The US Bureau of Economic Analysis (BEA) said that during Q1 2024, US GDP grew by 1.6% according to the ‘advance’ estimate. The BEA stated: In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in the first quarter primarily reflected increases in consumer spending and housing investment that were partly offset…
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Markets witnessed demand for the precious metal increase based on several factors, which has seen buyers lift prices higher for eight consecutive days. Last week, the largest one-week gain was recorded since early October 2023. Gold Demand Factors underpinning gold include rate expectations forecasting that the US Federal Reserve (the Fed) will step up and…
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Technical View: Markets to Watch for the Week Ahead Currencies: US Dollar Testing Monthly Support It has been quite a week for the US dollar. Consistent with the US Dollar Index—a geometrically-weighted average of the dollar’s value against a basket of six major currencies, including Europe’s single currency—the greenback plunged -2.3% last week, marking its…
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Short-Term Support Breach? While the bigger picture (daily chart) displays room to push lower, H1 support at $1,945 is vulnerable. Overhead resistance at $1,955 remains on the radar, but the zone surrounding the base (often recommended to draw support/resistance as a zone rather than a defined price point) has been tested. Therefore, a decisive H1…
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ATH Likely to be Challenged Technically, limited resistance is evident on the weekly timeframe, following the breach of resistance from $1,988. This paves the way for a run at the ATH of $2,070. You may recall that I highlighted the daily timeframe’s price action in the Weekly Market Briefing, paying specific attention to a clear-cut…
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Economic Data for the Week Ahead: Monday 3 April US ISM Manufacturing PMI for March at 3:00 pm GMT+1 Markets welcome the latest manufacturing PMI data from the US, expected to marginally tick lower to 47.1 in March from February’s 47.7 figure. However, the forecast range resides between 48.0 and 44.4. Tuesday 4 April Reserve…
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From a technical point of view, gold’s downtrend is still active, with the 100 SMA having moved further below the 200 and a new low having been reached on 8 March. Now that there is no longer an oversold signal from either Bollinger Bands (50, 0, 2) or the slow stochastic (15, 5, 5) -…
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Tomorrow and early Wednesday are likely to be quite active for EURAUD between German trade data and consumer and business confidence in Australia. Apart from these, the general mood in markets might continue moving further toward ‘risk on’ if Chinese and American inflation are perceived as being strong. The ECB’s meeting and press conference on…
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Key data points Bold indicates the most important releases for this symbol. Tuesday 12 May, 1.30 GMT: Chinese annual inflation (April) - consensus 3.7%, previous 4.3% Tuesday 12 May, 12.30 GMT: American annual core inflation (April) - consensus 1.7%, previous 2.1% Tuesday 12 May, 12.30 GMT: American annual inflation (April) - consensus 0.4%, previous 1.5%…
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