Metals Price

Silver Technical Analysis

Silver achieved all its proposed goals, as we mentioned in the previous analyses The price reached the target of 24.00, and we expect new positive trades towards 24.50 and then 24.92, on the condition that the price closes above the 23.80 - 24.00 level. However, if the price stabilizes below the 23.80 level, it will likely decline towards 23.60, then 23.30, followed by the 23.00 level.

Gold Technical Analysis

Happy Friday to you, our dear customers Gold achieved our suggested positive target towards 1985 after positive stability above the 1960 level, as we mentioned in the previous analysis. It is expected that if the price stabilizes above the levels of 1976-1980, it will move towards a possible test of the levels of 1992 and then 2008 again. However, if the 1976 level is broken, it will decline towards 1960, then 1944, followed by the 1933 level before any new opportunity to rise appears.

ECB to Hike Rates By Another 50Bps

The European Central Bank will likely hold to its policy guidance and increase interest rates by another 50 bps to fresh 14-year highs on Thursday, but it might adopt a more dovish tone as policymakers try to reconcile the fight against inflation with the need to maintain financial stability. Markets have also priced a chance of a smaller 25 bps rate hike following the failure of Silicon Valley Bank in the US and the collapse in the share price of Credit Suisse this week. However, ECB policymakers asserted that there were no indications of a direct risk of contagion to European banks from turmoil in the US banking sector, while Swiss authorities have also stepped in to support the embattled Swiss bank.

Dollar Gains as Yen Selloff Intensifies

The dollar index climbed toward 103 on Wednesday, lifted by a sharp yen decline after the Bank of Japan defied market expectations for another policy adjustment by maintaining ultra-low interest rates and keeping its yield control policy unchanged. Meanwhile, the greenback remained close to its lowest levels in over seven months after data showed that US annual inflation slowed for a sixth straight month to 6.5% in December, in line with market forecasts. That was also the lowest reading since October 2021, raising hopes that inflation peaked at 9.1% in June. The data cemented expectations that the Fed will downshift to a smaller 25 basis point interest rate hike in February after delivering a half-percentage point increase in December. Investors now look ahead to US producer inflation and retail sales data due later on Wednesday that could provide more clues on the central bank’s policy tightening path.

gold scoring a 8 month peak. Bullish

Gold and silver prices are higher in early U.S. trading Wednesday, with gold scoring a 8 month peak. Bullish technical postures for the metals continue . Meantime, ideas of better economic growth in China are supporting metals prices on notions of increased demand. February gold was last up $4.50 at $1,880.60 and March silver was up $0.25 at $23.915. Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. Trader and investor risk appetite is not robust early in the new year, amid most major central banks that are still-hawkish on their monetary policies. However, risk aversion is not keen, either, due to hopes China’s economy, the second-largest in the world, will see improved growth after the Chinese government relaxed Covid restrictions. In overnight news, it appears most of the U.S. airline industry has seen its flights suspended due to a computer malfunction of unknown nature. The first thing that comes to many market watchers’ minds is a major cyber attack from a foreign country that could prompt a retaliation from the U.S.

Gold Hits 6-Month Highs on Growth Concerns

Gold jumped 1% to around $1,840 an ounce on Tuesday, hitting its highest levels in 6 months as growth concerns dominated sentiment at the start of the year, with swiftly diminishing hopes that the US Federal Reserve could engineer a soft landing. IMF head Kristalina Georgiva warned that 2023 is going to be a tough year as the main engines of growth, namely the US, Europe and China, are all experiencing weakening activity. Investors now look ahead to a raft of data this week that could guide the outlook for growth and monetary policy, including manufacturing PMI data from major economies, a key monthly US jobs report and the latest Fed minutes. Meanwhile, gold ended 2022 nearly flat around $1,810 an ounce after experiencing wild swings throughout the period. The metal reached a near-record high of $2,070 in March at the onset of Russia’s invasion of Ukraine, before dropping to an over 2-year low of almost $1,600 in September on aggressive monetary tightening worldwide.

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