Encouraging news from the UK economy allowed the pound to sing its swan song. The GDP increased by 0.2% in the second quarter and by 0.5% year-on-year in June. Both figures were higher than Bloomberg experts’ expectations, and the manufacturing sector showed its best dynamics since 2019. Consumers have been the most active in over […]
Latest data from the International Financial Statistics, published by the International Monetary Fund (IMF), said central banks continued to strengthen their reserves by purchasing gold. The Central Bank of Turkey, for instance, bought 17 tons in July, adding to the 11 tons bought in June, when the country resumed purchasing the precious metal after active […]
Technical analysis: Gold has been trading upside this morning and I found rejection of the intraday support at the price of $1.910, which is good sign for the further upside movement. Due to the potential exhaustion of the sellers and rejection of the support at $1.910, I see potential for the further growth towards upside […]
Everyone got what they wanted. The Federal Reserve (Fed) has seen a confident move of inflation towards the 2% target, while the White House enjoys a robust economy. It feels as though Americans are living in paradise. However, such an ideal cannot last! A strong economy leads to high inflation, while stagnating consumer prices indicate […]
The weekly candlestick in Gold is providing a bearish warning. Price this week is trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Both these two indicators provide resistance at $1,940. A weekly close below this level suggests that price remains vulnerable to a move towards the weekly Kumo (cloud) at […]
GDP, labor market, and inflation data are crucial for the Federal Reserve when planning monetary policy parameters. If today’s macro data, set to be released at 12:30 and 14:00 (GMT), also prove to be strong, the Fed leaders will have an additional argument in favor of a new interest rate hike or, at the very […]
The Bureau of Labor Statistics reported Thursday that the annual inflation in the U.S. increased in July to +3.2% from 3.0% in June. This growth was slightly more modest than market expectations of +3.3%, and was further offset by a drop in the core figure, to +4.7% from +4.8% the previous month. Despite this, the […]
US stock indices showed a 0.2% increase at the close of yesterday’s trading. During the session, indicators climbed to 1.5% but closed at lower levels. The Industrial Dow Jones rose by 0.15%, the broad S&P 500 increased by 0.03%, and the tech-heavy NASDAQ added 0.12%. The strengthening of the tech sector, service industry, and telecommunications […]
Technical analysis: Gold has been trading upside this morning but I found that market is still in the downside channel mode with no evidence for the any Due to the downside channel in place and the weak demand this morning, I see potential for the further downside movement after completion fof the upside correction. Downside […]
Purple lines- wedge pattern Blue lines- Fibonacci retracement levels Gold price is still in a short-term bearish trend making lower lows and lower highs. Price today reached our $1,912 target and the 78.6% Fibonacci retracement level as expected by our previous analysis. Bears remain in control of the trend. Price today made a strong bounce […]
The price of gold climbed to as high as 1,930 today, where it has found strong resistance. By the moment of writing, it crashed and was trading at 1,918 above today’s low of 1,912. You knew from my previous analysis that the traders expected high volatility before and after the US inflation figures. Fundamentally, the […]
The US stock indices are trading with a slight dip of up to 1.5%. Specifically, the Dow Jones Industrial Average fell by 0.54%, the broad-based S&P 500 ended down by 0.7%, while the tech-heavy NASDAQ dropped by 1.17%. The primary reason for the market’s jittery sentiment is the anticipation of the release of fresh inflation […]
US stock index futures kicked off the day with gains. S&P 500 futures rose by 0.3%, while NASDAQ gained 0.4%. Stoxx Europe 600 saw a 0.3% jump. France’s CAC40 surged by 1% following China’s travel restrictions lifted. Clearly, market sentiment remains positive as investors anticipate key US inflation data. This information could provide insights into […]
According to media reports, Turkey plans to lift the ban on the import of certain types of gold and introduce new levies and a quota system. On Tuesday, the Turkish government announced an additional 20% charge on certain gold imports. According to the new regulations, any gold imports from countries that don’t have a free […]
While bond yields and the U.S. dollar remain high, the gold market cannot grow. Yet it continues to struggle, witnessing further liquidation of exchange-traded products backed by gold. In a report published by the World Gold Council on Tuesday, analysts stated that global ETF assets decreased by 34 tonnes, amounting to $2.3 billion. This marks […]
Technical analysis: Gold has been trading downside as I expected, the price has reached downside objective at $1.914 and it found support. Due to the downside momentum with bug sign of the strength, there is still chance for the lower prices after the upisde correction towards the lower reference point. Next downside objective is set […]
Meanwhile, the dollar faced pressure from news out of China. Reports indicated that China’s economy is experiencing deflation, causing some concerns among market participants. The European stock market received some support thanks to tax assurances from Italian banks. At the same time, oil prices rose to their highest level since January due to a supply […]
black lines- wedge pattern blue lines- Fibonacci retracement levels Gold price remains under pressure. Price continues making lower lows and lower highs. Price is now trading around $1,922 inside a downward sloping wedge pattern. Resistance by the wedge pattern is found at $1,930 and support is at $1,918. Price is also trading below the key […]
The EUR/USD pair continues to trade within a broad range, awaiting key releases this week. Yesterday, EUR/USD bears attempted once again to break through the support level of 1.0950 (the middle line of the Bollinger Bands on the weekly chart) but failed to secure a position below this target. Throughout August, the pair’s sellers have […]
The downgrade of the credit ratings of ten American banks by Moody’s allowed gold to take a brief respite. Investors immediately recalled the banking crisis in the U.S., which led to a surge in XAU/USD quotes to historical highs due to fears of an impending recession. Currently, markets are increasingly discussing a soft landing, putting […]
Let’s take a look at the technical picture of EUR/USD, USD/CAD, Gold and Bitcoin. The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Bitcoin: Target for this bull cycle is $300,000 April 8, 2024 The Bitcoin exchange rate has significantly strengthened after a series…Weekly forecast based on simplified wave analysis of… April 8, […]
Following a three-month sell-off, central banks bought gold again in June, said the World Gold Council. The latest data indicated that six central banks increased their gold portfolios, while two continued to sell the metal. The report also stated that the net purchase volume rose to 55 tons, with the Central Bank of Turkey and […]
Technical analysis: Gold has been trading upside this morning and I found test of the intraday resistance at the price of $1.934, which can be a good zone for the further downside continuation. Due to the strong impulsive downside move in the background and downside breakout of the pin-bar low, I see potential for the […]
Significant changes occurred with 10 medium-sized banking institutions, whose ratings went down by one notch. In addition, six of the largest banks, including Bank of New York Mellon, US Bancorp, State Street, and Truist Financial, were under close scrutiny by Moody’s for further review. While the banking sector felt the pressure, the pharmaceutical industry lit […]
Gold price is trading around $1,930. Price is trading inside the Daily Kumo (cloud). According to the Ichimoku cloud indicator trend is neutral. However with price having broken below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator), price remains vulnerable to a move lower. As expected by our analysis yesterday, a move […]
Last week, rating agency Fitch downgraded the U.S. long-term foreign currency rating from AAA to AA+. Fitch forecasts that the deficit of the U.S. public sector will reach 6.3% of GDP in 2023, compared to 3.7% in 2022. It is assumed that in 2024 and 2025, the deficit will increase to 6.6% and 6.9% of […]
Potential for the downside movement on the Crude oil and Gold… The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Video market update for April 08, 2024 April 8, 2024 Potential for the breakout on the USD/JPY…. The material has…Market Comment – Stocks climb after sizzling US jobs report April 8, 2024 Nonfarm […]
Technical analysis: Gold has been trading sideways at the price of $1.934 and I found rejection of the resistance at $1.943 in the background, which is good sign for the further downside movement. Due to series of lower lows and lower highs and rejection of the resistance at $1.943, I see potential for the further […]
What’s behind this rise? After a bit of anxious waiting, investors are getting back to business, preparing for the release of a key inflation report in the U.S. this week. This event has sparked significant interest, especially after last week ended with a decline in major indices and investors were eager to lock in their […]
Red lines-bullish RSI divergence Black line- resistance Blue lines- Fibonacci retracement levels Gold price is trading around $1,934. Short-term trend remains bearish as price continues making lower lows and lower highs. Price has reached the 61.8% Fibonacci retracement of the last upward move. Gold also remains below the black downward sloping resistance trend line. The […]
