Welcome back to our weekly newsletter! We have things all ready and summarized for you🔥

• Microsoft-Activision Deal nears UK approval✅

• A Lesson From Nouns DAO🕶

• Myanmar Cancels 120 Forex Licenses💴

As usual we have a summary on our weekly forecasts and how it performed! 😉

This weeks summary 📅

📊Market Performance

• S&P 500: 4,330.00 (-1.64%)

• DJI: 34,070.42 (-1.08%)

• Nasdaq-100: 14,694.24 (-1.84%)

• Russell 2000: 1781.83 (-1.56%)

• Bitcoin: 26,659.20 (+0.36%)

• Gold: $1,926.66 (+0.27%)

Microsoft-Activision Deal nears UK approval✅

Remember the deal between Microsoft and Activision Blizzard? Remember how it got blocked by Britain's competition regulator, citing fears of the tech behemoth gaining too much control over the blossoming cloud gaming market?

Well, tables seem to be turning in their favor.

In an exciting turn of events, Britain's antitrust regulator let slip on Friday that Microsoft's reshaped $69 billion acquisition of Activision Blizzard "opens the door" for approval. This, folks, might just be the biggest gaming deal ever seen, so it's hardly small potatoes we're talking about!

Back in August, 'Call of Duty' maker, Activision, agreed to sell its streaming rights to Ubisoft Entertainment, aiming to win over the Competition and Markets Authority (CMA). The CMA came forward saying that this strategic move "substantially addresses previous concerns".

While there are still a few kinks to be ironed out, Microsoft has proposed remedies that should put these to rest, the regulator says. As expected, Microsoft seems pretty chuffed about these recent developments regarding the CMS's review process.

They aim to secure approval before the October 18 deadline.

Meanwhile, Activision - the creators behind 'World of Warcraft', 'Overwatch', and 'Candy Crush' - believes this preliminary thumbs-up is promising news for its future with Microsoft.

Interesting to note, the same deal was given the nod by the European Union, who were fine with Microsoft's commitment to license Activision's games to other platforms. But, Britain had rejected this earlier.

The U.S. Federal Trade Commission isn't too pleased about the deal, but its attempts to block it have been unsuccessful so far. Now, the CMA will start consulting on the provided remedies before taking a final call. We're on the edge of our seats here!

While this might be the final bump in what's been quite a ride, it's not without a few "residual concerns", as the CMA described them.

So, for Microsoft, it's game on, quite literally.

A Lesson From Nouns DAO🕶

Recently, the decentralized finance (DeFi) community witnessed a damning saga involving Nouns DAO - a decentralized autonomous organization known for its slew of interesting operations.

Spearheaded by a polarizing clash between idealistic blockchain members and profit-driven traders, the contentious row culminated in a 'fork', a radical move to decentralize the project further, which ended up sparking drama within the ecosystem.

Nouns DAO, valued at $27 million in cryptocurrency, experienced a significant exodus of members disenchanted with the project's spending habits. Their head-scratching expenditures, such as the $90,000 spent to name a rare Ecuadorian frog species, were a pressing concern.

However, the main contention arose from well-positioned arbitrage traders who saw a golden opportunity to maximize their return on investment.

The 'fork' mechanism, designed as a no-consequences exit ramp for dissatisfied members, ended up creating a loophole for these keen-eyed investors. The fallout was far-reaching, with Nouns DAO losing over half of its $50 million treasury to a subset of its own members.

With ever-evolving bylaws, DAOs are prone to tumultuous periods. However, the Nouns DAO incident offers a stark lesson for DeFi communities about the precarious balance between decentralized governance and financial proficiency.

It also reiterates how the system can be manipulated to benefit savvy individuals, raising daunting questions about the viability of entirely decentralized projects in today's crypto landscape.

One underlying theme persisted throughout the Nouns DAO’s crisis - the constant struggle between pursuing radical decentralization and the requirement for prudent money management. It's proven to be a complex issue that even the most committed projects struggle to navigate successfully.

There is another in depth article that talks about the Nouns drama here:

Myanmar Cancels 120 Forex Licenses💴

A significant policy shift has been observed in Myanmar as the military-controlled Central Bank revoked 123 foreign exchange licenses from various entities, including forex traders, travel agencies, and gem traders among others.

This raises the tally to 167 firms since the coup in Myanmar about two years ago. The Central Bank's decision reportedly arose from these bodies' refusal to adhere to the Central Bank's official exchange rate.

One could not miss the striking rate discrepancy. For context, the official rate stands at 2,100 kyat per US dollar as of April 2022. However, the ongoing market calamity has seen the rate fall to a staggering 3,300-3,500 kyat, a reflection of the country's deteriorating economic state since the coup overthrew the Suu Kyi government in February 2021.

According to financial experts, these latest developments point to increased volatility for the kyat and could potentially sway investor sentiments and trading dynamics for Asia's emerging markets.

In other noteworthy news, the junta has arrested Lieutenant General Moe Myint Tun, who was overseeing Myanmar's economic affairs, for allegedly pocketing millions in bribes. His arrest further signals the turbulence in the nation's economic and political scenes, which will continue to reverberate across global financial markets.

Weekly Forecast Summary

In our recent newsletter, we shared a prediction about the rising price of Gold (XAU/USD), anticipating an increase up to the weekly resistance level of 1940.

For a detailed synopsis of this forecast, please refer to our comprehensive coverage provided earlier this week through the linked article below:

Indeed, the predicted increase occurred before the FOMC statement on 20th September, which led to a significant downturn around the 1940 - 1945 area. The negative trajectory continued, culminating in a plunge down to the weekly support level of 1923 on 21st September.

There are a few factors that caused these, which are:

1. The Federal Funds Rate remained the same at 5.50%, which means that the USD is still stable and strong, which caused the gold price to continue its downfall on 21st September.

2. FOMC statement by Jerome Powell

3. Unemployment Claims Data is positive compared to previous data, meaning that the US economy is doing well for this month.
   

These fundamental factors led to the big movement of gold prices, starting from 20th September, when the price reached the weekly resistance level area, between 1940 - 1945, which it respected and created a big rejection and it continued the following day on 21st September due to the Federal Funds Rate and FOMC statement, followed by the Unemployment Claims all in the same day which caused the price to break out of the weekly support area, between 1923 - 1919, and created a pullback to the weekly support area.

However, once it reached the area around the weekly support level at 1923, it respected the particular support area and is going bullish again. For those who traded and shorted at the resistance level that was given in the previous forecast, congratulations and enjoy your profits!

Currently, the price is within the 2 levels/zones, so we will need to see how the price will close this week and where will the price open the following week. Stay tuned!

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.