Share: During the Asian session, the New Zealand Business PMI is due, along with Chinese data that includes Retail Sales and Industrial Production. Later in the day, Germany will report wholesale inflation, the Eurozone Labor Costs, and the Bank of … [Continue reading]
Gold Price Forecast: XAU/USD bounces from lower lows, hovers around $1,910
Share: XAU/USD Current price: $1,910.60 US Retail Sales jumped 0.6% in August, the Producer Price Index surpassed expectations. Demand for the US Dollar recedes near term as investors remain optimistic. XAU/USD flirted with the $1,900 mark bears … [Continue reading]
USD/CAD: A push under high/low support at 1.3495/1.3500 should add to downside pressure – Scotiabank
Share: The CAD is among the top performing G10 currencies versus the US Dollar on the day. Economists at Scotiabank analyze USD/CAD’s technical outlook. Resistance is 1.3585/1.3595 USD/CAD is generating a bit more downside momentum on the … [Continue reading]
Natural Gas Futures: There is still room for extra gains
Share: CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the third straight session on Wednesday, now by around 20.5K contracts. In the same line, volume reversed two daily builds in a … [Continue reading]
Gold Price Forecast: XAU/USD sellers to remain in control whilst below 200 DMA at $1,922
Share: Gold price rebounds but not out of the woods yet, as ECB decision, US data loom. US Dollar, US Treasury bond yields stay defensive, as hot US inflation data fail to alter Fed’s outlook. Gold sellers are likely to keep charge so long as the … [Continue reading]
S&P 500 inches up amid mixed US inflation data: Is Wall Street pricing in a Fed rate peak?
Share: S&P 500 gains 0.12% to 4467.44, while Dow Jones drops 0.20%; Nasdaq 100 rises 0.29% amid mixed market sentiment. US CPI for August comes in at 3.7% YoY, exceeding forecasts, but core inflation drops to 4.3%, in line with expectations. … [Continue reading]
EUR/GBP Price Analysis: Slips below 0.8600 on tweezers-top and inverted hammer
Share: EUR/GBP trades at 0.8595, down 0.12%, as traders position for a possible ECB rate hike of 25 basis points. Daily chart shows a tweezers-top inverted hammer, indicating potential for further losses; key support at 50-day MA of 0.8580. … [Continue reading]
US CPI annual inflation comes in above expectations at 3.7%, Bitcoin price rests above $26,000
Share: US headline Consumer Price Index (CPI) rose by 3.7% on a yearly basis in August, exceeding expectations. Core CPI annual inflation came in at 4.3%, in line with forecasts Bitcoin price hovers above $26,000, with most of the crypto market … [Continue reading]
Brent Oil to target $96.50/$97.00 on defence of $87/$86.50 – SocGen
Share: Brent Crude Oil scales $92 for the first time since November 2022. Economists at Société Générale analyze Brent’s technical outlook. Signals of a meaningful down move are still not visible Brent has extended its uptrend after breakout from a … [Continue reading]
Silver Price Forecast: XAG/USD drops below $23.00 ahead of US Headline CPI
Share: Silver Price extends its losses due to recovery in the US Dollar (USD). Upbeat US Treasury yields could provide support in undermining the Silver asset. Elevated inflation figures could further reinforce the Fed’s hawkish tone, supporting … [Continue reading]