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Market News [Market Morning] Gold and Silver Stopped Falling for Three Consecutive Days, Crude Oil Turned Lower in Late Trading, and European Natural Gas Fell 10%
Markets News
[Market Morning] Gold and Silver Stopped Falling for Three Consecutive Days, Crude Oil Turned Lower in Late Trading, and European Natural Gas Fell 10%
TOPONE Markets Analyst
2022-10-18 09:30:00

Hot spot tracking

  • UK rolls back most of its tax cuts
  • EU plans to offer 40 billion euros to ease energy price shock
  • Saudi Arabia and Abu Dhabi plan to "buy the bottom" of Credit Suisse, which is reported to start selling US asset management unit

Product Hot Comment

  • Forex
    With the improvement of risk sentiment, the US dollar index fell below the 113 and 112 marks one after another, and closed at 112, closing sharply down 1.068% to 112.11. Non-US currencies collectively counterattacked, generally rising more than 1%. The pound rose as much as 2.4% against the dollar, and rose above the three levels of 1.12, 1.13 and 1.14 in the intraday. However, the dollar against the yen stood at the 149 mark, continuing to hit a new high since 1990.
    📝 Review:The dollar fell 0.82% to 112.11 against a basket of currencies on Monday, holding just below a 20-year high of 114.78 set on Sept. 28. Sterling jumped after Britain's new chancellor abandoned most of the plans in the government's "mini-budget", while better-than-expected earnings from Bank of America helped boost risk appetite.
    🕵️ Operation suggestion:go long GBP/USD at 1.13569, target price is 1.15137
  • Gold
    With the US dollar and US bond yields falling together, spot gold and silver stopped falling for 3 days. Spot gold shot up to 1668.30 before the U.S. market, then fell below 1650, and closed up 0.08% at $1648.93 per ounce; spot silver once approached the 19 mark, reaching a maximum of 18.93, but then fell back and finally closed up 1.47%. At $18.67 an ounce.
    📝 Review:Gold rose more than 1 percent on Monday after falling in the previous two sessions, as the dollar and Treasury yields retreated, although the risk of a looming Fed rate hike remained.
    🕵️ Operation suggestion:go short at 1650.12, the target price is 1639.15
  • Crude Oil
    Worries about a recession persisted, and crude oil continued to fall. WTI crude oil closed down 0.57% at $85.87 a barrel; Brent crude oil closed down 1.26% at $91.71 a barrel. U.S. natural gas futures briefly fell below $6/MMBtu, falling to a 3-month low. European benchmark TTF Dutch natural gas futures fell nearly 10%, while British natural gas fell more than 13%.
    📝 Review:Oil prices steadied in choppy trade on Monday as concerns grew that high inflation and energy costs could drag the global economy into recession, with Brent crude futures down 0.01% to settle at $91.62 a barrel, down 6.4% last week back up.
    🕵️ Operation suggestion:go short at 84.847, the target price is 82.381
  • Indice
    U.S. stocks opened higher and closed higher, the Dow closed up 1.86%, the Nasdaq closed up 3.43%, and the S&P 500 closed up 2.65%. Large technology stocks generally strengthened, Tesla closed up about 7%, Netflix closed up about 6%, and Alibaba closed up about 5%. Bank of America and Bank of New York Mellon beat expectations in the third quarter, and the positive earnings led to a collective surge in bank stocks.
    📝 Review:U.S. stocks rebounded sharply on Monday after Britain staged a major reversal of economic plans, while Bank of America became the latest financial company to report solid quarterly results, boosting optimism about the corporate earnings season.
    🕵️ Operation suggestion:Go long the Nasdaq at 11130.300, target price at 11206.500

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