Analysts speculate this rally follows signs that the US Federal Reserve is edging closer to rate cuts. Geopolitical tensions and Asian demand for the precious metal are also having an effect. This upshoot is 1.6% more than the commodity’s closing price on Thursday, 28 March 2024. Since February 2024, gold has risen in value by…
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The most important economic data for this week are: Thursday: US quarterly GDP growth rate on Thursday at 12:30pm GMT. Market participants are expecting the figure to come out at 3.2%, down from 4.9% in the previous quarter. This data might have already been priced in as it’s for the previous quarter, though any significant…
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Below, we look at the key factors impacting economic data this week. Wednesday: UK inflation rate at 7:00am GMT. The consensus is for a decline from 4% to 3.5% in February. If these forecasts hold true, it could mark the lowest yearly inflation figure for Britain and might lead to slight losses for the pound,…
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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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After just missing a 16-year high, US GDP data has shown yields to be marginally smaller than expected for September. The retreat in yields has allowed risk assets some breathing space, but with the 10-year note still above the 4.5% level, investors are anxious about a downward spiral in October due to Index uncertainty. Market…
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The focus for the Fed’s press conference on Wednesday night is on whether there’s any hint about a hike in the fourth quarter. Traders mostly expect this to be the last hike of this cycle for the moment, but it’s likely that the consensus will change at least slightly after Jerome Powell’s comments. Friday’s PCE…
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On the technical side, the price on the chart is currently in a correction status after reaching a yearly high of around $1.31. The Stochastic oscillator is in the extreme overbought levels for the last 10 sessions indicating that a correction to the downside might still have some more power into it. On the other…
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On the technical side, the price on the chart has been making consistent gains since early March with multiple retests to break the upward trendline without being able to do so. This shows the strength of the quid against the dollar in the medium outlook. The 50 day moving average is still trading bove the…
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USOIL, daily Oil prices are on the rise after Saudi Arabia and Russia announced supply cuts for August. Saudi Arabia extended its voluntary production cut of one million barrels per day (bpd) for another month, while Russia announced it would reduce its oil exports by 500,000 bpd in August. Both countries are trying to prop…
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GBPUSD, daily The negative Claimant change on the 13th as well as the decline in unemployment figures in the United Kingdom had a positive effect on the quid against the dollar while the pausing of the Fed on the 14th had also contributed to the gains seen on the daily chart of the cable pair.…
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