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The Norwegian Road Federation reports that Teslas new car registrations in Norway increased by 175% year-on-year in November.The final reading of the Eurozone Manufacturing PMI for November was 49.6, below the expected 49.7 and the previous reading of 49.7.Germanys final manufacturing PMI for November was 48.2, below the expected 48.4 and the previous reading of 48.4.On December 1st, Jonas Feldhusen, an economist at Commerzbank Hamburg, stated that the French manufacturing sector remained weak in November, despite a rebound in exports. The final November manufacturing PMI fell to 47.8 from 48.8 in October, confirming the disappointing preliminary reading. The downward trend was particularly pronounced in demand-related sub-indices, leading to a further contraction in production at its fastest pace since February. New orders showed little improvement – only overseas orders saw growth – highlighting continued weakness in domestic demand. This weakness was also reflected in purchasing activity and inventory dynamics. Companies are reducing raw material purchases and simultaneously cutting inventories, indicating declining production demand. Employment contracted again after a brief period of growth from May to October, meaning a net decrease in manufacturing employment in November. Price changes added further pressure. PMI price data showed that manufacturers faced intense competition, limiting increases in output prices. Against this backdrop, corporate profit margins are likely to be squeezed.Frances final manufacturing PMI for November was 47.8, in line with expectations and the previous reading.

During the week, gold markets exhibit signs of support following a rebound

Alina Haynes

May 07, 2022 10:30

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Weekly Technical Analysis of Gold 

This week, gold prices fell early, but found sufficient support near $1850 to reverse course and show signs of life. Due to this, it appears that the market is attempting to re-enter the previous consolidation region, and it is also worth noting that the weekly candlestick is a hammer, which is the same form as the previous week's candlestick. This normally indicates that a rebound is more likely than not, and a break above $1905 might confirm this.

 

Alternatively, if we were to break below the bottom of the hammer, it is likely that we would next target the $1800 level. The $1800 mark is a large, round, psychologically significant number and an area where substantial bullish pressure was previously observed. Because of this, I believe it would serve as support more often than not. In spite of this, I believe it is only a matter of time before we must make a larger decision, thus I believe it is only a matter of time before we must make a larger move.

 

Currently, I favor the upside, but I must maintain an open mind since there is certainly a great deal of market noise, and hence gold will continue to be volatile in the future. In light of this, maintain a modest position size and acknowledge that caution is currently the better part of valor.

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