🌐 PLAN FOR THE WEEK OF March 25 - March 29 Price zones to note this week: Resistance: 2182 - 2195 - 2200 - 2223 Support : 2152 - 2145 - 2125 - 2100 - 2077 If the gold price escapes the $2145 price range, a price decline will begin, and Gold's conquered targets will be directed towards the support areas mentioned above. On the other hand, if the gold...
OANDA:EURUSD Economic analysis Following Wednesday's upsurge, OANDA:EURUSD turned south on Thursday and closed the day deep in negative territory. The pair stays on the back foot early Friday and trades within a touching distance of 1.0800. The renewed US Dollar (USD) strength forced OANDA:EURUSD to make a sharp U-turn on Thursday. The S&P Global...
➡️ Long-term #DXY analysis (March 11 - March 16) We doubt US data will move the Dollar much today and instead, investors are waiting to see if Friday's February NFP jobs release does indeed correct lower from the strong gains in January and December. Consensus is around 200K and any lower would probably be good for risk assets in that it would allow the...
OANDA:XAUUSD retreats to $2,160 as US yields rebound XAUUSD: Technical analysis OANDA:XAUUSD lost its traction and retreated to the $2,160 area. Following a downward correction in the European session, the benchmark 10-year US Treasury bond yield recovered to 4.3%, making it difficult for OANDA:XAUUSD to hold its ground. From a technical...
GBPUSD: Economic analysis OANDA:GBPUSD is trading in a range above 1.2700, consolidating recent losses in early Europe on Monday. The US Dollar holds the upside, keeping the pair on the back foot, despite a risk-on market environment. All eyes remain on this week's Fed decision. GBPUSD: Technical analysis The Relative Strength Index (RSI)...
GOLD MARKET ANALYSIS AND COMMENTARY - WEEK 11 - 2024 (March 11 - March 15] ECONOMIC ANALYSIS This week, international gold prices have continuously increased sharply, from 2,079 USD/oz to 2,195 USD/oz and closing at 2,178 USD/oz. The reason why gold prices increased sharply is partly because the US economy created 275,000 jobs in February 2024, higher than...
EUR/JPY recovers its intraday losses as the Japanese Yen (JPY) strengthened following Japan’s Gross Domestic Product (GDP) data showing Japan's economy returned to growth in the last quarter of 2023, thus turning away from a technical recession. The EUR/JPY cross attempts to rebound from weekly lows, trading around 160.60 during the early European trading hours on...
In yesterday’s article I shared with you my ideas for scenarios regarding oil movements. But what has happened recently with oil stocks? What movements can we expect in the case of the XOI in the near future? The answers to these questions appeared in yesterday's Oil Trading Alert. Today, I also share them with you. Have a nice read. The first thing that catches...
OANDA:XAUUSD gathered bullish momentum in the second half of the day on Friday and reached its highest level since early January above 2,070$. The benchmark 10-year US Treasury bond yield is down 1% at 4.2%, fueling OANDA:XAUUSD rally ahead of the weekend. From a technical perspective, the overnight breakout through the $2,040-2,042 horizontal...
➡️ Macro perspective: The US dollar index rose ahead of the GDP data but then fell again. This slightly weaker data encourages investors to hold risk assets, but the big data is the January PCE released today. ➡️ Technical perspective: DXY produces higher highs, followed by higher lows, signaling the start of an uptrend. If DXY rises immediately, a break...
OANDA:GBPUSD is holding lower ground below 1.2650 in European trading on Wednesday. The US Dollar is building its recovery gains amid a cautious mood, ignoring negative US Treasury bond yields. Key US data, BoE and Fed speak awaited for fresh trading impetus. OANDA:GBPUSD continues to churn at the intraday level, cycling 1.2650 trapped between technical...
The US Dollar registered its first weekly decline for 2024, which, along with increasing demand for traditional safe-haven assets, lifted the Gold price to over a two-week high on Friday. The growing conviction that the Federal Reserve will wait until the June policy meeting before cutting interest rates keeps a lid on any further appreciating move for the...
Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.00 on Friday. WTI prices edge higher as the EIA Crude Oil stockpiles report came in just below forecasts and the geopolitical tensions in the Middle East remain uncertain. Crude oil inventory increased by 3.514 million barrels for the week ending February 16 from the previous...
I don’t think the AUD is as sensitive as the Euro is to shorter-term rates. The rate differential has moved against the AUD in recent days for the same reason as it’s moved against the Euro. The RBA may have sounded marginally more hawkish/less dovish on Tuesday than some expected but not enough to change the picture. AUD does, however, look low on this basis....
OANDA:EURUSD is keeping its range above 1.0800 in the European session on Friday. The pair fails to find any inspiration from the upbeat German IFO survey and rising Eurozone inflation expectations, as the US Dollar finds fresh demand, as sentiment turns sour. Fedspeak awaited. OANDA:EURUSD retreated below the 200-period Simple Moving Average (SMA),...
The Japanese yen has continued to fall this week, hitting new lows against the euro, pound and other currencies, as investors look for better returns outside Japan. The yen is currently the worst-performing G10 currency of the year, having fallen 6.4% against the dollar, in contrast to being the best-performing currency. Against the euro, the yen fell 0.6% this...
OANDA:GBPJPY rotated on Wednesday, marking in a slight new high for the week as the Pound Sterling (GBP) gets a leg up from a broad-market pullback in the Japanese Yen (JPY). Bank of England (BoE) policymaker Swati Dhingra noted on Wednesday that the outlook for UK inflation remains bumpy, but downwards, noting that UK consumption still remains below...
OANDA:XAUUSD trades on a flat note during the early Asian session on Monday. The uptick of the yellow metal is supported by the softer US Producer Price Index (PPI) data and rising geopolitical tensions in the Middle East. OANDA:XAUUSD price is trading around $2,045, losing 0.01% on the day. From a technical perspective, the overnight bounce from the 50-day...