Current movements suggest profit taking after a strong rally, offering potential buying opportunities. Support Level: The $2,675 level is identified as a key support and resistance point. Bullish Outlook: Analysts expect gold prices to rise again, driven by lower interest rates and geopolitical factors. Overall market conditions and technical
Market Decline: European markets ended the day lower on Tuesday. Earnings Assessment: Investors were evaluating earnings reports from major companies across the region. Interest Rate Expectations: Market sentiment was also influenced by expectations surrounding U.S. interest rates.
Megan Greene, a Bank of England member, noted that the UK faces both upside and downside risks to economic growth. She emphasized the importance of a cautious and gradual approach in discussions about interest rate cuts. Greene expressed caution about the recent inflation data, which showed a slowdown in inflation
The IMF projects global economic growth at 3.2%, consistent with previous expectations. The US economy is expected to grow by 2.3% in 2024 and 2.2% in 2025, revised down from earlier forecasts of 2.6% and 1.9%. China's growth forecast is lowered to 4.
U.S. crude oil futures gained nearly 1% on Tuesday, continuing the upward trend after a nearly 2% rise in the previous session. Oil prices are rebounding after a steep sell-off last week. Traders are increasingly optimistic about avoiding supply disruptions in the Middle East amid Israel-Iran tensions. Weak demand
* Chart Pattern: Descending diminishing triangle channel * Price Action: Forming lower highs and lower lows * Expected Movement: Anticipated decline towards support area * Support Levels: 0.6025, 0.6000 * Resistance Levels: 0.6060, 0.6080
Supports the gradual reduction of the Fed's balance sheet. Aims to reduce the policy rate toward a neutral level to manage risks and meet objectives.
Unexpected weakness in the labor market may lead to a reassessment of interest rate cuts. Kashkari anticipates “modest” rate cuts in the upcoming quarters. A significant decline in employment could prompt faster rate cuts. Current interest rates are seen as a barrier to economic growth, indicating potential adjustments may be
Expectations of robust demand continued into Q3 following price increases. Question raised about whether central banks may eventually view gold prices as too high. A parabolic rise in gold prices could lead to eroded demand if sustained.
PBOC sets USD/CNY reference rate at 7.1223. This rate is lower than the market estimate of 7.1229. USD/CNY (onshore yuan) is allowed to trade within ±2% of the reference rate. A rate significantly stronger or weaker than expected can indicate PBOC's monetary policy intentions.
Dow Jones and S&P 500: Experienced declines. Nasdaq: Rose, driven by Nvidia reaching an all-time high. Despite Nasdaq's rise, S&P 500 and Dow showed a bearish intraday trend. 10-year Treasury yields climbed to a 12-week high, reflecting expectations of a stronger U.S. economy
Saudi Aramco CEO Amin Nasser is optimistic about China's oil demand after its economic stimulus efforts. He highlighted strong jet fuel demand in China. Aramco plans to increase its oil production to 4 million barrels per day, focusing on China. Aramco is investing in partnerships in China. Nasser