On Friday, August 12, spot gold rose by about $18 after hitting a low of $1,784.79 and broke through the $1,800 mark, finally closing up 0.69% at $1,802.40 per ounce, and spot silver closed up 2.53% to $20.82 an ounce. The U.S. dollar index expanded its gains in European trading, but fell slightly after rising to a daily high of 105.90, and finally closed up 0.51% at 105.67. The 10-year U.S. bond yield hit a high of 2.906% and pared some of its gains to 2.842% .
Last week, the markets were buoyed by the US Consumer Price Index report which showed inflation slowing to 8.5% in July, down from 9.1%. Comments from the Federal Reserve made it very clear that they were not claiming any sort of victory against inflation, and that the targets remain way off, so the debate began on if this was an overreaction.
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On Wednesday, August 10, spot gold hovered around the pivot point of 1790.45 in the Asian session. If it can stay above this level, it will confirm bullishness. The first upward target is 1797.61. Spot silver fell as it approached the first resistance at 20.49. Watch the resistance at 95.53 near the current price of WTI crude oil. The US dollar index is running above the pivot point, with the first resistance concerned at 105.38.
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On Thursday, August 11, spot gold approached the 1800 mark, but failed to break above it, and then adjusted downward, and finally closed down 0.12% at $1,789.54 per ounce. Spot silver fluctuated downward and finally closed down 1.38% , at $20.31 per ounce. In terms of two oils, WTI crude oil rose 3% during the day, but failed to break above the $95 mark, and finally closed up 2.73% at $94.07 per barrel. Brent crude oil closed up 2.24% at $99.25 per barrel.
TP Global Limited, a Mauritius regulated award-winning, new-age Foreign Exchange (FX) brokerage firm, announced on Friday that it has selected Belfrics International to enable it to offer crypto derivatives and blockchain solutions to its customers.
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IC Markets, one of the world’s largest Forex CFD brokers, has announced today that it is an Official Global Partner for the Rugby World Cup Sevens, taking place in Cape Town, South Africa from 9- 11 September 2022.
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On Wednesday,August 10, the spot gold fell slightly during the pressure plate, and was blocked below the pivot point at 1794.76, and the first support was at 1783.24. The first support for spot silver is 21.37. WTI crude oil traded in a narrow range above the pivot point of 90.75, with the primary upside target focusing on 92.49.
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This week all eyes were on the U.S Consumer Price Index report as traders are eager to find out the likelihood of a soft landing. Read our week ahead article today and find out Connor Woods’ opinion on the recent report.