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A technical gold price breakdown could be the catalyst needed to squeeze a massive amount of complacent length in the yellow metal, according to strategists at TD Securities. The trading bias is still to the downside, but participants are still looking for catalysts to flush out the massive amount of complacent length.
Bitcoin price has fallen to $24,000 while almost all altcoins, starting from Ethereum, are bleeding prices since weekend. Cryptocurrency markets have crashed to a new low of this year today. The global market cap has shrunk below $1 trillion to $977 billion, around 12 % fall since yesterday.
Gold Price is correcting sharply from five-week peaks of $1,879, reversing most of Friday’s strong rally. The inverse correlation between the US Treasury yields and the bright metal is back in play. The benchmark 10-year yields are trading at their highest level since 2018 on the bets that the Fed will go for a 75 bps rate hike at least once in its next three meetings to curb rampant inflation.
For the S&P 500 index, David Kostin, Equity Strategist at Goldman Sachs outline various scenarios, predicting it to fall further to 3,150 levels. Base case forecast valuation is expected to remain roughly flat while earnings growth does the heaving lifting and pushes the S&P back to 4300 at year-end 2022.
Silver price have had a wild ride during the trading session today, after the inflation number (CPI) in the United States, was much hotter than anticipated. Initially, the US dollar strengthened against everything, including the silver price.
DocuSign Shares plunged as much as 21% today after the e-signature software maker posted fiscal first-quarter earnings that fell short of analysts’ estimates. DocuSign on Thursday reported adjusted earnings per DocuSign shares of 38 cents, missing Wall Street’s projected 46 cents per share.
Gold Price is trading with size-able losses on the final trading day of the week, as investors continue to seek refuge in the safe-haven US dollar amid persistent fears over rising inflation and a potential recession. Central banks tightening worldwide to quell inflation have re-ignited growth fears.
Gold Price edged lower on Thursday and was last seen trading around the $1,848-$1,847 region, just above the very important 200-day SMA support. Elevated US Treasury bond yields, bolstered by hawkish Fed expectations, turned out to be a key factor that weighed on the gold price.
Sensex LIVE Updates: Benchmark Indian indices nifty and sensex opened lower on Thursday. Sensex fell 170 points to 54,755.61 in early trade; Nifty declined 38.15 points to 16,318.10. Indian indices witnessed a negative start on Thursday amid weak Asian trends.
Gold price climbed slightly to a good $1,850 yesterday and is still trading at roughly this level on Wednesday. On Tuesday, World Bank lowered 2022 global growth forecast to 2.9% from 4.1% in January. What’s more, global inflation will likely remain above target in many economies, lending support to the yellow metal, economists at Commerzbank report.