Author: FX
Share: Silver’s recent rally to $23.52 curbed by resistance at 50 and 200-DMAs, leading to a slight pullback in prices. Technical analysis shows Silver trading in a sideways trend; immediate support at $23.00, followed by $22.48. Potential for further gains if Silver breaks above the 100-DMA at $23.25, targeting the $23.60/65 resistance zone. Silver price trims its losses, but it remains below the 100-day moving average (DMA) after hitting a new five-day high of $23.52 on Friday. Geopolitical tensions bolstered the grey metal, which aimed towards the confluence of the 50 and 200-DMAs, but buyers’ failure to crack…
Markets:Gold up $19 to $2047US 10-yaer yields down 3.4 bps to 3.94%US 2-year yields down 11 bps to 4.15%WTI crude oil up 77-cents to $72.72S&P 500 up 4 points to 4783JPY leads, EUR lagsThe big question everyone is asking for the second day is: Why such a strong bid in two-years? Yields are down 25 bps since the post-CPI peak on Thursday with a near-relentless bid. There was some ammunition with a softer PPI number today and others are pointing to Yemen and the upcoming PCE report factors but that’s a stretch.Curiously, other markets didn’t really buy into what was…
The major US stock indices are ending the day with mixed results. The Dow was lower on the day and although both the S&P and Nasdaq closed higher, it was only by modest changes. Nevertheless, the Nasdaq is now up 6 consecutive days after starting the New Year on the back foot by moving sharply lower. The last two days, however, have only risen by about 0.02%The final numbers are showing:Dow Industrial Average is down -118.06 points or -0.31% at 37592.99S&P is closing up 3.61 points or 0.08% at 4783.84Nasdaq is closing up 2.56 points or 0.02% at 14972.75.For the…
The AUDUSD technicals are closing what has been an up-and-down trading week with a bias to the downside. That is a result, of the price action that has taken the price back below the 200 and 100-hour MAs at 0.6711 and 0.6700. Staying below those MAs tilts the bias more to the downside. Although the bias is more to the downside, this week’s trading had several different shifts in that bias including the price action today. The price highs today moved up to test the low of what is a topside swing level between 0.6727 to 0.6738. On the downside…
Retail spending from Canadian consumers at the country’s largest bank suggests a slight decrease in spending, with hardly any improvement year-over-year.”Purchases of physical merchandise (excluding motor vehicles) ticked lower in December,” RBC said in its month spending tracker, which is based on its cardholder data.Spending on gifts was up just over 4% this year in Nov/Dec in nominal terms, just ahead of the 3% y/y inflation rate. However for December alone, both discretionary goods and services spending ended on a softer note.Canadians continue to feel the squeeze of higher interest rates, but softer broader economic growth data (per-person GDP is…
Share: Canadian Dollar (USD) sees slight gains against US Dollar following US PPI miss. Canada economic calendar empty of meaningful data until next Tuesday’s CPI. Crude Oil up again on supply chain fears. The Canadian Dollar is a mixed bag in Friday trading, seeing moderate gains against the US Dollar (USD) after a downside print in the US Producer Price Index forced the Greenback lower across the board. With a mixed performance on the day for the CAD, the Loonie is in the red against most of its major currency peers for the week, save for a slight…
Crude oil futures falls from highs but find support at MAsCrude oil futures are settling at $72.68. That represents a gain of $0.66 or 0.92%. The high-priced extended to $75.25. The low price reached $72.36. The sharp rise to the upside was spurred on by the US and UK bombing of Houthi rebel in Yemen. The price rises did extend above the January 5 high (high for the new year) at $74.15, but reversed lower and ended up using that level as resistance when rebroken to the downside (see chart above). The low price did find support buyers near the…
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Share: DAX has seen some deep pullback in 2023, but it was A-B-C drop into the important 14400-14600 area. We can see nice and clean impulsive recovery from that support area and back to new highs, so bullish trend is back and it’s very strong one; a move that can resume even higher after the current intraday consolidation. Ideally that’s wave 4 with nice support now at 16530, but there is a chance for more complex correction with second support seen shown at 16300 area, on 4h time frame. However, for now the ideal scenario to be tracked…
DNY59 BioNTech (NASDAQ:BNTX) has entered into a patent assignment and license agreement to acquire one of CellmAbs’ pre-clinical antibody candidates and additional ADC technology, a deal that could be worth around a billion dollars, according to CellmAbs. Under the deal, CellmAbs will receive upfront and near-term payments and could be eligible to receive “several hundred million US Dollars” in milestone payments, plus tiered royalty payments, according to a CellmAbs statement released earlier this week. Based in Portugal, CellmAbs was spun out of NOVA University of Lisbon in 2019. CellmAbs said the BioNTech deal could mark “Portugal’s first billion-dollar transaction in…