22/08/2023 Evening Reports
* BOJ President Ueda stated that they did not discuss the currency volatility while he explained the July meeting decisions at the meeting he held with Japanese Prime Minister Kishida last night.
*FED Chairman Barkin shared his opinion that if a recession occurs in the USA, it will probably be mild.
* The US 10-year bond yield, which had regressed to 4.30% in the morning hours, rose again to 4.362% as it approached the evening hours. It should be noted that this region is the highest level since 2007. It was in this area yesterday. High bond yields can increase market volatility.
*EURUSD parity, after seeing 1.0930 in the morning hours, decreased throughout the day and fell below 1.0850. On the other hand, ounce gold remains below 1900.
*US futures stock indexes, which were generally positive during the day, gave back most of their premiums near the opening of the US spot markets.
*Tomorrow data traffic will be more intense than the previous two days. As we watch the leading global PMI data for August, our eyes will be on the US bond market, fluctuations in China and the Japanese Yen.
EURUSD – Priced Around 1.0860 as US 10-Years Rising…
Today, US 10-years are as high as 4.36% last seen in November 2007. On the other hand, the rises towards the 1.0940 level in the parity were not permanent. With the reactions from the 1.0940 resistance, the pricing quickly retreated towards the 1.0845 support. Instant transactions continue around 1.0862.
While it has been priced in the 1.0940 / 1.0845 range for a while, these levels can be continued to be followed as resistance and support.
Ounce Gold – Rises Up To 1904 Level…
The downward momentum in the yellow metal, which has been going on for a while, first shifted to horizontal pricing as it approached the 1880 support. The 1896 level was forming resistance in the upward attempts. However, this important resistance has been broken today. At the same time, this breakout enabled us to break out of the downward channel coming from the 1982 level. Although the rises continued until the level of 1904, it fell back to the level of 1896 with the reactions received. Although the bearish channel has been broken out, it is too early to talk about permanent uptrends. We will continue to follow the pricing movements that will develop from the 1896 level.
Silver – Rises Reached 23.44 Resistance…
After falling back to 22.36 support, silver continued the upside reaction from this level to 23.44 resistance with overlapping green candles. This resistance is also located at the level corresponding to the Fibonnaci 61.8 retracement. Therefore, the reactions from this level can play an important role in the course of silver prices.
If 23.44 is exceeded in the continuation of the upward pricing, we will follow the 23.89 level as the next resistance level. In case of possible retracements, you can follow the 23.19 level as support.
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