200-Day Line at 2.46 is Next Target

The next target zone is the 200-Day MA at 2.46. It is strengthened by the 50% retracement, which marks the same price. Natural gas is well on its way to that target, and it continues to have a good chance of being reached before resistance stops the ascent, possibly leading to a pullback. Further, the 50-Week MA (not shown) is slightly above the 200-Day line at 2.49. If the completion of the measured move at today’s high doesn’t end the ascent, a 2.46 to 2.48 target zone should be next on the agenda.

First Approach to 200-Day Line Could See Strong Resistance

It is common for price to be rejected from a long-term moving average the first time it is approached after being away from it for a while. Following the January 25 internal swing high natural gas dropped below the 200-Day line and accelerated to the downside.

The current rally is the first attempt since then to test the 200-Day line as resistance. However, if natural gas manages to break through the 200-Day line and the 50-Week line, and then stays above them, it would next be heading towards the 61.8% Fibonacci retracement at 2.68. Depending on when reached, the upper declining blue dashed channel line may have an impact as the channel line and 61.8% level may be near each other.

Near-term Support at 2.31

If instead of continuing to ascend, today’s high leads to a retracement, the first sign of it would be on a drop below today’s low of 2.31. The prior swing low and 38.2% retracement at 2.24 would the be the next lower possible support zone. Other price levels will be looked at in the future if the pullback scenario unfolds.

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

XAU/USD Current price: $2,351.39

• United States wholesale inflation was hotter than expected in April.
• Federal Reserve Chair Jerome Powell smashed the odds for a soon-to-come rate cut.
• XAU/USD timidly advances, the bullish momentum is still missing.

Spot Gold advanced towards the $2,350 region mid-Tuesday, ticking north on the US DollarDollar’sess. XAU/USD picked at $2,356.96 following the release of the United States (US) Producer Price Index (PPI) data. The figures indicated inflationary pressures persist, as the monthly PPI rose 0.5% in April, up from -0.1% in March and above the 0.3% expected. Furthermore, it rose 2.2% YoY, while the core annual reading was 2.4%, unchanged from March. The overall figures were not really worrisome, as they stand just above the desired 2% inflation level, but the monthly uptick spurred concerns as it suggests the increase at wholesale levels will soon show in consumers.

The US will release the April Consumer Price Index (CPI) report on Wednesday. Although the Federal Reserve (Fed) bases its monetary policy decision on a different inflation measure, any deviation will likely trigger action across the FX board.

Meanwhile, US indexes struggle to overcome the bad news. The Dow Jones Industrial Average and the S&P500 are stuck around their opening levels, while the Nasdaq Composite is roughly 40 points up. Stocks’ behavior suggests market players are not particularly worried about the figures, while the absence of such concerns limits demand for safe-haven gold.

Fed Chairman Jerome Powell spoke at a moderated discussion with De Nederlandsche Bank (DNB) President Klaas Knot at the Foreign Bankers’ Association’s General Meeting in Amsterdam and delivered quite a hawkish message. Powell said the economy has been performing well due to a very strong labor market. He also noted the labour market continues to rebalance but remains strong, adding policymakers need to be “patient” on “inflation. “Confidence in inflation moving back down is lower than it was. My confidence in that is not as high as it was before,” Powell said, smashing hopes for a soon-to-come rate cut.

XAU/USD short-term technical outlook

The daily XAU/USD pair chart shows buyers timidly adding longs. The pair holds above the 23.6% Fibonacci retracement of the April/May rally at $2,326.50, a relevant support level. Furthermore, it finds buyers for a second consecutive day around a mildly bearish 20 Simple Moving Average (SMA), while the longer ones maintain their bullish slopes far below the current level. Finally, technical indicators turned higher within positive levels, although with limited upward strength.

In the near term, and according to the 4-hour chart, XAU/USD is neutral to bullish. Gold is seesawing around a bullish 20 SMA while the 100 and 200 SMAs converge just below the aforementioned Fibonacci level. Technical indicators, in the meantime, have turned higher, although the Momentum indicator remains below its 100 line, limiting the odds of a firmer advance.

Support levels: 2,326.50 2,310.40 2,298.70

Resistance levels: 2,356.90 2,367.10 2,381.40

XAU/USD Current price: $2,351.39

• United States wholesale inflation was hotter than expected in April.
• Federal Reserve Chair Jerome Powell smashed the odds for a soon-to-come rate cut.
• XAU/USD timidly advances, the bullish momentum is still missing.

Spot Gold advanced towards the $2,350 region mid-Tuesday, ticking north on the US DollarDollar’sess. XAU/USD picked at $2,356.96 following the release of the United States (US) Producer Price Index (PPI) data. The figures indicated inflationary pressures persist, as the monthly PPI rose 0.5% in April, up from -0.1% in March and above the 0.3% expected. Furthermore, it rose 2.2% YoY, while the core annual reading was 2.4%, unchanged from March. The overall figures were not really worrisome, as they stand just above the desired 2% inflation level, but the monthly uptick spurred concerns as it suggests the increase at wholesale levels will soon show in consumers.

The US will release the April Consumer Price Index (CPI) report on Wednesday. Although the Federal Reserve (Fed) bases its monetary policy decision on a different inflation measure, any deviation will likely trigger action across the FX board.

Meanwhile, US indexes struggle to overcome the bad news. The Dow Jones Industrial Average and the S&P500 are stuck around their opening levels, while the Nasdaq Composite is roughly 40 points up. Stocks’ behavior suggests market players are not particularly worried about the figures, while the absence of such concerns limits demand for safe-haven gold.

Fed Chairman Jerome Powell spoke at a moderated discussion with De Nederlandsche Bank (DNB) President Klaas Knot at the Foreign Bankers’ Association’s General Meeting in Amsterdam and delivered quite a hawkish message. Powell said the economy has been performing well due to a very strong labor market. He also noted the labour market continues to rebalance but remains strong, adding policymakers need to be “patient” on “inflation. “Confidence in inflation moving back down is lower than it was. My confidence in that is not as high as it was before,” Powell said, smashing hopes for a soon-to-come rate cut.

XAU/USD short-term technical outlook

The daily XAU/USD pair chart shows buyers timidly adding longs. The pair holds above the 23.6% Fibonacci retracement of the April/May rally at $2,326.50, a relevant support level. Furthermore, it finds buyers for a second consecutive day around a mildly bearish 20 Simple Moving Average (SMA), while the longer ones maintain their bullish slopes far below the current level. Finally, technical indicators turned higher within positive levels, although with limited upward strength.

In the near term, and according to the 4-hour chart, XAU/USD is neutral to bullish. Gold is seesawing around a bullish 20 SMA while the 100 and 200 SMAs converge just below the aforementioned Fibonacci level. Technical indicators, in the meantime, have turned higher, although the Momentum indicator remains below its 100 line, limiting the odds of a firmer advance.

Support levels: 2,326.50 2,310.40 2,298.70

Resistance levels: 2,356.90 2,367.10 2,381.40

XAU/USD Current price: $2,333.65

• Investors await the United States Consumer Price Index for fresh directional clues.
• Federal Reserve officials take centre stage in the absence of relevant macroeconomic data.
• XAU/USD gains near-term bearish traction and aims to retest the $2,300 mark.

Spot Gold traded with a soft tone on Monday, now hovering around $2,335 a troy ounce. XAU/USD hit an intraday high of $2,364.38 before changing course,  despite broad US Dollar’s weakness. The American currency shed ground against most major rivals, only firmer vs safe-haven rivals on the back of generally hawkish statements from Federal Reserve (Fed) officials and mounting speculation the central bank won’t cut rates in the near future.

On the one hand, the New York Federal Reserve released its monthly Survey of Consumer Expectations on Monday, which sowed one year ahead, inflation expectations rose to 3.3% vs 3% in March. The report came after the University of Michigan also reported an increase in Consumer Inflation Expectations in May last Friday. On the other hand, Federal Reserve Vice-Chairman Philip Jefferson hit the wires with some hawkish comments, saying inflation is a source of concern for the Fed and that it remains appropriate to maintain the policy rate in restrictive territory.

Other than that, market participants have little news to work with, moreover considering the upcoming release of the United States (US) April Consumer Price Index (CPI) on Wednesday. The CPI is foreseen at  3.4% YoY, slightly below the 3.5% posted in March.

XAU/USD short-term technical outlook

The XAU/USD pair keeps trading around the 23.6% Fibonacci retracement of the April/May rally at $2,326.50, with the failed attempt to regain the upside taking its toll on buyers. The daily chart shows technical indicators turned south, approaching their midlines from above, which is not enough to confirm a bearish extension but reflects decreasing buying interest. At the same time, the pair is hovering around a bearish 20 Simple Moving Average (SMA) while the longer moving averages maintain their bullish slopes far below the current level.

For the near term, the 4-hour offers an increasingly bearish potential. Technical indicators retreated sharply from overbought readings on Friday and approached their midlines with firmly bearish slopes. At the same time, XAU/USD is trading below a mildly bullish 20 SMA, while a bearish 100 SMA converges with the aforementioned Fibonacci level, reinforcing its relevance. A break below the latter should open the door for a test of the $2,300 price zone.

Support levels: 2,326.50 2,310.40 2,298.70

Resistance levels: 2,340.15 2,356.90 2,367.10

XAU/USD Current price: $2,333.65

• Investors await the United States Consumer Price Index for fresh directional clues.
• Federal Reserve officials take centre stage in the absence of relevant macroeconomic data.
• XAU/USD gains near-term bearish traction and aims to retest the $2,300 mark.

Spot Gold traded with a soft tone on Monday, now hovering around $2,335 a troy ounce. XAU/USD hit an intraday high of $2,364.38 before changing course,  despite broad US Dollar’s weakness. The American currency shed ground against most major rivals, only firmer vs safe-haven rivals on the back of generally hawkish statements from Federal Reserve (Fed) officials and mounting speculation the central bank won’t cut rates in the near future.

On the one hand, the New York Federal Reserve released its monthly Survey of Consumer Expectations on Monday, which sowed one year ahead, inflation expectations rose to 3.3% vs 3% in March. The report came after the University of Michigan also reported an increase in Consumer Inflation Expectations in May last Friday. On the other hand, Federal Reserve Vice-Chairman Philip Jefferson hit the wires with some hawkish comments, saying inflation is a source of concern for the Fed and that it remains appropriate to maintain the policy rate in restrictive territory.

Other than that, market participants have little news to work with, moreover considering the upcoming release of the United States (US) April Consumer Price Index (CPI) on Wednesday. The CPI is foreseen at  3.4% YoY, slightly below the 3.5% posted in March.

XAU/USD short-term technical outlook

The XAU/USD pair keeps trading around the 23.6% Fibonacci retracement of the April/May rally at $2,326.50, with the failed attempt to regain the upside taking its toll on buyers. The daily chart shows technical indicators turned south, approaching their midlines from above, which is not enough to confirm a bearish extension but reflects decreasing buying interest. At the same time, the pair is hovering around a bearish 20 Simple Moving Average (SMA) while the longer moving averages maintain their bullish slopes far below the current level.

For the near term, the 4-hour offers an increasingly bearish potential. Technical indicators retreated sharply from overbought readings on Friday and approached their midlines with firmly bearish slopes. At the same time, XAU/USD is trading below a mildly bullish 20 SMA, while a bearish 100 SMA converges with the aforementioned Fibonacci level, reinforcing its relevance. A break below the latter should open the door for a test of the $2,300 price zone.

Support levels: 2,326.50 2,310.40 2,298.70

Resistance levels: 2,340.15 2,356.90 2,367.10

Weight of Technical Evidence

Like criminal investigations shown on TV, technical analysis also looks at the weight of evidence to assist in identifying what the market might be telling us. Clues are provided in price behavior and price patterns. The approaching resistance zone is a good example of this as there are at least five pieces of analysis pointing to potential resistance in the range of 2.37 to 2.46.

In other words, there is a confluence of potential price targets in that range. Either could turn the market down on their own. But when combined relatively close together they provide a warning sign to pay extra attention to price action as the zone is entered. And for simplicity, not all clues are included in today’s article.

Confluence of Price Targets from 2.37 to 2.46

The specific price levels identified are 2.37, 2.40 and 2.46. Two indicators point to 2.37, the completion of a rising ABCD pattern extended by the 161.8% Fibonacci ratio, sometimes referred to as the golden ratio, and a target from the bottom symmetrical triangle consolidation pattern (light blue arrows).

Next is the 2.40 price target. It is derived from the completion of a measured move that matches the percentage rise in the price of natural gas from the December 13 swing low. The December 13 rally ended with a 51.8% advance in the price of natural gas. Similarly, the current rally from the April 25 swing low, will be up by 51.8% at a price of 2.40.

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

By Jess Sharp, Money team 

Money saving trends are constantly popping up on social media – but one in particular has been gaining huge amounts of attention.

Created accidentally by a comedian, loud budgeting is breaking down the taboo of speaking about money.

The idea is based on being firmer/more vocal about your financial boundaries in social situations and setting out what you are happy to spend your money on, instead of “Keeping up with the Joneses”. 

On TikTok alone, videos published under the hashtag #loudbudgeting have garnered more than 30 million views – and that figure is continuing to climb. 

We spoke to Lukas Battle – the 26-year-old who unintentionally created the trend as part of a comedy sketch. 

Based in New York, he came up with the term in a skit about the “quiet luxury” hype, which had spread online in 2023 inspired by shows like Succession. 

The term was used for humble bragging about your wealth with expensive items that were subtle in their design – for example, Gwyneth Paltrow’s  £3,900 moss green wool coat from The Row, which she wore during her ski resort trial…

“I was never a big fan of the quiet luxury trend, so I just kind of switched the words and wrote ‘loud budgeting is in’. I’m tired of spending money and I don’t want to pretend to be rich,” Lukas said. 

“That’s how it started and then the TikTok comments were just obsessed with that original idea.” 

This was the first time he mentioned it…

Lukas explained that it wasn’t about “being poor” but about not being afraid of sharing your financial limits and “what’s profitable for you personally”. 

“It’s not ‘skip a coffee a day and you’ll become a millionaire’.”

While talking money has been seen as rude or taboo, he said it’s something his generation is more comfortable doing. 

“I’ve seen more debate around the topic and I think people are really intrigued and attracted by the idea,” he said. 

“It’s just focusing your spending and time on things you enjoy and cutting out the things you might feel pressured to spend your money on.”  

He has incorporated loud budgeting into his own life, telling his friends “it’s free to go outside” and opting for cheaper dinner alternatives.

“Having the terminology and knowing it’s a trend helps people understand it and there’s no awkward conversation around it,” he said. 

The trend has been a big hit with so-called American “finfluencers”, or “financial influencers”, but people in the UK have started practising it as well. 

Mia Westrap has taken up loud budgeting by embarking on a no-buy year and sharing her finances with her 11.3k TikTok followers. 

Earning roughly £2,100 a month, she spends around £1,200 on essentials, like rent, petrol and car insurance, but limits what else she can purchase. 

Clothes, fizzy drinks, beauty treatments, makeup, dinners out and train tickets are just some things on her “red list”. 

The 26-year-old PHD student first came across the idea back in 2017, but decided to take up the challenge this year after realising she was living “pay check to pay check”. 

She said her “biggest fear” in the beginning was that her friends wouldn’t understand what she was doing, but she found loud budgeting helped. 

“I’m still trying my best to just go along with what everyone wants to do but I just won’t spend money while we do it and my friends don’t mind that, we don’t make a big deal out of it,” she said. 

So far, she has been able to save £1,700, and she said talking openly about her money has been “really helpful”. 

“There’s no way I could have got this far if I wasn’t baring my soul to the internet about the money I have spent. It has been a really motivating factor.”

Financial expert John Webb said loud budgeting has the ability to help many “feel empowered” and create a “more realistic” relationship with money.

“This is helping to normalise having open and honest conversations about finances,” the consumer affair manager at Experien said. 

“It can also reduce the anxiety some might have by keeping their financial worries to themselves.” 

However, he warned it’s important to be cautious and to take the reality of life into consideration. 

“It could cause troubles within friendship groups if they’re not on the same page as you or have different financial goals,” he said.

“This challenge isn’t meant to stop you from having fun, but it is designed to help people become more conscious and intentional when it comes to money, and reduce the stigma around talking about it.” 

Technically, while gold and silver are soaring through their 50- and 200- day moving averages, platinum is struggling with its intermediate and long-term moving averages at $914.07 and $924.36, respectively.

In recent developments, Paul Dunne, CEO of Northam Platinum (NPHJ.J), a leading South African platinum mining company, expressed his concerns on Friday. He highlighted that platinum mining firms in South Africa, the foremost global supplier of the metal, are grappling with extremely challenging market conditions. According to Dunne, the sector is undergoing the most severe crisis it has faced in thirty years, with plummeting prices exerting intense pressure.

Dunne remarked, “I personally believe it’s the worst crisis I have seen in three decades, on a relative basis,” emphasizing the critical situation facing the industry. He added, “The squeeze on the industry is severe,” during a discussion with journalists.

Despite potential support from OPEC+ extending supply cuts, the robust U.S. dollar—strengthened by expectations that the Federal Reserve will maintain current interest rates—makes dollar-denominated oil more costly for holders of other currencies.

Updated Mar 4, 2024 | 01:23 PM IST

Platinum Industries IPO Share Listing Price Prediction: Platinum Industries is engaged in the business of manufacturing stabilizers. (Image: iStock/Company’s website/ET NOW News)

Platinum Industries IPO Share Listing Price Prediction: Platinum Industries Limited is set to make its market debut tomorrow on Tuesday, March 5, 2024. The initial public offering (IPO) of Platinum Industries opened for subscription on February 27 and closed on February 29. The Platinum Industries IPO is set to make a bumper listing, as its grey market premium (GMP) in the unlisted market is still on fire. Read on to check Platinum Industries IPO share listing price prediction.

Platinum Industries is engaged in the business of manufacturing stabilizers. Its business segment also includes PVC stabilizers, CPVC additives, and lubricants. The company’s products are used in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials, etc. The manufacturing facility of the company is situated in Palghar, Maharashtra, and spreads across 21,000 sq. ft. of land.

Platinum Industries Limited IPO Subscription Status

Platinum Industries IPO has been subscribed 99.03 times in total as the issue received bids for 95.39 crore equity shares as against 96.32 lakh shares on the offer.

The public issue is subscribed 50.99 times in the retail category, 151 times in the Qualified Institutional Buyers’ (QIB) category, and 141.83 times in the Non-Institutional Investors’ (NII) category.

Platinum Industries Limited IPO GMP Today

According to several websites that track grey market activities, Platinum Industries shares are commanding a strong grey market premium. Its shares are trading at a premium of Rs 85. A week ago, the unlisted shares of platinum Industries were trading with a premium of Rs 100 apiece.

Platinum Industries Limited IPO Listing Price Prediction

Considering the upper price band of Rs 171 and the current GMP of Rs 85, the estimated listing price of Platinum Industries Limited IPO is Rs 256. This translates into a GMP of around 49.71 per cent over the issue price.

Platinum Industries Limited IPO Share Listing Date

The equity shares of Platinum Industries Limited have been proposed to be listed on both the leading exchanges – NSE and BSE. The listing will take place on March 5, 2024, and the trading in the counter will begin thereafter.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)