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June 15th - Singapores Deputy Prime Minister announced that the Singapore Exchange (SGX) will establish an over-the-counter (OTC) gold clearing system and is exploring physically deliverable gold futures contracts. The Monetary Authority of Singapore (MAS) will remove the 5% cap on physical precious metal investments under the Funds Tax Incentive Scheme, and will launch a central bank vault custody service by October. JPMorgan Chase, DBS Bank, and other banks have already signed on as gold clearing members, and interbank gold trading is expected to rebound from 2027 onwards.As of 09:30 Beijing time, WTI crude oil futures fell 5.04%, and US natural gas futures fell 2.12%.Japanese Foreign Minister Toshimitsu Motegi: We will maintain close coordination with the international community.Japanese Foreign Minister Toshimitsu Motegi: We will do our utmost to achieve stability in the Middle East.Gold prices rose in early Asian trading on June 15th following the provisional peace agreement reached between the US and Iran. This agreement could help normalize oil supplies and ease market concerns about energy-driven inflation. Since the outbreak of the Middle East conflict in late February, gold prices have fallen by more than 20% due to high energy prices and supply chain disruptions leading to expectations of higher interest rates, dragging down the performance of this non-interest-bearing metal. Furthermore, safe-haven inflows have pushed up the US dollar, further increasing pressure. Analysts at ANZ Bank stated that the war reinforced structural reasons for investors to increase their gold allocations, including geopolitical divisions and waning confidence in bonds as a reliable portfolio diversification tool.

ETH Bulls Target a Return to $1,600 on Shanghai Hard Fork Sentiment

Cory Russell

Jan 17, 2023 16:05

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On Sunday, Ethereum (ETH) increased by 0.19%. ETH gained 6.75% on Saturday before gaining 20.39% for the week to $1,553. For the second time since November 7, ETH ended the day above $1,500.


ETH saw a negative start to the day, dropping to a low of $1,516 in the morning. ETH increased to a high of $1,567 in the late afternoon after avoiding the First Major Support Level (S1) at $1,467. ETH slipped back to conclude the day at $1,553 after failing to pass the First Major Resistance Level (R1) at $1,616, however.


Bitcoin (BTC) decreased by 0.40% on Sunday. BTC concluded the week up by 21.83% to $20,882, somewhat erasing a 5.20% rise from Saturday. Notably, BTC had its seven-session winning run come to an end while testing $21,000 for the second time since November 7.


As the day got off to a negative start, BTC dropped to an early low of $20,566. BTC increased to a high of $21,055 in the late afternoon, avoiding the First Major Support Level (S1) around $20,116. BTC crept slightly to close the day at $20,882, but it fell short of the First Major Resistance Level (R1) at $21,597.


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