policy panel at the 2024 ECB Forum on Central Banking in Sintra and noted the disinflation trend shows “signs of resuming.” However, he also said that the labor market is still strong, and that policymakers need to see more data like the one they have been seeing recently.

Meanwhile, Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, also hit the wires in a different event and said he still thinks a soft landing is possible and that the ark of inflation is clearly down. As a result, stock markets trimmed most of their intraday losses, although Wall Street’s major indexes remain in the red. Nevertheless, decreased demand for safety weighed on Gold.  

Speculative interest now focuses on United States (US) employment-related data. The country will release the Automatic Data Processing (ADP) Research Institute’s monthly report on private sector job creation for June and Challenger Job Cuts for the same month on Wednesday. The ADP report is expected to show that the private sector added 160K new positions in June, slightly above the 152K added in May. The reports could confirm or deny the case presented by Chair Powell about the labor market still being tight.

XAU/USD short-term technical outlook shows

The daily chart for XAU/USD shows it hovers around a flat 20 Simple Moving Average (SMA) for a third consecutive day, while the longer moving averages keep heading north below the current level. A bullish 100 SMA provides dynamic support at around $2,261.50. Technical indicators, in the meantime, turned modestly lower at around their midlines, lacking clear directional strength.

In the near term, and according to the 4-hour chart, XAU/USD is bearish-to-neutral, as it rests above a flat 100 SMA, while the 20 SMA turned directionless just above the current level. At the same time, the Momentum indicator heads south right below its midline, while the Relative Strength Index (RSI) indicator consolidates at around 48.

Support levels: 2,319.00 2,308.30 2,293.50  

Resistance levels: 2,337.00 2,345.20 2,354.60



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2 07, 2024

Natural Gas and Oil Forecast: WTI Nears $83.50; Bearish Correction Ahead?

By |2024-07-02T18:16:24+03:00July 2, 2024|Forex News, News|0 Comments


Natural Gas (NG) is trading at $2.46, marking a decrease of 0.44%. Analyzing the 2-hour chart, the current pivot point is precisely at $2.46. Resistance levels are set at $2.53, $2.59, and $2.64, respectively. On the downside, immediate support can be found at $2.42, with further support levels at $2.36 and $2.32.

Technical indicators suggest a bearish sentiment. The 50-day Exponential Moving Average (EMA) is at $2.63, and the 200-day EMA is higher at $2.74, both above the current price.

In conclusion, the outlook for Natural Gas is bearish below $2.46. A move above this pivot could suggest a shift towards a more bullish trend, while failure to surpass it may reinforce bearish pressures.

WTI Oil Price Forecast



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2 07, 2024

XAG/USD remains below $29.50 due to improved US Dollar, yields

By |2024-07-02T14:13:21+03:00July 2, 2024|Forex News, News|0 Comments


  • Silver price depreciates as US Dollar improves due to higher yields.
  • The non-yielding Silver may rebound as recent US inflation data raised the expectations of the Fed reducing rates in 2024.
  • Demand uncertainties in China, the largest consumer of Silver, might add to the pressure on prices.

Silver price (XAG/USD) halts its three-day winning streak, hovering around $29.30 per troy ounce during the European trading hours on Tuesday. The price of Silver faces the challenge of an improved US Dollar (USD), which could be attributed to the higher UST yields. Traders await Tuesday’s speech by Federal Reserve Chairman Jerome Powell to assess the monetary policy outlook.

The price of the grey metal may regain its ground as the recent US inflation data raised the expectations of the Federal Reserve (Fed) reducing interest rates in 2024. Lower interest rates could spark the demand of non-yielding assets like Silver.

On Friday, the US Bureau of Economic Analysis reported that recent US inflation eased to its lowest annual rate in over three years. The US Personal Consumption Expenditures (PCE) Price Index increased by 2.6% year-over-year in May, down from 2.7% in April. Meanwhile, Core PCE inflation rose by 2.6% year-over-year in May, down from 2.8% in April.

However, Federal Reserve Bank of San Francisco President Mary Daly remarked on Friday, “If inflation stays sticky or comes down slowly, rates would need to be higher for longer,” according to Reuters.

Demand uncertainties in China might contribute to the pressure on Silver prices after an official report indicated a second consecutive month of manufacturing downturn in June. China’s National Bureau of Statistics (NBS) reported that the Manufacturing PMI remained at 49.5.

Silver FAQs

Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.

Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.

Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.

Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

 



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2 07, 2024

XAU/USD buyers take out $2,330 hurdle ahead of US jobs data, Powell

By |2024-07-02T08:10:06+03:00July 2, 2024|Forex News, News|0 Comments


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  • Gold price posts small gains early Tuesday, following a positive start to the Big week. 
  • The US Dollar recovers overnight losses, as US Treasury yields retreat amid risk-off mood.  
  • Gold traders turn cautious ahead of US jobs data, Fed Chair Powell’s speech.
  • Gold price regains key 21-day SMA, as the daily RSI flips bullish. 50-day SMA is the next topside barrier.

Gold price is looking to build on the previous upswing in the Asian session on Tuesday. Gold buyers, however, could turn cautious heading into the key US JOLTs Job Openings data and US Federal Reserve (Fed) Chair Jerome Powell’s speech later in the day.

All eyes turn to Fed Chair Jerome Powell’s speech

Despite the upbeat momentum in Gold price, buyers seem to be struggling, as the US Dollar recovers overnight losses amid a softer risk tone. The Greenback also capitalizes on the fresh leg higher in the USD/JPY pair, as the Japanese Yen continues to fall toward the 162.00 mark.

The latest gains in Gold price could be attributed to a retreat in the US Treasury bond yields across the curve, as traders resort to profit-taking ahead of critical US event risks. The benchmark US 10-year Treasury bond yields pull back after facing resistance at the key 4.50% level.

Looking ahead, the expected decline in the US JOLTs Job Openings data to 7.9M in May from April’s 8.05M could provide signs of some loosening in the labor market, fanning September Fed rate cut expectations. Powell’s words, however, in the Policy Panel at the European Central Bank (ECB) Forum in Sintra are likely to play a pivotal role in the Gold price action.

Markets are currently pricing in a 64% chance of the Fed cutting interest rates in September and another cut in December, according to the CME Group’s FedWatch Tool.

On Monday, Gold price witnessed a good two-way price movement, initially trading with caution starting a big week. Gold price also took a hit after the US Dollar jumped notwithstanding the mixed US ISM Manufacturing PMI data. The ISM’s manufacturing PMI slipped to 48.5 last month from 48.7 in May. The ISM Manufacturing Price Paid sub-index also dropped sharply to 52.1 in June from May’s 57.0, missing the expected 55.9 print.

However, the uptick of the US Dollar was short-lived, as traders weighed the downbeat data, which supported the Fed’s bets for a policy pivot as early as September. The renewed US Dollar weakness helped Gold price stage a decent recovery, further aided by a short-covering by the shorter-term traders and some perceived bargain buying in the cash market.

Gold price technical analysis: Daily chart

 

With the 14-day Relative Strength Index (RSI) regaining the 50 level and Gold price closing Monday above the 21-day Simple Moving Average (SMA) at $2,328, buyers are back in the game.

However, they need to seek a daily candlestick closing above the immediate 50-day SMA barrier at $2,338 to resume the recovery from the monthly low of $2,287. 

The next relevant upside barrier is aligned at the $2,350 psychological level, above which the two-week high of $2,369 could be challenged.

On the flip side, the 21-day SMA resistance-turned-support at $2,328 could offer immediate cushion. A sustained move below the latter will test the previous day’s low of $2,319.

Additional declines could threaten the $2,300 threshold, below which the $2,290 support area will come into play. Around that level, the previous week’s low and the June low hang around.  

Economic Indicator

Fed’s Chair Powell speech

Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.
Read more.

Next release: Tue Jul 02, 2024 13:30

Frequency: Irregular

Consensus: –

Previous: –

Source: Federal Reserve

 

  • Gold price posts small gains early Tuesday, following a positive start to the Big week. 
  • The US Dollar recovers overnight losses, as US Treasury yields retreat amid risk-off mood.  
  • Gold traders turn cautious ahead of US jobs data, Fed Chair Powell’s speech.
  • Gold price regains key 21-day SMA, as the daily RSI flips bullish. 50-day SMA is the next topside barrier.

Gold price is looking to build on the previous upswing in the Asian session on Tuesday. Gold buyers, however, could turn cautious heading into the key US JOLTs Job Openings data and US Federal Reserve (Fed) Chair Jerome Powell’s speech later in the day.

All eyes turn to Fed Chair Jerome Powell’s speech

Despite the upbeat momentum in Gold price, buyers seem to be struggling, as the US Dollar recovers overnight losses amid a softer risk tone. The Greenback also capitalizes on the fresh leg higher in the USD/JPY pair, as the Japanese Yen continues to fall toward the 162.00 mark.

The latest gains in Gold price could be attributed to a retreat in the US Treasury bond yields across the curve, as traders resort to profit-taking ahead of critical US event risks. The benchmark US 10-year Treasury bond yields pull back after facing resistance at the key 4.50% level.

Looking ahead, the expected decline in the US JOLTs Job Openings data to 7.9M in May from April’s 8.05M could provide signs of some loosening in the labor market, fanning September Fed rate cut expectations. Powell’s words, however, in the Policy Panel at the European Central Bank (ECB) Forum in Sintra are likely to play a pivotal role in the Gold price action.

Markets are currently pricing in a 64% chance of the Fed cutting interest rates in September and another cut in December, according to the CME Group’s FedWatch Tool.

On Monday, Gold price witnessed a good two-way price movement, initially trading with caution starting a big week. Gold price also took a hit after the US Dollar jumped notwithstanding the mixed US ISM Manufacturing PMI data. The ISM’s manufacturing PMI slipped to 48.5 last month from 48.7 in May. The ISM Manufacturing Price Paid sub-index also dropped sharply to 52.1 in June from May’s 57.0, missing the expected 55.9 print.

However, the uptick of the US Dollar was short-lived, as traders weighed the downbeat data, which supported the Fed’s bets for a policy pivot as early as September. The renewed US Dollar weakness helped Gold price stage a decent recovery, further aided by a short-covering by the shorter-term traders and some perceived bargain buying in the cash market.

Gold price technical analysis: Daily chart

 

With the 14-day Relative Strength Index (RSI) regaining the 50 level and Gold price closing Monday above the 21-day Simple Moving Average (SMA) at $2,328, buyers are back in the game.

However, they need to seek a daily candlestick closing above the immediate 50-day SMA barrier at $2,338 to resume the recovery from the monthly low of $2,287. 

The next relevant upside barrier is aligned at the $2,350 psychological level, above which the two-week high of $2,369 could be challenged.

On the flip side, the 21-day SMA resistance-turned-support at $2,328 could offer immediate cushion. A sustained move below the latter will test the previous day’s low of $2,319.

Additional declines could threaten the $2,300 threshold, below which the $2,290 support area will come into play. Around that level, the previous week’s low and the June low hang around.  

Economic Indicator

Fed’s Chair Powell speech

Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.
Read more.

Next release: Tue Jul 02, 2024 13:30

Frequency: Irregular

Consensus: –

Previous: –

Source: Federal Reserve

 



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1 07, 2024

XAU/USD faces some consolidation ahead of key week

By |2024-07-01T22:03:38+03:00July 1, 2024|Forex News, News|0 Comments


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  • The US Dollar kicked off the new trading week on the back foot.
  • Markets’ attention should remain on the ECB Forum and key US data.
  • XAU/USD appears side-lined around the $2,330 zone so far.

Spot Gold trades in an inconclusive fashion at the beginning of the week, as markets participants continued to gauge the results of the French elections on June 30, while key US data releases, the speech by Chair Powell and the ECB Forum in Portugal are all expected to keep price action around the precious metal under scrutiny in the upcoming few days.

Meanwhile, the dominating appetite for the risk-linked complex keeps the Greenback on the defensive, although the marked rebound in US yields across the curve prevents the yellow metal from gathering more convincing upside traction for the time being.

In the meantime, the US Dollar maintains its bearish stance after the final S&P Global Manufacturing PMI came in at 51.6 in June, while Construction Spending contracted by 0.1% in May vs. the previous month, and the always relevant ISM Manufacturing PMI retreated to 48.5 in the last month.

Moving forward, investors and the yellow metal are expected to closely follow Chief Powell’s participation at the ECB Forum in Sintra (Portugal) on July 2, the publication of the FOMC Minutes of the June 12 gathering and, finally, the release of the crucial Nonfarm Payrolls on July 5, all bearing in mind the potential interest rate path by the Fed in the latter part of the year.

XAU/USD short-term technical outlook

XAU/USD hovers around $2,330, and the daily chart shows the continuation of the consolidative phase for the time being. So far, the yellow metal should meet initial contention at the June low of $2,287. While the provisional 55-day SMA favours further range bound trade, both the 100-day AND 200-day SMAs at $2,258 and $2,123, respectively, suggest further upside might be on the table. In the same line, the Relative Strength Index (RSI) indicator surpassed the 50 threshold and kind of underpins the latter view.

Looking at the 4-hour chart, XAU/USD also looks side-lined in the short-term horizon. However, technical indicators keep pointing upward and seem to favour some fresh buying interest. The surpassing of recent tops around $2,340 should unveil a potential challenge to the key 200-SMA around $2,345.

Support levels: 2,308.30 2,293.50 2,279.60 

Resistance levels: 2,337.00 2,344.25 2,368.76

  • The US Dollar kicked off the new trading week on the back foot.
  • Markets’ attention should remain on the ECB Forum and key US data.
  • XAU/USD appears side-lined around the $2,330 zone so far.

Spot Gold trades in an inconclusive fashion at the beginning of the week, as markets participants continued to gauge the results of the French elections on June 30, while key US data releases, the speech by Chair Powell and the ECB Forum in Portugal are all expected to keep price action around the precious metal under scrutiny in the upcoming few days.

Meanwhile, the dominating appetite for the risk-linked complex keeps the Greenback on the defensive, although the marked rebound in US yields across the curve prevents the yellow metal from gathering more convincing upside traction for the time being.

In the meantime, the US Dollar maintains its bearish stance after the final S&P Global Manufacturing PMI came in at 51.6 in June, while Construction Spending contracted by 0.1% in May vs. the previous month, and the always relevant ISM Manufacturing PMI retreated to 48.5 in the last month.

Moving forward, investors and the yellow metal are expected to closely follow Chief Powell’s participation at the ECB Forum in Sintra (Portugal) on July 2, the publication of the FOMC Minutes of the June 12 gathering and, finally, the release of the crucial Nonfarm Payrolls on July 5, all bearing in mind the potential interest rate path by the Fed in the latter part of the year.

XAU/USD short-term technical outlook

XAU/USD hovers around $2,330, and the daily chart shows the continuation of the consolidative phase for the time being. So far, the yellow metal should meet initial contention at the June low of $2,287. While the provisional 55-day SMA favours further range bound trade, both the 100-day AND 200-day SMAs at $2,258 and $2,123, respectively, suggest further upside might be on the table. In the same line, the Relative Strength Index (RSI) indicator surpassed the 50 threshold and kind of underpins the latter view.

Looking at the 4-hour chart, XAU/USD also looks side-lined in the short-term horizon. However, technical indicators keep pointing upward and seem to favour some fresh buying interest. The surpassing of recent tops around $2,340 should unveil a potential challenge to the key 200-SMA around $2,345.

Support levels: 2,308.30 2,293.50 2,279.60 

Resistance levels: 2,337.00 2,344.25 2,368.76



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