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Gold bulls take a breather after 1-year high above 2,000
Gold struggled to jump above the immediate resistance of 1,985, keeping its footing above the short-term simple moving averages (SMAs) in the 4-hour chart. Trend signals remain daunting as regards the market momentum. Some downside correction seems to be building as the RSI has paused its uptrend in the positive area and the stochastics are flattening in the overbought region. Should the bulls dominate, driving the price above the 1,985 number, the spotlight will shift to the one-month high of 2,009 ahead of the 2,070 obstacle, taken from the peak in March 2022. In the event the bears take control, the 20-period SMA ... (full story)
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From miningweekly.com|Mar 23, 2023Goldman Sachs on Thursday raised its gold price forecasts, describing it as the best hedge against financial risks, and reiterated its bullish view on commodities as a banking ...
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From snb.ch|Mar 23, 2023Ladies and gentlemen It is my pleasure to welcome you to the news conference of the Swiss National Bank. After our introductory remarks, we will take questions from journalists as usual. Contribution to financial stability Ensuring price stability is and will remain the core objective of the SNB. Our monetary policy assessment has taken place in an exceptional situation. Last week, there was a loss of confidence in Credit Suisse. In order to avert damage to Switzerland, on Sunday the authorities decided on extensive measures to safeguard financial stability. The SNB contributed to this solution within the framework of its mandate. I would like to describe our contribution in more detail and explain why it was necessary. The global crisis of confidence rapidly intensified last week due to the turmoil in the US banking industry. From Wednesday onwards, this had a direct impact on Credit Suisse’s liquidity situation as a result of strong outflows of customer deposits and cuts in counterparty limits. The SNB then lent Credit Suisse large amounts of liquidity in Swiss francs and foreign currencies. The extensive liquidity assistance provided the time needed to find a solution to safeguard financial stability. This solution had to be worked out under considerable time pressure in order to be ready before the Asian markets opened this week. A Credit Suisse bankruptcy would have had serious consequences for national and international financial stability and for the Swiss economy. Taking this risk would have been irresponsible. On Sunday, the takeover of Credit Suisse by UBS was announced. At that time, we said that the SNB would provide additional substantial liquidity in the form of loans to support the successful implementation of the takeover. The SNB provides such liquidity assistance within the scope of its statutory task to contribute to the stability of tweet at 5:04am: SNB’s Jordan: Our Liquidity Measures Are Not Gifts -Measures Taken By The Federal Government, FINMA And SNB Have Put A Halt To The Crisis
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From @financialjuice|Mar 23, 2023tweet at 7:06am: ECB'S HOLZMANN: WE WILL PROBABLY HAVE TO DO MORE IN MAY ON RATES.
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From bankofengland.co.uk|Mar 23, 2023|2 commentsThe Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 22 March 2023, the MPC voted by a majority of 7–2 to increase Bank Rate by 0.25 percentage points, to 4.25%. Two members preferred to maintain Bank Rate at 4%. Global growth is expected to be stronger than projected in the February Monetary Policy Report, and core consumer price inflation in advanced economies has remained elevated. Wholesale gas futures and oil prices have fallen materially. There have been large and volatile moves in global financial markets, in particular since the failure of Silicon Valley Bank and in the run-up to UBS’s purchase of Credit Suisse, an tweet at 8:00am: BOE POLICYMAKERS TENREYRO AND DHINGRA VOTE TO KEEP RATES ON HOLD. tweet at 8:01am: Breaking: Bank of England raises interest rates by 0.25 per cent to 4.25 per cent BUT on the positive side it says there won't be a technical recession, and predicts that inflation will fall even more sharply than expected Have we hit peak interest rates?Bank of England raises UK interest rates by quarter point to 4.25% The Bank of England has raised interest rates by a quarter of a percentage point to 4.25% in response to higher than expected UK inflation. The Bank’s monetary policy committee (MPC) voted to increase the base rate for an 11th consecutive time, judging that higher borrowing costs are still required to tackle inflation despite gathering storm clouds for the economy. UK rates are now at the highest level since October 2008, just as the global economy was in the grips of the financial crisis. The development comes after the UK’s annual inflation rate unexpectedly rose in February to 10.4% from 10.1% in January, fuelled by soaring food prices. The rise in UK inflation – which is at odds with the US and eurozon
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- Posted: Mar 23, 2023 6:51am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 169
