Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 23 November 2023 10:40 pm

  Gold price modestly gains amid US Thanksgiving

  

  Gold price has increased by 0.14% due to thin trading conditions during Thanksgiving, with the price currently trading at $1992, gaining 0.14% after hitting a daily low of $1989.56. The gold price benefits from declining US Treasury yields and USD weakness, trading near the $2000 mark. European equities closed in …

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• 23 November 2023 8:38 pm

  Economic indicators incite pessimistic outlook for 2024

  

  As of next January, a recession is predicted to hit the US economy as investment and production decline. According to a press release from the Conference Board, the Leading Economic Index (LEI) fell 0.8% in October and 3.3% over the previous six months, marking the 19th consecutive m-o-m decline. The …

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• 23 November 2023 7:17 pm

  China reduces oil imports from Venezuela

  

  China’s independent refiners, known as teapots, are holding off on making new purchases due to wide discrepancies in offer prices. Since the suspension of US sanctions on Venezuelan oil in mid-October for six months, global energy firms and trading houses Vitol, Gunvor, and Trafigura have gradually resumed purchases. The independent …

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• 23 November 2023 4:10 pm

  UK Preliminary Services PMI returns to expansion with 50.5 in November

  

  The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) for November came in at 46.7, surpassing expectations of 45.0 and marking an improvement from October’s final print of 44.8. In addition, the Preliminary UK Services Business Activity Index showed significant progress, reaching a four-month high of 50.5 in …

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• 23 November 2023 3:13 pm

  The Swedish central bank keeps interest rates unchanged at 4%

  

  The Riksbank kept the interest rate unchanged at 4% on Thursday, November 23, but said it was ready to raise it further if inflation expectations deteriorated. The central bank raised interest rates from zero levels in April 2022, in a series of increases to combat high inflation caused by Covid …

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• 23 November 2023 10:53 am

  Oil closed lower amid volatile trading with the postponement of the OPEC+ meeting

  

  Oil prices fell by about one percent on Wednesday in a volatile session, with the OPEC+ alliance suddenly postponed a meeting to determine production policy that was scheduled to be held next Sunday, raising questions about the future path of crude production cuts. Brent crude futures fell 49 cents to …

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• 23 November 2023 1:32 am

  Market Drivers – US Session, Nov. 22

  

  US Data on Wednesday came in mixed, including Durable Goods Orders that fell 5.4% in October, exceeding the expected 3.1% decline. On the positive side, the University of Michigan Consumer Sentiment Index stood at 61.3 in November, revised up from the preliminary reading of 60.3. Initial Jobless Claims that retreated …

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• 23 November 2023 1:08 am

  US stocks surge ahead of Thanksgiving

  

  On Wednesday, stocks experienced a surge following a brief decline in yields to their lowest point in several months, and the market’s rally from November extended into the Thanksgiving holiday. The S&P 500 increased by 0.4%, the Nasdaq Composite advanced by 0.5%, and the Dow Jones Industrial Average gained 178 …

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• 22 November 2023 11:57 pm

  Eurozone banks under pressure on accelerating loan default

  

  The European Central Bank has warned about rising loan default cases and late payments as signs of stress in the eurozone’s banks. The bank is facing higher funding costs, declining asset quality, and fewer lending volumes, despite increased interest rates boosting revenue and profits. The ECB also warns that slower …

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• 22 November 2023 10:39 pm

  Gold continues to face challenge below $2,000

  

  Spot Gold is bidding lower, testing back beneath the $2,000 key handle. The Gold Index (XAU/USD) is trimming back some gains as investors weigh their options post-US data.Gold remains well-bid, but $2,000 is proving to be a challenging level. XAU/USD tipped back into a daily high above the $2,000 mark, …

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• 22 November 2023 9:52 pm

  Nagel: ECB approaching interest rates peak

  

  Interest rates in the Eurozone are close to their peak according to Wednesday’s statements by Bundesbank President Joachim Nagel who also explained that economic data will determine whether more tightening is needed. As for inflation, Nigel mentioned it is on track to move towards the ECB target while speaking at …

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• 22 November 2023 8:57 pm

  Negative sentiment drags CAD to fresh weekly lows

  

  The Canadian dollar has hit a new weekly low due to deteriorating market sentiment and falling crude oil prices. The US data has reduced risk appetite and deflated crude oil bids, leading more markets to turn back towards the US dollar. Fresh weekly lows are expected since crude oil markets …

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• 22 November 2023 8:01 pm

  US dollar gains on rate policy speculations

  

  The US dollar is trading in the green territory against major G20 peers, with traders expecting a quick return to normal rate policy. The latest FOMC Minutes revealed that cuts are not in the plan for the upcoming meetings, which dampens market bets that cuts might be very close, even …

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