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Oil and gold follow silver upwards

Oil and gold follow silver upwards

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Oil finally breaks its ranges

The move higher in oil has come somewhat sooner than expected, but arrive it has. Vaccine hopes, EU stimulus agreements and a much weaker US dollar finally lifted oil through some critical resistance zones, ending nearly two months of range trading.

Brent crude rose through USD44.00 a barrel, filling its chart gap by rallying to USD44.90 a barrel, before finishing the day 1.80% higher at USD44.10 a barrel. WTI broke through USD44.50 a barrel, on the way to a USD42.50 high, before easing lower to finish the session 1.90% higher at USD41.60 a barrel. Both contracts have edged higher today by a non-descript 0.20% as energy markets pause for breath in Asia.

The previous resistance on both contracts now becomes pivot points. As long as Brent and WTI hold on a daily closing basis above USD44.00 and USD41.50 a barrel respectively, the rally should continue. Brent can potentially target its 200-DMA at USD48.10 a barrel. WTI’s 200-DMA at USD43.40 a barrel, remains its initial target.

A weaker US dollar should continue to support oil pricing going forward. The significant risk factors lie with the United States. Will the pandemic force mass movement restrictions across much of the country? Can Washington DC create a new fiscal stimulus package in a compressed timeframe? Both risk factors could severely impact consumption and confidence, knee-capping oil’s rally. It is too soon though, to conclude either.

 

Gold follows the silver surfer to new highs

Silver led the way again in Asia today. Rallying 7.0% on thin air in early trade, dragging gold higher on its coattails. That capped an impressive 24 hours of price action from both metals. Silver is now 12.0% higher over two days, and a breath-taking around 90% higher than its mid-March sell-off lows.

There is little to explain the scale of the silver rally of the past three sessions. Liquidity and some large short covering are undoubtedly playing its part. Its dual precious metal and industrial metal status make it a prime candidate for a global recovery trade. One suspects that plenty of short-term FOMO money has suddenly discovered silver as well. In hindsight, silver has led stock markets, energy and commodities higher since mid-March. Logically, until silver has a severe setback, momentum is unlikely to waver in those asset classes either.

Silver’s next technical target is USD25.00 an ounce. With silver racing higher and closing at its highs for three consecutive sessions, it would be a brave man who picked the top there.

Gold, meanwhile, has also had a busy couple of sessions. Gold broke resistance at USD1819.00, on its way to a gain of 1.35% overnight, closing near its highs at USD1842.00 an ounce. With silver jumping 7.0% this morning, gold has followed suit, rising 0.80% to USD1456.80 an ounce, having toughed USD1866.00 an ounce earlier in the session.

Momentum remains secure with gold, likely pent up after narrow range-trading for much of July. Today’s high at USD1866.00 an ounce form initial resistance. The all-time high at USD1920.00 is now within reach though, and a test seems likely assuming the global recovery remains uninterrupted across financial markets. Gold would need to record a daily close below USD1819.00 an ounce to call into doubt the bullish thesis.

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Israel Rejects Zelensky’s Request To Visit: “Now Is Not The Time”

Israel Rejects Zelensky’s Request To Visit: "Now Is Not The Time"

Ukraine’s President Zelensky has been refused his own request to visit Israel…

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Israel Rejects Zelensky's Request To Visit: "Now Is Not The Time"

Ukraine's President Zelensky has been refused his own request to visit Israel out of "solidarity" after the Oct. 7 deadly attacks by Hamas, in yet another awkward moment for Kiev.

He was reportedly told by the Netanyahu government that "now is not the time" for such a state visit, according to Hebrew-language media. However, his office was told that there might be a later date for such a visit.

File image, Flash90

Israel's i24News wrote that "The yet unexplained denial of Zelensky’s solidarity visit comes as the U.S. President Joe Biden is reportedly expected to visit Israel as soon as Wednesday."

Zelensky had since the start of the new Gaza war issued series of strong statement in support of Israel. "The world must stand united… so that terror does not attempt to take or destroy life anywhere and at any moment," he had said.

He has also claimed that Russia is stoking conflict in the Middle East, also as a way to distract from its operations in Ukraine, but without offering any evidence.

Last Wednesday, Axios reported that "Zelensky's office sent an official request to the Israeli Prime Minister's office asking to coordinate a visit, the Ukrainian and Israeli officials said." 

It seems the pro-Ukraine cause in general, including efforts in Congress and by the Biden administration to keep the billions in aid flowing, has been sapped of its prior enthusiasm and momentum. 

And it's perhaps also the case that Israel perceived that Zelensky is trying to link Ukraine's cause with Israel's as a matter of PR. 

At this moment, a major Israeli full offensive by air and ground appears imminent, though it's been delayed after there was an expectation that it would start this weekend. Some reports have said that bad weather is a factor.

But the Jerusalem Post has offered a different perspective, writing Monday, "Yet, now we have arrived at late Monday, and if anything, the signs (which could also be psychological warfare) are that the invasion is further away, and not yet imminent."

Tyler Durden Mon, 10/16/2023 - 17:35

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Europe “Shaken” By “Islamist Terrorist Attack” In Brussels; Shooter Still At Large

Europe "Shaken" By "Islamist Terrorist Attack" In Brussels; Shooter Still At Large

Update (1730ET): French President Emmanuel Macron said…

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Europe "Shaken" By "Islamist Terrorist Attack" In Brussels; Shooter Still At Large

Update (1730ET): French President Emmanuel Macron said on Monday that Europe had been "shaken" by a "terrorist attack" in Brussels, after two Swedes were killed in a shooting.

"A few minutes ago, Brussels was hit again by an Islamist terrorist attack which apparently, as I speak to you, took the lives of at least two other Europeans, two Swedes," Macron said during a visit to Tirana, according to AFP.

Perhaps most ironically, given the comments from various world l;aders about this "terrorist" attack by a muslim man, who recorded a video of himself explaining this was to "avenge the Muslims that have died for their religion", the Belgian prosecuor has issues a statement that there is 'no immediate link to Israel-Hamas'.

“So there has been a claim via social media where someone says he is the perpetrator, that he has sympathies for IS, and what is also important, he mentions the Swedish nationality of those victims,” Eric Van Der Sypt, a spokesman for the federal prosecutor’s office, told the Belgian broadcaster VTM.

“For now, at the current stage of the investigation, there would be no relationship to the conflict in Gaza,” he added.

Hmm...

Belgium’s government crisis center confirmed reports of the killings and asked the public not to share images or videos that might be related to the incident.

As a reminder, Brussels was hit by major Islamic State terrorist attacks in 2016, which left more than 30 people dead and hundreds injured.

*  *  *

Update (1630): Belgium's crisis center has raised Brussels' terror alert status to its highest level, and France was tightening controls at its border with Belgium, France’s interior minister, Gérald Darmanin, said.

“Horrified by the terrorist attack which left two victims in the heart of Brussels,” Belgian Foreign Minister Hadja Lahbib said in a post on the X social media network.

“All necessary means must be mobilized to combat radicalism.”

“We are monitoring the situation and ask the people of Brussels to be vigilant,” Belgian Prime Minister Alexander De Croo said in a post on X, but appeared to confirm the link to terrorism:

"I have just offered my sincere condolences to the Swedish prime minister following tonight's harrowing attack on Swedish citizens in Brussels.

"Our thoughts are with the families and friends who lost their loved ones. As close partners, the fight against terrorism is a joint one."

Additionally, the Euro 2024 soccer qualifier between Belgium and Sweden (taking place in Belgium's national stadium in Brussels) has been abandoned at half-time after the attack, with fans locked in the stadium.

No suspect has yet been arrested.

*  *  *

As Remix News' Thomas Brooke reported, two people have been shot dead and others injured in central Brussels on Monday evening and the perpetrator remains at large, Belgian police have said.

Authorities have confirmed a shooting took place in Ieperlaan at around 7:15 p.m. local time and two people of Swedish nationality were killed.

The victims are understood to have been supporters of the Swedish national football team and were visiting the Belgian capital to attend the European Championship qualifying fixture between the two nations at the Heysel Stadium on Monday evening.

Amateur footage circulating outline showed the perpetrator, dressed in a fluorescent orange jacket and wearing a white helmet, equipped with an assault rifle on the rampage in the city. The suspect arrived at the scene on a scooter before opening fire in the street causing pedestrians to flee into a nearby apartment building.

The man followed those fleeing the scene into the lobby of the residential building before firing several more shots, before returning to his scooter and taking off at speed.

Belgian media reported eyewitness testimony which stated the shooter shouted “Allahu Akbar” before opening fire.

Additional footage circulating online purports to be a video message recorded in Arabic by the shooter who is wearing the same identifiable clothing following the attack. According to the Sudinfo news outlet, the attacker said his motivation for the mass shooting was to avenge the deaths of Muslims around the world and boasted about killing “infidels.”

“In his very violent speech, he said he had shot two people to ‘avenge the Muslims and that we live and die for our religion,'” the news site stated.

The tweet is viewable here but not embeddable...

Crisis meetings have taken place between the Belgian federal police, the Brussels local police, the security services, and Belgian Interior Minister Annelies Verlinden and Justice Minister Vincent Van Quickenborne.

Authorities have not yet made an arrest and the suspect remains at large.

This is a developing story...

Tyler Durden Mon, 10/16/2023 - 16:15

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Hillman grant for Penn Nursing professor to study virtual reality & loneliness

PHILADELPHIA (October 16, 2023) – Penn Nursing, with partners from the Annenberg Virtual Reality ColLABorative and New York University’s Rory Meyers…

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PHILADELPHIA (October 16, 2023) – Penn Nursing, with partners from the Annenberg Virtual Reality ColLABorative and New York University’s Rory Meyers College of Nursing, have been awarded 2023 grant from the Hillman Emergent Innovation: Serious Illness and End of Life program to study the use of social virtual reality (VR) in enhancing the treatment experience and reducing loneliness in people undergoing hemodialysis. This grant is awarded by The Rita and Alex Hillman Foundation.

Credit: Penn Nursing

PHILADELPHIA (October 16, 2023) – Penn Nursing, with partners from the Annenberg Virtual Reality ColLABorative and New York University’s Rory Meyers College of Nursing, have been awarded 2023 grant from the Hillman Emergent Innovation: Serious Illness and End of Life program to study the use of social virtual reality (VR) in enhancing the treatment experience and reducing loneliness in people undergoing hemodialysis. This grant is awarded by The Rita and Alex Hillman Foundation.

Hemodialysis is a life-saving treatment for people experiencing end stage kidney disease. Treatments are typically three times a week and each session lasts three to four hours. The experience can be isolating and so uncomfortable that patients skip future sessions, which can rapidly worsen their condition. This $50,000 pilot study testing social VR during hemodialysis uses low cost, off-the-shelf solutions to remove the environment that patients find dull and replace it with a more stimulating one.

Led by Penn Nursing’s Lea Ann Matura, PhD, RN, CRNP, FAAN, Associate Professor of Nursing and Vice Chair of the Department of Biobehavioral Health Sciences, the study will connect dialysis patients in outpatient centers across Philadelphia in an immersive, realistic VR film theater. The project will explore a new nurse-moderated, social VR experience to decrease isolation and increase health literacy and adherence to treatment in marginalized communities. The study begins in 2024 and runs for 18 months.  

“Social VR is a contrast to depersonalized care. It can remove the environment that patients find dull and replace it with a more stimulating one. VR may promote self-care agency by offering choices in how they spend their time during treatment sessions,” said Matura. “VR compels an understanding of the needs and preferences of patients and lends itself to multidisciplinary integration providing enhanced holistic care. It also focuses on caring for the patient rather than treating a disease.”

Co-investigators include Penn Nursing’s Subhash Aryal, PhD, MS, Director, BECCA Lab & Research Associate Professor; Linda Ruggiero, PhD, BSN, BS,  RN-BC , Clinical Nurse at Penn Medicine; Maya Clark-Cutaia, PhD, RN, MSN, Assistant Professor, NYU College of Nursing; and Kyle Cassidy, BS, a digital design specialist at the Annenberg School for Communication.

# # #

About the University of Pennsylvania School of Nursing

The University of Pennsylvania School of Nursing is one of the world’s leading schools of nursing. For the eighth year in a row, it is ranked the #1 nursing school in the world by QS University. For the third year in a row, our Bachelor of Science in Nursing (BSN) program is ranked # 1 in the 2024 U.S. News & World Report’s Best Colleges rankings. Penn Nursing is also consistently ranked highly in the U.S. News & World Report annual list of best graduate schools and is ranked as one of the top schools of nursing in funding from the National Institutes of Health. Penn Nursing prepares nurse scientists and nurse leaders to meet the health needs of a global society through innovation in research, education, and practice. Follow Penn Nursing on: FacebookTwitterLinkedIn, & Instagram.


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