Gold has recovered steadily since the significant drop around inflation on 13 February. Now that the price is within the value area between the 50 and 100 SMAs, it might consolidate for a while before resuming gains around the next important release. There’s no sign of saturation from either the slow stochastic or Bollinger Bands. Although the long-term trend from...
Fundamental The US dollar looks poised for a pullback after its seven-week rally as Friday’s hot PPI print failed to spur gains. Hotter-than-expected PPI (0.3% MoM, cons. 0.1%, prev. -0.1%) sent the DXY up briefly on Friday, then came down to a lower level than the pre-announcement level. Although the DXY will remain high, further upside is...
IEA expects an increase in global oil consumption in 2024. According to IEA, global oil demand could rise this year, increasing consumption from 1.2 million to 1.3 million barrels a day, easily absorbing swelling production from the Americas. On the other hand, Russia's friendly Oil tanker is being halted by the US sanctions. USOIL showed ...
GBPUSD corrected to 1.2570 before retaking the resistance level at 1.2615 again. If the GBPUSD continues to close above 1.2650, it may retest the 1.2770 resistance level. On the contrary, if the 1.2650 holds, the price may trade between 1.2615 and 1.2650 for a while before any breakouts.
XAUUSD continues its downward structure by breaking below the previous low. It broke and closed below the 2000 key psychology level. During an intraday session, it might rebound to test the 2000-2010 level before falling again. However, if XAU falls further, 1978 and 1960 are the downside targets in order.
Home Depot, Inc. (symbol ‘HD’) share price had a spectacular steady growth in the latest quarter managing to rise by around 25%. The company’s earnings report for the fiscal quarter ending January 2024 is expected to be released on Tuesday 20th of February, before market open. The consensus EPS is $2.73 against $3.30 in the same quarter last year. ‘The company...
Prices rebounded from the 1.9250 support zone, forming an ascending triangle pattern. A breakout above 1.9420 resistance could signal further upside potential, pushing prices towards the 1.9720 resistance zone last seen in September. Conversely, a breakdown below 1.9250 support may lead to further declines, with 1.8950 as the next support level. While EMAs...
ISM Service Index rebounded more than expected to 53.4 (cons. 52, prev. 50.4) after a drop in Dec. ISM Services Prices Paid also jumped to 64 (cons. 56.7, prev. 56.7). The DXY went up, as all economic data since last Friday's NFP has been good and will remain strong, although further upside is limited.
Oil prices experience volatility amid conflicting reports on Middle Eastern ceasefire negotiations, initially driving prices higher with hints of a potential ceasefire. Subsequent reports indicating ongoing negotiations dampen the initial optimism, leading to fluctuations in oil prices. Despite this uncertainty, supply constraints from OPEC's affirmed...
Bitcoin came under a bit of pressure after rallying significantly for a while. The risk-on sentiment was generally affected as the Fed lowered the chances of an interest rate cut in March. The first cryptocurrency is currently trading at $42100, the next level of support could come in at $41340 ahead of $40150, while on the upside, the first line of resistance...
Oil prices declined, giving up part of their recent gains. The US Energy Information Administration reported a buildup of 1.234 million barrels in inventories. The US oil is currently trading at $76.46, the next level of support could come in at $75.20 ahead of $73.85, while on the upside, the first line of resistance could come in at $78.10 ahead of $79.05.
Shares in Alibaba Group Holding Limited (symbol ‘BABA’) incurred losses in the fourth quarter of around 11%. The company’s earnings report for the fiscal quarter ending December 2023 is set to be released on Wednesday 7th of February, before market open. The consensus EPS is $2.40 compared to the same quarter of last year at $2.44. ‘As of 30/09/2023 the price...
Shares in McDonald's Corporation (symbol ‘MCD’) gained around 14% in the last quarter of 2023 and managed to cover the losses incurred in the previous quarter. The company’s earnings report for the fiscal quarter ending December 2023 is set to be released on Monday 5th of February, before market open. The consensus EPS for Q4 is $2.81 compared to Q4 2022’s $2.59....
The Fed held interest rates steady and indicated that a March rate cut is unlikely, boosting the DXY’s rally. However, the upside could be limited as labour market conditions soften. Recent labor market data in the US showed a slowdown in labor cost growth, indicating easing inflationary pressures and potentially opening the door for future interest rate cuts by...
Digesting the U.S. Q4 GDP data and the ECB monetary policy meeting, the pound has remained stable at the $1.2700 range. The upcoming monetary policy meeting of the Bank of England (BoE) is currently a major point of interest for the markets. The BoE is expected to keep interest rates unchanged at 5.25% for the fourth consecutive time, and the market is...
The ECB froze its benchmark interest rate at 4.50% for the third consecutive time at its January monetary policy meeting. In its monetary policy statement, the ECB has evaluated that the current financial conditions exert pressure on demand and simultaneously restrain inflation. Lagarde stressed that it is still premature to cut rates and warned that...
Market prices confront a critical barrier at 103.50, marked by the Fibonacci confluence and the 200-day SMA. Should prices persist below the 103.50 resistance zone, a potential reversal towards the support around 101.00 might occur. A successful breakthrough above the 103.50 resistance zone, however, could fuel an extended uptrend, targeting the 104.50...
Natural gas is moving in a confirmed downtrend, being pushed by a lack of demand and short selling. The level of $2 is considered a fair price according to the STEO forecast from the Energy Administration of the United States, so this level might be used as a target.