FPG :Risk aversion lingered, gold burst out of 17 dollars stand on 1970 Latest market news: 1. [OPEC+ is expected to maintain production reduction next week] In October, OPEC+, composed of OPEC and its allies led by Russia, agreed to significantly reduce production by 2 million barrels per day from November 2022 to the end of 2023. OPEC+ will hold an online meeting of the ministerial committee, including Russia and Saudi Arabia, on April 3, and then a ministerial plenary meeting in Viena on June 4. Comment: At present, the banking crisis is still plaguing the market, and the risk has not been completely lifted. 2. [European natural gas prices fell 2%] As market participants waited for the latest news of France’s continuous strike, European natural gas prices fell. The French strike has been disrupting the country’s energy infrastructure. As of press time, the price of natural gas futures in the Netherlands has fallen by 1.8% to 41.76 euros per megawatt-hour in recent months, which previously fell 4.2%, against Monday’s rise. Comments: Market participants are waiting for the latest news of the ongoing strike in France. 3. [German Transportation Strike] German transport workers began a 24-hour national strike, demanding wage increases in the face of rising inflation. The union leading the strike represents nearly 3 million workers in Germany; millions of commuters may be affected. The union said that the salary increase is a matter of survival.” Comments: The whole of Europe does not seem to be peaceful, and the high inflation caused by natural gas is difficult for workers to accept. 4. [Silicon Valley Bank Case Accountability] On Tuesday, local time, Martin Glenberg, chairman of the Federal Deposit Insurance Corporation, Michael Barr, vice chairman of the Federal Reserve, and Nellie Liang, deputy secretary of the domestic finance department of the U.S. Treasury, attended the hearing of the Banking Committee of the Senate and accepted the members. Inquiries about the bankruptcy of Silicon Valley banks. Comments: Similar hearings will be held in the House of Representatives next, but the impact on the market is expected to weaken. 5. [Ma Yun returned to China] Alibaba’s Hong Kong stocks were suddenly pulled back by nearly 5 points, and the entire Internet sector was also pulled up. Comments: With the anti-monopoly rectification of the Internet industry and the repeated epidemic and the pressure of the macro-economics, the entire Internet sector has also lost its previous highlights, and the fines and performance have regressed for more than a year. 6. [Progress of the situation in Russia and Ukraine] Comprehensive news: Grosi, Director-General of the International Atomic Energy Agency, met with Ukrainian President Zelensky in Zapolozh, Ukraine on the 27th. Ukrainian Defense Minister Reznikov sent a message on the 27th that Ukraine had received British assistance from the Challenger 2 tank. The Russian Satellite News Agency reported on the same day that the spokesman of the Secretary of the United Nations, Dijalik, said that the United Nations was uneasy about the general tension around nuclear weapons, and also reminded each member state of its responsibilities under the framework of the Treaty on the Non-Proliferation of Nuclear Weapons. Comment: Although the probability of the rise of World War III is very low, the end of the war is still far away. FPG special analyst King’s opinion: Recently, the Federal Reserve has entered the end of raising interest rates, including the easing of monetary policy, which has further raised the price of gold. At the same time, the liquidity crisis of Silicon Valley banks in the United States, including Swiss Credit Suisse and other banks in Europe, further stimulated the risk aversion of gold prices and pushed up gold prices. At present, it seems that gold needs more fundamental support to maintain the current upward trend, and the potential bulls have been released. People’s attention will inevitably begin to turn to U.S. economic data. FPG special analyst Dawson’s opinion: U.S. President Biden said on Tuesday that he had done everything possible to use existing institutions to solve the banking crisis, but the crisis was “not over yet”. The successive bankruptcies of Silicon Valley banks and signature banks have triggered a loss of investors’ broader confidence in the banking industry, hit the stock market hard, and raised concerns about the full-scale financial crisis. The deal to bail out Trader信贷 last week and the sale of Silicon Valley Bank assets to First Citizen Bank this week helped the market restore some calm. FPG special analyst Dave’s opinion: Saudi Arabia had previously said publicly that OPEC+ should maintain a stable supply throughout 2023 because it is dealing with the fragile recovery of oil demand across the world. The representative of the organization said privately that the online meeting of major ministers on Monday would maintain this position. Because the turmoil in the banking industry has affected the economic outlook, and the sanctions against Russia have caused supply uncertainty, there is no need to deviate from the current production plan. FPG special analyst Yue Lin’s opinion: The Silicon Valley Bank (SIVBQ.US), which was acquired after the collapse, plummeted by 99%, almost equal to zero. Signature Bank (SBNY.US) plummeted 60%, and the two banks are now trading in the OTC market. In addition, the Federal Savings Insurance Company said in a statement on the 27th that the closure of Silicon Valley Bank is estimated to bring a loss of $20 billion to the deposit insurance fund it operates. It triggers gold risk aversion. The above analysis is only for the views of market researchers and is for reference only and is not Regarded as a specific investment suggestion. #Forex #trading #tradingforex