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June 4th Futures News: Economies.com analysts latest view: Spot gold prices have rebounded somewhat in recent intraday trading, attempting to recover some of the previous losses. Technically, the Relative Strength Index (RSI) has improved, starting to show positive signals after a period of oversold conditions, providing temporary support for price movements. Despite the improved technical indicators, the overall technical outlook remains bearish. Spot gold is still trading below the EMA50 (50-day exponential moving average), which acts as dynamic resistance, limiting the upside potential. The main short-term downtrend remains intact, with prices moving along the descending trendline.The yield on Japans 20-year government bonds rose 4.0 basis points to 3.575%.June 4th - According to sources, Bank of Japan (BOJ) officials are prepared to consider raising the benchmark interest rate by 25 basis points this month and believe further rate hikes are possible later this year. The sources said the BOJ may discuss raising the policy rate to 1% at its meeting ending June 16th. Officials also believe there is room for further rate hikes, given that real interest rates remain low and inflation faces continued upward risks. Due to the high degree of uncertainty in the Middle East, officials will sift through as much data and information as possible before making a final decision, until the last minute. They indicated that some opposition to a rate hike may arise at the meeting, but it will not be enough to influence the decision. Another key focus of the meeting is the BOJs latest plan to taper its bond purchases. Sources said officials believe there is no need to maintain the current pace of tapering from April next year. The sources indicated that policymakers believe the functioning of the Japanese government bond market has improved, so they may consider slowing the pace of tapering, or even pausing it entirely.June 4th - Copper and aluminum prices continued to decline as Trump continued his difficult efforts to reach a peace agreement with Iran, while a pullback in tech stocks also weighed on market sentiment. Israel and Lebanon agreed to a conditional ceasefire, potentially a step towards a broader solution to the Middle East conflicts. However, this prospect remains uncertain, as Hezbollah needs to cease fighting. Metal prices gave back some of the significant gains made earlier this week. ING analysts stated in a report, "Near-term price movements are likely to remain sensitive to macroeconomic risks, with uncertainty in the Middle East posing a headwind." A pullback in stocks, particularly tech stocks, could also exacerbate the pressure on metals. Copper benefited from investor enthusiasm for artificial intelligence trading, as the metal is used in power infrastructure. After the S&P 500 ended a nine-day winning streak, the South Korean KOSPI, a bellwether for artificial intelligence, fell as much as 2.6% on Thursday.Jefferies: Lowered its price target for CrowdStrike (CRWD.O) from $775 to $760.

XAG/USD approaches $24.00 as USD Index declines ahead of US PCE Price Index | Silver Price Analysis

Daniel Rogers

Mar 31, 2023 11:47

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During the early Asian session, the silver price (XAG / USD) is advancing rapidly towards the $24.00 round-level resistance. The precious metal has recorded a three-day winning stretch and is anticipated to maintain its upward trajectory due to the US Dollar Index's weakness. (DXY).

 

Despite decreasing concerns about a possible U.S. banking crisis, the price of silver is on an upward trend. Previously, investors supported bullion as a secure refuge to avoid volatility caused by the failure of three mid-tier US banks.

 

Despite the likelihood of additional rate hikes by the Federal Reserve, the USD index struggles to gain ground. (Fed). As US banking fears subside, one school of thought holds that Fed chair Jerome Powell may decide to raise interest rates further. In addition, Fed Chairman Powell anticipates one more rate hike in 2023. And that a rate raise at the Fed's May meeting would allow it to maintain higher rates for an extended period of time.

 

In the meantime, S&P500 futures have added to their gains in the Asian session following a positive close on Thursday, indicating an increase in market participants' risk tolerance.

 

The Fed's preferred inflation indicator, the US core Personal Consumption Expenditures (PCE) Price Index data, will remain in the spotlight moving forward. Analysts at Credit Suisse anticipate that the monthly reading will be rounded down to 0.3%, leaving year-over-year core inflation at 4.7%. Monthly headline inflation should be comparable to core inflation, but the year-over-year measure should fall to 5.1% due to the ease base effect.


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