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January 9th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices fluctuated downwards in the recent intraday trading, attempting to retrace previous gains and escape the clearly overbought conditions indicated by the Relative Strength Index (RSI). Especially with the appearance of a negative crossover, the price broke below the major downtrend line in the short term while trading above the 50-day moving average, representing dynamic pressure and increasing the likelihood of a continuation of the upward trend in the short term.According to Business Insider, TikTok has told some of its U.S. employees that they will be working for a new global entity that is not part of the new joint venture.On January 9th, Citigroup issued a report initiating a 30-day positive catalyst watch for Lao Pu Gold (06181.HK), maintaining a "Buy" rating with a target price of HK$1,119. Based on the demand recovery and improved gross margin observed during the New Years holiday, the bank is more confident in Lao Pus outlook for this year. Citigroup expects consumers to have already digested product price increases, supported by widespread price adjustments across the industry and the rebound in gold prices since December. The report states that promotions during the long holiday also stimulated the demand recovery. The bank expects strong demand to continue into the Lunar New Year holiday. Citigroup notes that Lao Pus gross margin has recovered to over 40% since the end of November last year, and further price increases are expected after the Lunar New Year, with high profitability expected to continue this year.On January 9th, Nomura analysts stated in a research report that Asian economies are benefiting from rising demand for artificial intelligence (AI). As a global manufacturing hub, Asia is benefiting from growth in exports, investment, and consumption, while the US primarily benefits from investment. Within Asia, South Korea is the biggest beneficiary due to its leading position in the memory chip market. Chinas AI ecosystem is relatively self-contained, but rising investment in AI, the localization of server manufacturing and network equipment, and the advancement of data center construction are all supporting its economy. Southeast Asian countries such as Singapore, Malaysia, and Vietnam are also accumulating benefits from their roles in AI chip packaging and data center ecosystems.The Boeing 737 MAX 10 has entered the next phase of flight testing by the U.S. Federal Aviation Administration (FAA).

Forecast for Silver Price: XAG/USD pares substantial weekly gains below $22.00 amid conflicting sentiment

Daniel Rogers

Mar 17, 2023 13:47

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Silver price (XAG/USD) recovers from the intraday low to $21.80 on a sluggish Friday as metal traders take a respite following a volatile week amid a light calendar and conflicting sentiments. Nevertheless, the XAG/USD appears poised for its largest weekly gain since the week beginning November 28.

 

The efforts of global policymakers to allay concerns of the 2008 financial market crisis were met with little enthusiasm, but they were successful in preventing further market losses, so traders remain cautiously optimistic. Nonetheless, contradictory US data and hawkish Fed wagers challenge the optimists.

 

Ammar Al Khudairy, the chairman of the Saudi National Bank, stated that Credit Suisse's conditions were "sound," joining the efforts of the major US banks to assist the California-based First Republic Bank in avoiding a liquidity crisis and bolstering the risk-on disposition. Credit Suisse plans to borrow up to 50 billion Swiss francs (CHF) from the Swiss National Bank (SNB) to bolster liquidity, and Reuters cites anonymous sources as saying that US institutions are less susceptible to the Credit Suisse scandal. Moreover, US Treasury Secretary Janet Yellen's assurances regarding the health of the US banking industry and the European Central Bank's (ECB) 50 basis point (bps) rate hike, which was in line with market expectations, also boosted sentiment and enabled the most recent increase in XAG/USD prices.

 

However, Weekly Initial Jobless Claims decreased to 192K for the week ending March 10 compared to 205K expected and 212K previously, while the four-week moving average decreased to 196.5K from 197.25K previously. (revised). In addition, Housing Starts increased to 1.45 million in February from 1.32 million in January and 1.31 million predicted by economists. During the same month, Housing Starts increased to 1.524 million from 1.34 million anticipated and 1.339 million previously. In addition, the Philadelphia Fed Manufacturing Survey indicator came in at -23.2, compared to the expected -14.5 and the prior reading of -24.3.

 

It should be noted that the most recent decline in US inflation expectations, as indicated by the 10-year and 5-year breakeven inflation rates from the St. Louis Federal Reserve (FRED) data, also benefits the Silver price by exerting downward pressure on the US Dollar.

 

Ten-year and two-year US Treasury bond yields display a lack of direction while reflecting market sentiment, as yesterday's rebound fails to supplant the two-week downtrend. However, Wall Street ended the day in the black with benchmark indices gaining more than 1.0%, while S&P 500 Futures posted slight losses.

 

Bloomberg's dissemination of news articles indicating China's sustained economic recovery also challenges Silver Bears.

 

Traders in metals should keep a watch on the Federal Open Market Committee (FOMC) monetary policy meeting next week. Prior to that, initial readings of the US Michigan Consumer Sentiment Index for March and the UoM 5-year Consumer Inflation Expectations for the aforementioned month will be crucial for establishing distinct directions.


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