Precious Metals Monday 12-12-2022

Metals Markets Await US CPI & FedFollowing the rallies we’ve seen over the last month or so, both gold and metal look hungry to break out here. Both metals have seen choppier action in recent weeks though have still been grinding higher amidst a broadly lower US Dollar.The key decider this week will of course be the FOMC on Wednesday. Just ahead of that event, however, we have the latest US CPI which is highly likely to decide which way the Fed’s goes. The market is currently looking for a further decline on headline CPI to 7.3% from 7.7%, which would be good news for metals if seen.However, on the back of Friday’s stronger-than-forecast US PPI reading, markets look primed for the Fed to deliver a hawkish outlook, citing the need to keep going with rates hikes while upside inflation risks remain. This is likely to weigh on metals, particularly if accompanied by hawkish action from the ECB and BOE on Thursday.However, if the Fed is seen to be less concerned about upside inflation risks now, perhaps instead focusing on the fact that trajectory is now lower and things are headed the right way, this might reassure markets somewhat allowing metals to take off as USD unwinds.Technical ViewsGoldPrice action in gold is looking very interesting here. The rally off the lows has been framed by a rising wedge pattern, typically a bullish reversal formation, suggesting risks of a downside break. This is further endorsed by the bearish divergence we’re seeing in momentum studies. Price is currently struggling at the 1791.63 support and if we pierce below the structure here, 1722.37 will be the next support to note. To the topside, any break higher will turn focus to the 1871.04 level next.SilverThe move higher in silver is a little more advanced than the upside we’ve seen in gold with the market recently breaking above the 22.3205 level and holding a retest of the level from above. While this level holds, the focus remains on further upside. Worth noting we are seeing some bearish divergence creeping in on momentum studies, suggesting bearish reversal risks. With this in mind, prudent to monitor price action as the market tests the 24.0073 level. Any move below 22.3205 will turn focus to support at the 20.6398 level next.

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American Index S&P500: Potential Drop Ahead!

American stock index S&P500 broke the uptrend and got back to it. Currently, the asset is trying to pull from the broken trendline. However, the index will have to break the level of 3930 first. After that, it might potentially hit the level of 3600. So, let’s wait and see what is going to happen next.Bitcoin keeps moving along the level of 17000. It is likely to target the level of 18500 next. The upcoming flag formation on the chart might help Bitcoin head up.The currency pair EUR/USD keeps testing the weekly downtrend. Hence, the asset might target the supporting level of 1.0350 next to the broken uptrend, and jump.

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Buying vs renting: as mortgage rates rise, which is cheaper?

In the UK, buying a home has traditionally been the preferred option over renting. But is that still true? Rebecca Goodman asks: which makes more sense financially - buying or renting?

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Best areas for buy-to-let in the UK

If you’re thinking of getting a buy-to-let property you’ll want to know the areas in the country with the highest rental yields

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Average monthly rent is up £117 from last year, says Zoopla

Rental unaffordability for single renters is the highest in over a decade.

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Technical Trade Set Ups For Gold, USDJPY & AUDCAD

Technical Trade Set Ups For Gold, USDJPY & AUDCAD

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Heated airer vs dehumidifier – what’s the most cost-effective way to dry clothes indoors?

As energy bills continue to rise and temperatures keep dropping, we look at whether it’s cheaper to dry your clothes with a heated airer or with a dehumidifier.

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Soybean Futures ( ZS1! ), H4 Potential for Bullish Continuation

Type: Bullish ContinuationKey Levels:Resistance:1508.75Pivot:1469.00Support:1423.25Preferred Case:Looking at the H4 chart, my overall bias for ZS1! is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly head towards the resistance level at 1508.75, where the previous swing high is.Alternative Scenario:Price may head back down to retest the pivot at 1469.00, where the previous high and 78.6% Fibonacci line are.Fundamentals:There are no major news.

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S&P 500 E-mini Futures ( ES1! ), H4 Potential for Bullish Rise

Type: Bullish RiseKey Levels:Resistance:4173.25Pivot:3913.25Support:3751.75Preferred Case:Looking at the H4 chart, my overall bias for SPX is bullish due to the current price approaching to cross above the Ichimoku cloud , indicating a possible shift to bullish market structure. If this bullish momentum continues, expect price to possibly head up towards the resistance at 4173.25, where the 78.6% Fibonacci line is.Alternative Scenario:Price could head back down to retest the pivot at 3913.25, where the 50% Fibonacci line is.Fundamentals:There are no major news.

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How much should you save for retirement?

The majority of people under-save for retirement, but how much do you need for a comfortable life after work and what should you pay into your pot?

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The investment trusts and funds to buy for 2023

With 2023 rapidly approaching, Rupert Hargreaves looks at some of the top investment trusts and funds to buy for the new year, with the help of AJ Bell’s Alena Kosava.

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Air fryer vs microwave – which is cheaper to run?

We compare the costs of an air fryer vs a microwave to see which one is more cost effective.

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Market Spotlight: USDCNH Falling as China Reopening Story Gathers Pace

USD Under Pressure USDCNH has seen a sharp sell-off over the last week or so. Part of this can be attributed to the softening we’ve seen in USD while the other driver is clearly the developments we’ve seen in China. On the USD front, the greenback has been well sold recently though the perspectives behind the move have shifted somewhat. USD had been weakening over prior months in line with the growing view that the Fed would soon pivot on rates. This fuelled an unwinding of USD longs which drove the early part of the declines in USDCNH.US Growth ConcernsHowever, more recently an upside in US labour data (specifically jobs and wages growth) has raised concerns that inflation might have lost downward momentum last month. If this proves to be the case at next week’s CPI release, this might well see the Fed emphasising the need to push ahead with further rate hikes, even at a slower pace. This view is seeing renewed growth concerns in the US, weighing on USD near-term.China ReopeningLooking ahead, the pair looks vulnerable to further downside given the growing focus on China reopening. The latest data this week underscored just how impacted the Chinese economy has been by the government’s zero covid policy. This, in line with China easing a slew of covid restrictions this week, if fuelling expectations that China will undergo a full reopening sooner rather than later. As this story gathers more traction we can expect USD to continue to fall against a rebounding CNH.Technical ViewsUSDCNHThe reversal lower in USDCNH has seen the market forming a head and shoulders pattern with the recent sell off marking a break below the neckline at 7.0425. While below here and below the broken bull trend line too, the focus is on a continuation lower towards the 6.7811 level next in line with bearish momentum studies readings.

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Is it time to buy Gilts?

Gilts offer a higher yield than most savings accounts and could be an attractive alternative for those with a large lump sum to invest.

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