Beat the street: Fed; retail deal-hunters; gold miners climb; Hewlett Packard Enterprise
Investors look to multiple Fed speakers later this session for fresh monetary policy hints. Deal-hunters are set to spend a record $12bn on US Cyber Monday. Plus, gold miners shine.
(Partial Video Transcript)
Gold holds near-six month highs
Hello, I'm Angeline Ong, and welcome to beat the street, the show that gives you all the tradeable news and data you need ahead of the Wall Street Open.
Coming up, the Federal Reserve (Fed) is being eyed as investors look to the US central bank for fresh policy hints, economic data, and, of course, Powell's speech later this week.
Cyber Monday set to rake in $12bn
Deal-hunters are set to spend a record $12 billion on Cyber Monday, at least that's what the early data is pointing to.
And gold glistens: miners are climbing as bullion holds near six-month highs. Very good afternoon to you, I'm Angeline Ong, and welcome to this new edition of beat the street.
So, now, before Wall Street starts trading, let me just show you a snapshot of gold here because we've just touched on that, and gold above that 2000 level. And if you look a bit closer, I'm going to show you the 50-day simple moving average (SMA) here.
We see the momentum continue to stay above this blue line. Then we may well see it traipsing towards the next resistance point, which is just trying to get that chart down for you, which is around 2040.
And, of course, we're seeing the last high at around the April 2023 mark, and it passes that and breaks above that level, then we could see the next resistance level being around 2056 or 2068 or so.
So, it's a really interesting move for gold at the moment, all of this, of course, bound to the fact that the dollar is weaker and there are expectations that, in fact, the Fed is quite close to pressing the pause button on its current tightening cycle.
Wall Street investors cautious
Just checking in on Wall Street as well because we are looking at quite a cautious Open. There you have it down ever so slightly. And let's take a look at the Tech 100 as well - there you go - because we have earnings later on from HP Enterprise as well, cautious move there as we count down to the cash open.
We're also waiting on personal consumption expenditure (PCE) to date. So, this is the Fed's preferred inflation gauge and the base book, a snapshot of the US economy. These are due later this week, which will probably show that the economy is quite robust under these tighter monetary conditions that have been in place for some time…
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