Over the past few weeks, the gold market has revealed a compelling and decisive upward movement, culminating in a historic high of over $2572 per troy ounce on the spot market. This considerable price increase—approximately 3% for the week and an astonishing 25% since January—positions gold as a standout investment amidst declines in major stock
Technical Analysis
In a remarkable turn of events, gold prices soared to a record high of $2,570 per troy ounce on Friday, marking a significant rise that has caught the attention of investors and analysts alike. The surge in gold prices can be attributed to a confluence of factors including the weakening of the US dollar and
The financial landscape in Europe is on the precipice of a significant change as the European Central Bank (ECB) approaches a critical decision regarding interest rates. Scheduled for unveiling on September 12, 2024, a reduction of 60 basis points is widely anticipated, which would adjust the main refinancing rate to 3.65%. This article delves into
When analyzing the current state of the New Zealand Dollar (NZD), experts from UOB have suggested that the currency could potentially test the 0.6115 level. This projection is based on the condition that the NZD remains below 0.6185. However, it is important to note that a significant break below the 0.6115 level is not anticipated
Gold prices have been consolidating below the $2,530 resistance level against the US Dollar. There is a key contracting triangle forming with support at $2,495 on the 4-hour chart. Despite staying above the $2,480 zone, the price has struggled to make significant gains. The recent upward move above $2,500 was met with resistance at the
Gold prices experienced a 0.30% increase on Tuesday, driven by a combination of factors including a decline in US Treasury yields and a weakening US dollar. Traders are closely watching for the release of important US inflation data, as well as the upcoming presidential debate between Kamala Harris and Donald Trump, which could have a
The recent release of UK labour market data came as a positive surprise, with employment growth surpassing expectations and unemployment benefit claims lower than forecasted. Analysts from ING and Capital Economics both agree that this data could influence the Bank of England’s decision on interest rates. Initially, the pound saw a bullish impulse, with GBP/USD
EUR/CHF has been closely linked to the performance of key European benchmark stock indices, particularly the France CAC and Germany DAX. The correlation coefficients between EUR/CHF and these stock indices have remained notably high, indicating a strong positive relationship. This correlation has been evident in recent market movements, especially during periods of risk-off sentiment in
The price of gold has surged to $2517 USD per troy ounce, marking a return to growth. This increase comes as the market eagerly anticipates the release of the crucial US employment report for August. The data from this report could have significant implications on the Federal Reserve’s interest rate outlook, especially with an upcoming
As the EUR/USD pair hovers around 1.1077, investors are treading cautiously ahead of crucial employment data from the United States. The upcoming ADP private sector jobs report serves as a precursor to Friday’s highly anticipated Nonfarm Payroll (NFP) report, offering a glimpse into market sentiment. The release of weekly unemployment claims data will also be
The USD/JPY pair has seen a slight uptick, reaching 145.95 on Wednesday morning after hitting two-week lows. This upward movement, while encouraging, may not indicate a significant trend reversal given the uncertain economic conditions. Market players are treading carefully as they await crucial US employment data for August, which is expected later this week. The
Gold has been performing exceptionally well in the past seven months, experiencing a continuous upward trend and achieving a 21% increase this year. This impressive streak has left many investors wondering if this momentum will carry on into September or if a correction is imminent. The future trajectory of gold prices rests heavily on upcoming