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On August 19, French Foreign Minister Jean-Michel Barrow stated on social media that France does not rule out further sanctions against Israeli settlers in the West Bank, adding that "all options are under consideration." Barrow described the current situation in the West Bank as "despicable," and noted that France had previously pushed for sanctions against settlers who have committed violence, as well as the entities, companies, and organizations providing support. Barrow also stated that recent remarks by Israeli National Security Minister Ben-Gevilé regarding Gaza were "unacceptable and inhumane." France had previously imposed sanctions on Ben-Gevilé.The main Shanghai gold futures contract rose 2.00% intraday, currently trading at 968.60 yuan/gram.August 19 - According to Palestinian sources, Israeli forces conducted military operations in several locations in the West Bank and Jerusalem on the 19th, arresting at least 31 Palestinians, including Palestinian Authority Minister for Jerusalem Affairs Ashraf Awar. Reports indicate that Israeli forces raided Awars residence in the Silwan district, south of the Al-Aqsa Mosque in Jerusalems Old City, and arrested him. Awar had been banned from entering the West Bank by Israeli authorities in January of this year. The Palestinian Authority issued a statement saying that Awars arrest was the latest in a series of restrictive measures imposed by Israeli authorities on Palestinian officials in Jerusalem. The Israeli military has not yet issued a statement.On August 19, Houthi military spokesman Sari stated that the group has adopted three "strategies": responding to a blockade with a blockade, striking Saudi military strongholds (regardless of their location), and defending Yemeni sovereignty. Since announcing a ban on Saudi maritime navigation on July 20, the Houthis have attacked eight Saudi oil tankers—five in the Red Sea and three in the Gulf of Aden and the Arabian Sea. He claimed the group has also blocked the passage of 48 Saudi oil tankers and forced them to turn back, including 34 in the Arabian Sea and the Indian Ocean and 14 in the Red Sea. The Houthis have carried out nine military operations targeting Yanbu, Najran, Jizan, Abha, and oil supply facilities in Saudi Arabias Eastern Province, and 14 operations against what they claim are Saudi military strongholds in Ruwek, Abul, Wadiyah, Marib, and Muhah. He warned Saudi Arabia against further escalation, stating, "Any full-scale escalation will lead to a full-scale escalation." Sari stated that Saudi Arabias only option is to lift the blockade, end the aggression, withdraw foreign troops, and return Yemeni resources to the Yemeni people.August 19th - According to the National Meteorological Center, a tropical disturbance in the northern South China Sea developed into a tropical depression on the afternoon of the 19th. Affected by this disturbance and the southwest monsoon, parts of Hainan Island, southern Guangxi, Guangdong, Fujian, Taiwan Island, and Zhejiang will experience heavy rain or torrential rain over the next three days. The National Meteorological Center issued a blue rainstorm warning at 18:00 on August 19th. Following comprehensive assessment and emergency consultation, the China Meteorological Administration activated a Level IV emergency response for major meteorological disasters (rainstorms) at 20:00 on August 19th.

Natural Gas Price Analysis: The XNG/USD pair retreats to $2.24 within the immediate bearish channel

Daniel Rogers

Apr 17, 2023 13:46

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During the early hours of Monday, the price of Natural Gas (XNG / USD) pares intraday gains of about $2.33. In doing so, the energy asset retreats from a three-week-old bearish channel's upper line.

 

However, the bullish MACD signals and convergence of the 21-SMA and 50-SMA around $2.24 limit the XNG/USD's immediate downside.

 

In the event that the price of Natural Gas falls below $2.24, the stated channel's support around $2.11 will be crucial to monitor, as it will be the lowest point since August 2020 from which the price of XNG and USD has previously rebounded.

 

If the quote remains bearish beyond $2.11, the possibility of a decline toward the $2.00 round number cannot be ruled out. However, the peak near $1.95 in July 2020 could pose a threat to Natural Gas Bears in the future.

 

In contrast, a clear breach of the stated channel's upper line, near $2.35, is not an open invitation for the XNG/USD bulls, as the 200-SMA hurdle near $2.44 can act as the Natural Gas bears' last line of defense.

 

Even if the commodity price remains firmer beyond $2.44, the mid-March swing low near $2.48 and the $2.50 round number can act as additional upside filters before Natural Gas purchasers gain control.