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10/06/21 10:53
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Gold boosted by weak dollar, as natural gas and Brent crude prices head lower A FOMC-driven dollar decline has helped gold, but natural gas and Brent crude look set for further downside. Source: Bloomberg Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 02 February 2023 Gold uptrend continues after FOMC boost Gold has managed to surge into a fresh nine-month high after Jerome Powell helped drive the US dollar lower once again. That dollar slide saw gold push through the $1949 resistance level, following on from a recent deep pullback that provided us with yet another higher low. With that in mind, the trend continues to roll onwards, with the latest low of $1901 now providing us with the level to break if the bears are to gain any foothold. Until then, further upside looks likely. Source: ProRealTime Brent crude rolls over as wider downtrend kicks in Brent crude looks set for another bearish phase, with the recent rally into trendline resistance finally seeing the wider downtrend kicking in once again. The move through $84.02 and subsequent rebound looks to have provided a bearish head and shoulders formation here. Ultimately, we have now moved from creating fresh highs, to a situation where Brent trades in a series of lower highs and lows. For now, there is a good chance that we tick higher to retrace the latest move lower, but any rebound would be deemed a selling opportunity as long as we do not break through the $86.18 swing-high. Source: ProRealTime Natural gas falls into yet another low within downtrend Natural gas has been hit hard over the course of the past six weeks, with price moving in a highly consistent and predictable manner.This is the perfect trading environment given the reliable formation of lower highs and lower lows seen over that period. Once again, we have seen price fall into a fresh long-term low today (22-month), with further downside expected as a result. As such, short positions remain favoured unless we see price break back up through the $27.89 resistance level. Source: ProRealTime -
Meta shares were a whopping 25% amid plans to cut costs and give a $40 billion share buyback. In terms of guidance, Meta forecast Q1 revenue between $26bn and $28.5bn, in line with analysts’ average estimates of $27.1bn. Jeremy Naylor | Writer, London | Publication date: Thursday 02 February 2023 Meta shares surge Meta Platforms, which owns Facebook, was in absolute lift-off mode last night. It jumped 25% on the IG platform last night in extended trade as a result of news that came out after the bell. Investors gave little interest to earnings and revenue, where fourth quarter (Q4) net income fell to a $1.76 per share, much lower than the $2.26 expected. A drop was largely due to a $4.2 billion charge related to layoffs and office closures. Revenue reached a whopping $32.17 billion. Share price chart Now, let's take a look at what's been happening with shares because there was absolute lift-off last night. As I said, a straight up candle this is a Marubozu candle. You can see where it started at yesterday's session at the low point. And it ended without any sellers in this market at all, up a total of 25.12%. This is after chief executive Mark Zuckerberg described 2023 as the year of efficiency and updated the market on a series of cost cutting measures like its plans for lower data centre construction expenses this year and pledged stricter cost control. And we remember the group parted with more than 11,000 jobs back in November, which did cost that money and a one-off. In total Meta Platforms to cut costs in 2023 by $5 billion to a range of between $89 billion to $95 billion. The group also announced a new $40 billion share buyback program in terms of guidance, better forecast first quarter revenue between $26bn and $28.5bn in line with analysts, average estimates of $27.14 billion. But it was good news for investors last night in Facebook owner Meta.
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FTSE 100, DAX and S&P 500 in strong form following FOMC meeting Indices have moved higher in the wake of the Fed meeting, helped along by strong numbers from Meta. Source: Bloomberg Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 02 February 2023 FTSE 100 pushes above 7800 After dipping back towards 7700 over the past week, the index has begun to move higher once again. This renewed move higher puts the January highs in play, with further gains targeting 7900 and then on to 8000 itself. The index remains overextended from the 50-day simple moving average (SMA), which sits down towards 7609, but for now this situation does not seem to be the cause for any concern. The price action last week seems to have negated any bearish view for the time being, with 7700 holding as support. Source: ProRealTime DAX hits fresh 12-month high Two days of gains have resulted in the index pushing to its highest level since the end of last February. A fresh push towards 15,600 looks to be in the offing, and from there the index will target the 16,000 level and then the 16,300 highs from January 2022. For the moment, there is no sign of bearish momentum developing. A potential hurdle would be today’s ECB meeting, which could see the index reverse course in the short-term, though even a drop back below 15,000 would only then suggest a potential test of the 50-day SMA. Source: ProRealTime S&P 500 rallies above 4100 The Fed meeting yesterday resulted in a fresh bounce for the index, taking it back to 4100 and the highs of December and September last year. Supported by a rising MACD, the index now looks set for further gains, with 4205 and then 4315 the next major levels to watch on the upside. Sellers will need to see a reversal below 4050 to suggest that they have wrested control of the index away from the bulls. Source: ProRealTime
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