The gold price has been on a downward trend, currently trading around $2,405 in the early Asian session. The unexpected acceleration of the US PPI in June has contributed to this decline, marking the highest rate since March 2023. This increase in wholesale price inflation in the United States has put pressure on the precious
Forex News
In a shocking turn of events, Former President Donald Trump narrowly escaped an assassination attempt during a rally in Butler, Pennsylvania. Multiple gunshots were fired, with one bullet grazing the upper part of Trump’s right ear. This incident highlights the alarming levels of violence and political tensions in the country. The Secret Service acted promptly
The Australian Dollar (AUD) has shown resilience against the US Dollar (USD) as it climbed to its highest level since January, reaching near 0.6800. This positive trajectory has been buoyed by the divergence in monetary policies between the Reserve Bank of Australia (RBA) and the Federal Reserve (Fed). Market participants have been closely monitoring the
The US Dollar Index (DXY) has been on a downward trend, hitting April lows. This decline can be attributed to the disappointing US Consumer Price Index (CPI) figures and softer University of Michigan (UoM) sentiment data. Both of these factors are leading to speculations of a rate cut by the Federal Reserve in September. While
VanEck Gold Miners ETF ($GDX) has shown an interesting past performance based on the 4H Hour Elliott Wave chart. The rally from the 2.28.2024 low at $25.64 unfolded as a 5 waves impulse. This indicated that a pullback would occur in 3 swings before finding buyers again. Elliott Wave Count Analysis Looking at the 4H
After Federal Reserve Chair Jerome Powell’s testimony before the House Financial Services Committee, market observers noted his cautious stance on immediate rate cuts and his persistence in data-driven decision making. Despite signs of disinflation in the US economic outlook, the markets remain confident in a potential rate cut in September. Powell’s reluctance to commit to
The US Dollar recently saw a slight recovery, with the DXY rising to 105.20, following Federal Reserve Chairman Jerome Powell’s remarks in Congress. Powell’s cautious stance on immediate rate cuts and emphasis on waiting for economic data has instilled confidence in the market for a potential September rate cut. Despite disinflation indicators, there is optimism
In a surprising turn of events, a leftist alliance took the lead in France’s recent election results, preventing Marine Le Pen’s far-right party from dominating the leadership race. Despite this initial shock, the EUR/USD pair continues to rise steadily for the sixth consecutive day, currently trading around 1.0830 during the Asian session on Tuesday. Investors
Last week, the US Dollar experienced a decline of 0.80%, reaching its lowest level since mid-June. The upcoming release of the June inflation figures and Fed talks have created anticipation in the market. It is interesting to note that the market is currently pricing in less than a 10% chance of a rate cut in
The Gold price lost momentum below the $2,400 barrier on Monday as the People’s Bank of China (PBoC) put a hold on Gold buying for the second month in June. This decision, made by the Chinese central bank, has significant implications for the Gold market, especially since China is the world’s biggest bullion consumer. The
The EUR/GBP cross pair is currently trading with a mild bearish bias around 0.8475 in the early European session, following the news that the UK’s Labour Party has won 337 seats in the parliamentary election. This outcome implies that the party now holds a majority in the House of Commons, which has potential implications for
Gold prices have seen a positive rebound recently, mostly due to the weakening US Dollar and expectations of a September rate cut by the Federal Reserve. The current risk-on sentiment in the market, as demonstrated by the bullish equity markets globally, may put a cap on gold’s gains. Traders are eagerly waiting for the US