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Economy
The most important gold expectations for this week… Is a decline below $1900 a reality? By Investing.com
© Reuters.
Investing.com – Gold faces a challenge to its breakout hopes on expectations that the Federal Reserve will end its tightening cycle. Gold recorded weekly losses due to higher prices.
Gold price last week
Gold ended lower on Friday. Gold futures contracts (futures) were the most active at $1,942.60 an ounce in late trade, up 20 cents during the day, after officially ending the session at $1,942.70. However, losses in the previous three sessions after the US Labor Day holiday on Monday signaled a negative week for gold futures, which ended the five-day period with a net decline of 1.2%, effectively erasing last week’s 1.3% gain.
The spot, closely watched by some traders from futures contracts, fell 57 cents, or 0.03%, to settle at $1,919.15. During the week, the spot price, which reflects actual bullion trading, fell 1.1% against a 1.3% gain in the previous week.
Why did the price of gold go up before it went down?
The last gains were on the back of the US non-farm payrolls report for August, which saw 187,000 jobs added in July and an expected 170,000 unemployment rate, which rose to 3.8% from 3.5%.
Rising unemployment fueled speculation that the Federal Reserve will keep interest rates unchanged when it meets on Sept. 20 to review U.S. monetary policy, which temporarily lifted gold last week.
But as the week began, speculation resurfaced that the central bank would push for another rate hike before the end of the year in an effort to bring inflation back to its 2% annual target.
Inflation, as measured by core inflation, or CPI, fell to 3% in June this year from four decades of more than 9% annually in June 2022. But as of July, it has started to rise again, reaching 3.2%. This raised the possibility of the central bank turning hawkish again, having already hiked interest rates by 5% over the past 18 months. That sent the dollar index to its highest level in six months.
Gold Technical Analysis: Why Gold Has Failed to Sustain Its Highs?
Since the latest nonfarm payrolls report came out a week ago, spot gold has moved up $15 an ounce, trading in the $1920-$1925 range from below $1940 on September 1.
Gold chart expert Sunil Kumar Dixit said that the same $15 price would have to break that level for a new price trend to emerge.
Dixit said the most important thing for gold bears now is to push below the key support at $11,915.
For long positions, this is a clear break above the $1930 resistance, he said.
“Gold had another interesting week, with last Friday’s jobs report seeming like a distant memory,” said Ed Moya, an analyst at online trading platform OANDA.
Moya pointed out that gold’s decline this week came on the back of U.S. economic data that suggested a soft landing rather than a severe recession could be the scenario for the world’s largest economy by the end of the year.
Referring to the upcoming August update of the CPI and CPI (Consumer Price Index), he said, “While we await inflation data next week and the Fed meeting next week, the yellow metal may have found a firm base in the $1900-$1950 region.” ) from Central Bank.
Next week most important gold price prediction
SKCharting’s Dixit noted that gold’s immediate rally from the confluence of the $1,915 support zone, marked by the daily Bollinger Band average and 200-day SMA, met resistance at the 50-day moving average at $1,930, leading to a rebound. .
As Dixit said, “But there is a glimmer of hope for the bulls to continue their upward advance to the $1930 retracement with a settlement above the indicated inflection point.” And, “A break above this area would put gold back on an upward path at $1940-$1948.”
A strong acceptance above $1948 would support the next highs of $1971-$1975, he said.
And “Failure to sustain this support group could see gold decline to $1910, followed by the 50-week moving average of $1899. A break below $1899 opens the way for deeper losses.
He said significant bearish support was seen at the mid-monthly Bollinger band at $1858.
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Neuralink, the biotechnology start-up trying to implant chips in the human brain under the watchful eye of entrepreneur Elon Musk, announced Tuesday that it will begin recruiting for its first human clinical trial. .CNNThis coincided with a publication by the “Wired” website, which claimed that the American billionaire had “misled” his followers about killing monkeys during clinical trials of the same chip.
After receiving approval from an independent review board, the company said Neuralink has decided to begin offering operations to implant its chips into the brains of stroke victims as part of the “PRIME” study, which stands for “PRIME.” Brain-Computer Interface, which means: “A precise, robotically implanted brain-computer interface.
The tests seek to evaluate the safety and functionality of the implanted chip.
Participating patients are expected to have a chip surgically implanted in the part of the brain that controls movement commands. The chip, installed by the robot, will then record and transmit brain signals to an app on a smart device, which seeks to “give people the ability to control a computer cursor or keyboard using only their thoughts.” Written by the company.
People with quadriplegia due to cervical spinal cord injury or amyotrophic lateral sclerosis (ALS) may be eligible for the study, which will last six years, including 18 months of home and clinic visits and five years of follow-up visits. Interested candidates can register. In the patient registry on the Neuralink website. .
Musk has spent the past five years working toward Neuralink’s goal of using chips to connect human brains to computers, but the company has so far only tested them on animals. The company faced scrutiny in 2022 after a monkey died while testing the program as part of an effort to get animals to play video games with their thoughts, according to the network.
Allegations of ‘dead monkeys’
An investigation conducted by the website revealedWiredA technology expert said on Wednesday that Musk had said none of the primate species used in the chip tests had died, and the investigation has called for US officials to investigate Musk’s claims.
The website indicated that there were “new allegations of possible security fraud” related to Musk’s statements following the deaths of monkeys participating in experiments for the company “Neuralink”.
That said the site Several letters sent by the Medical Ethics Committee The US Securities and Exchange Commission’s (SEC) “Physicians’ Panel for Responsible Medicine” called on the agency to investigate Musk’s allegations that macaques died during experiments because they suffered fatal diseases, not brain damage. pieces.
However, veterinarian records show that the monkeys died from complications following the implantation of the brain chips, the website said, citing letters sent to the committee’s authority.
Kasthuri confirmed that the monkeys had died… Tweet through his VX accountOn September 10th, he owned, in a reply to a user, where he denied that the dead animals were caused by a “Neuralink chip” and said researchers were “interested in using animals on the brink.” Death.”
At the same time, in a presentation to his company last year, Musk confirmed that Neuralink’s experiments on animals were never for “research” reasons, but rather to ensure that unified scientific principles were proven. “We are very careful.”
But public records it reviewed, as well as interviews with a former NeuraLink employee and a researcher who now works at the Primate Species Center at the University of California, Davis, “paint a completely different picture” of what’s going on in NeuraLink’s animal experiments, Wired noted. .
It noted that the public documents include veterinary records, made public for the first time last year, that “contain gruesome images of the suffering of up to 12 animals of Neuraling’s flagship species, all of whom had to be euthanized.”
Wired noted that the records “could form the basis of a possible SEC investigation into Musk’s comments about NeuraLink,” which has faced multiple federal investigations as the company moves toward its goal of introducing the first commercially available brain-computer interface for humans.
The U.S. authority declined Wired’s request for comment regarding the group’s ethics messages, and Neuralink did not respond to Wired’s questions about Musk’s comments or the group’s allegations.
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By the end of yesterday’s trade, local bourses attracted liquidity of about 1.75 billion dirhams, while the market capitalization of the Dubai Financial Market gained more than 12.14 billion dirhams, surpassing its highest level in eight years, supported by gains. Leading stocks and “Banks” in “Real Estate” sectors.
After 410.29 million shares were traded by executing more than 24.38 thousand transactions, liquidity was distributed in the Abu Dhabi Securities Market of 986.8 million dirhams and 768.32 million dirhams in the Dubai Financial Market.
The Dubai Financial Market General Index rose 1.56%, or 63.68 points, to end at 4138.4 points, its highest level since August 2015, and the Abu Dhabi General Market Index (FADGI) edged up 0.003%. 9822.56 points level.
The Dubai financial market’s performance strengthened, with shares of “Emaar Properties” rising 5.2% to close at a 9-year high, and shares of “Emirates NBD” rising 3.9% and shares of “Emaar Development” up around 5.5%. , and “Dubai Islamic” shares. 0.7%.
Emaar Properties shares topped the performance, attracting more than Dh337.3 million in liquidity.
Responding to this, General Manager of Al Ansari Financial Services Company, Abdul Qader Shad told “Emirates Today”: “It can be said that the financial markets were remarkable yesterday due to the rise of the Dubai Financial Market. Over the past 8 years, Emaar Properties has been heavily supported by the company’s share price rise.” A rally in shares of ADNOC Logistics supported the Abu Dhabi securities market yesterday and pushed it to close in the green zone. 4%, and ADNOC Drilling 1.84%.
Aaron Leslie John, Chief Market Analyst, Century Financial, said, “The Dubai Financial Market Index hit an 8-year high in early trade and crossed 4100 points, supported by gains in leading stocks. Light of the real estate boom the emirate is witnessing.” “Confidence in the country’s economic growth in general has increased according to recently announced indicators.”
In the same context, equity investment expert Mahmoud Atta pointed out that one of the most important reasons for improving the gains of the Dubai financial market is that listed companies have recorded consistent and good profits compared to stock markets in the region. The banking and real estate sectors, which are characterized by strong financial and operational fundamentals, are attractive stocks for portfolio investors in addition to foreign investment funds.
Organizing World Investors Conference in Singapore
The Dubai Financial Market yesterday announced the third session of the 2023 Global Investors Conference in Singapore, giving investors an opportunity to meet senior representatives of the Dubai market in Singapore.
The conference will be held on September 27 and 28 in collaboration with Goldman Sachs within the framework of the Singapore Corporate Days 2023 initiative, the market said in a statement, confirming Dubai Financial Market’s commitment to expanding the scope of global communication and interaction. Investors, to demonstrate the strength of the capital markets in the Emirate of Dubai.
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Here are the AI highlights for September 20.
September 20, 2023
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