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Oil prices edge lower, gold under pressure

Oil settles after a volatile start to 2023 Oil prices are a little lower again at the end of the week, settling it seems somewhere around the middle of…

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This article was originally published by Market Pulse

Oil settles after a volatile start to 2023

Oil prices are a little lower again at the end of the week, settling it seems somewhere around the middle of the new year range. Sweeping risk aversion in the markets and concerns around a potential deeper slowdown driven by higher rates will have that effect but once again it’s worth noting that sentiment in this market is fickle. It clearly doesn’t take too much, as we saw in early January, for investors to become euphoric, nor does it take much for them to lose their nerve. That could remain a key feature of the first quarter and ensure oil prices remain highly volatile.

Lost momentum and setting up for a correction

The Fed surge in gold appeared to be built on weak foundations as momentum simply didn’t match the price rally. That isn’t to say it couldn’t play catch up but yesterday’s plunge may suggest that won’t happen just yet. Instead, the yellow metal finds itself testing interesting support around $1,910 and then $1,900. The first is the ascending trend line from early November and the second is recent support but could also be considered the neckline of a two-week double top. Either way, a break of these levels could propel the yellow metal into a correction phase.

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Canadian Silver Co. Will See Big Changes in 2024

Source: Michael Ballanger 12/22/2023

Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…

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EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills

2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…

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Economics

Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar

Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar

A weird week of macro data – strong jobless claims but…

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