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April 10th - Market news: Ebrahim Azizi, chairman of the Iranian parliaments National Security Committee, stated on Friday that parliament has proposed a permanent ban on oil tankers linked to the United States and Israel passing through the Strait of Hormuz. Ships with ties to or traveling to Israel will also be prohibited from passage, and the ban will also apply to countries that take action against the Resistance Front.April 10 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on April 10. A reporter asked whether Foreign Minister Wang Yi, whose visit to North Korea had entered its second day, would meet with North Korean leader Kim Jong Un. Could the Foreign Ministry provide more information about the visit? Mao Ning stated that China had already released some press releases regarding Foreign Minister Wang Yis visit to North Korea, and would release further information as soon as possible. He encouraged the reporter to stay tuned.April 10th - Ahead of the US-Iran talks this weekend, oil prices rose but remained below $100 per barrel. Emmanuel Bellostrino, head of global oil and geopolitical market data at Kpler, stated, "The outcome of the negotiations, particularly whether a viable shipping agreement can be reached, is a key variable in determining whether the current backlog can begin to ease." In early European trading, both WTI and Brent crude oil prices continued to rise, currently trading at $99.7 per barrel and $97.6 per barrel respectively. Navigation in the Strait of Hormuz remains largely frozen, and supply disruptions are keeping the market tense. Irans attack on Saudi Arabias main export route (the East-West Pipeline) has reduced its capacity by approximately 700,000 barrels per day.On April 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked about the Japanese governments release of its Diplomatic Blue Book, which, compared to last year, downgraded Chinas description from "one of the most important bilateral relationships" to "an important neighbor." Mao Ning stated that the root cause of the current situation in China-Japan relations lies in Japanese Prime Minister Sanae Takaichis erroneous remarks regarding Taiwan, which have breached trust, damaged the political foundation of China-Japan relations, and challenged the post-war international order. Japan should abide by the four political documents between China and Japan and its own commitments, reflect on and correct its mistakes, and take concrete actions to safeguard the political foundation of China-Japan relations.On April 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked: The Agreement on Biological Diversity in the Sea (ADBB) entered into force in January this year. China nominated Xiamen to host the ADBB Secretariat. Some media analysts believe that the United States has not yet ratified the ADBB and is cutting its budget to support the United Nations, allowing China to expand its influence in the field of ocean governance. What is Chinas response to this? Mao Ning stated that the core of multilateralism lies in the fact that world affairs are handled through consultation, jointly addressing challenges, and sharing opportunities and prosperity, rather than a zero-sum game where one side advances while the other retreats. The conclusion and entry into force of the ADBB is a victory for multilateralism and an important milestone in global ocean governance. The comprehensive and effective implementation of the agreement is crucial to human well-being. China has always adhered to genuine multilateralism, attaches importance to the protection and sustainable use of the ocean, and is willing to make new contributions to global ocean governance.

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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