Market Activity and Anticipated Economic Events for the Week: As markets await the release
of important American reports and data, the gold price rose sharply while oil prices fell.
Here are the key economic events and the latest market movements.
Topics
Anticipated Economic Events
Gold
Oil
Anticipated Economic Events
Tuesday, May 14, 2024
EUR German Consumer Price Index (Monthly) (April)
USD Producer Price Index (Monthly) (April)
Wednesday, May 15
EUR Gross Domestic Product (Annual) (Q1)
USD Consumer Price Index (Monthly) (April)
USD U.S. Crude Oil Inventory
Thursday, May 16, 2024
JPY Gross Domestic Product (Quarterly) (Q1)
USD Unemployment Claims Rate
Friday, May 17, 2024
CNY Retail Sales (Yearly) (April)
EUR Consumer Price Index (Yearly) (April)
Gold:
Gold prices surged by approximately 2.90% during this week’s trading.
The markets await important U.S. data from the Producer
and Consumer Price Index on Tuesday and Wednesday.
Any developments in the Middle East will further increase gold prices.
Technically, the price has stabilized above the support levels
at 2350 and above the 200-day moving average, targeting the 2400 levels.
Oil:
West Texas Intermediate crude futures prices fell to $77 per barrel,
with a downward trend forming lower peaks and troughs than
before and breaking a support level and pivotal demand area around $80.
A continued decline to retest the support area around $75 – $76
is expected unless prices rise and stabilize above the level of $80.75,
which would enhance the likelihood of reaching the main peak of around $87.60.
Dow Jones Industrial Average:
The Dow Jones Industrial Average rose by about 1.95% during this week’s trading.
The markets await important U.S. data from the Producer
and Consumer Price Index on Tuesday and Wednesday.
The index has stabilized above the support levels at 39225-39295
and above the 200-day moving average, targeting the 39800 levels.
GBPUSD
The pound stabilized around $1.25 levels, and prices are still downward.
If the resistance level around 1.2570 is breached or fails to break higher,
a retest of the support at 1.2423 and then 1.2300 is expected.
However, if it consolidates above the resistance, it will likely rise to the next resistance level around 1.2710 – 1.2895.
EURUSD
The Euro rose against the U.S. dollar by about 0.10% during last week’s trading.
The markets await important U.S. data from the Producer
and Consumer Price Index on the upcoming Tuesday and Wednesday.
Technically, the pair has stabilized above the 200-day moving
average and the support levels at 1.0755, targeting the 1.0850 levels.
USDJPY
The yen stabilized around the 155 level, forming a bottom at the support level of 151.95
and approaching a resistance level of around 156.28.
It is expected to rise again to the 158 – 160 levels.
However, a clear break in the support level would signal a decline
in the support area around the 146 levels.
Market Activity and Anticipated Economic Events for the Week