U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY WAR." According to Trump's post, the ceasefire will begin approximately six hours after his announcement, when both nations have "wound down and completed their in progress, final missions." The agreement stipulates a 12-hour initial ceasefire period initiated by Iran, followed by Israel joining the ceasefire at the 12th hour. Trump stated that upon the 24th hour, there will be an "Official END" to the...
Oil slipped after a weekly advance, as lingering concerns about demand in China vied with indications the US may tighten sanctions on supply from Russia. Brent traded above $74 a barrel after rising almost 5% last week, while West Texas intermediate was near $71. China's crude refining dipped to the lowest in five months while two key economic indicators — home sales and consumer spending — also fell. The data out of the top crude importer sent prices somewhat lower. They had earlier held steady after US Treasury Secretary said the US and its allies could...
Silver (XAG/UD) started the new week on a subdued note and consolidated last week's retracement slide from or above one-month highs. The white metal remained close to a two-week low touched on Friday and traded around the $30.55 area, or the 100-day Simple Moving Average (SMA), during the Asian session. From a technical perspective, acceptance below the 100-day SMA will be seen as a fresh trigger for bearish traders against the backdrop of last week's failure near the $32.35 horizontal resistance. Given that oscillators on the daily chart have just started gaining negative traction, XAG/USD...
Gold prices (XAU/USD) moved higher after the Asian session to drop to $2,644-2,643 region, or the lowest level in a week, and for now, seems to have halted its sharp decline from over a month highs reached last Thursday. The US Dollar (USD) started the new week on a weaker note amid a slight decline in the US Treasury bond yields. Moreover, geopolitical risks and uncertainty over US President-elect Donald Trump's policies turned out to be the main factors providing support for the precious metal which is a safe-haven asset. Meanwhile, investors now seem convinced that the Federal Reserve...
The Australian Dollar (AUD) snapped a four-day losing streak on Monday (16/12) as the US Dollar (USD) weakened amid US Treasury yields ahead of the Federal Reserve's (Fed) interest rate decision due on Wednesday. The Fed is widely expected to announce a 25 basis point interest rate cut at its final monetary policy meeting of 2024. According to the CME FedWatch tool, markets are now almost fully pricing in a quarter basis point rate cut at the Fed's December meeting. China Retail Sales (YoY) rose 3.0% in November, compared with a 4.6% forecast and a previous reading of 4.8%. Meanwhile,...
West Texas Intermediate (WTI) oil prices corrected lower after posting gains in the previous session, trading around $70.50 per barrel during the Asian session on Monday (12/16). Crude oil prices rose amid rising expectations of tighter supplies driven by the imposition of additional US sanctions on major producers Russia and Iran. US Treasury Secretary Janet Yellen told Reuters on Friday that the United States was considering further sanctions on "black fleet" tankers and may also impose sanctions on Chinese banks to curb Russian oil revenues and access to foreign supplies, which fueled...
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY...
Gold moved above $2600 on Monday during the Asian trading session. Currently, Gold is still struggling to capitalize on last week's modest recovery from a one-month low and is fluctuating.
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