Tag Archives: Gold News

Global Markets Report

Global Markets Report: Key Economic Updates and Market Movements: This week, global markets were influenced by major economic data releases,
including Japan’s GDP, China and the U.S. inflation indicators, and the ECB interest rate decision.
This report analyzes key markets, including significant indices, currency pairs, and commodities.

Content

Economic Calendar

Dow Jones

USDJPY

Gold

EURUSD

Bitcoin

 

 

 

Economic Calendar

Monday, September 9, 2024

02:50 JPY GDP (Quarterly) (Q2)  

04:30 CNY Consumer Price Index (Monthly)(Yearly) (August)  

Wednesday, September 11, 2024

09:00 GBP GDP (Monthly) (July)  

15:30 USD Core Consumer Price Index (Excluding Food and Energy) (Monthly) (August)  

17:30 USD U.S. Crude Oil Inventories  

Thursday, September 12, 2024

15:15 EUR ECB Interest Rate Decision (September)  

15:30 USD Producer Price Index (Monthly)(Yearly) (August) 

 

Dow Jones

The Dow Jones index saw sharp declines at the end of last week’s trading following U.S. labor market news.
Although the data was better than the previous month, it still indicates a decline in the U.S. job market.
The index reached 40,345 after breaking the 40,609 level, supporting continued downward movements targeting 39,268. After that,
new upward moves could emerge, especially as the U.S. Federal Reserve approaches the start of rate cuts.

 

USDJPY

The USDJPY is trading at its lowest level of the year, reaching 142.23 due to continued weakness
in the U.S. dollar, and the possibility that the Japanese
central bank might hike rates again by the end of the year.
The decline is expected to continue towards 141.60, and if broken and closed below,
Further declines may target the psychological support level at around 140.

 

 

 

Gold

Gold continues sideways trading between 2,470 and 2,530, waiting for clearer signals on the U.S. Federal Reserve’s rate cut series.
Technically, gold is expected to resume its upward trend
if bullish reversal price action appears around the 2,470 level, targeting 2,500 again.

 

EURUSD

The EURUSD pair trades around 1.1083 after bouncing off the secondary resistance level at 1.1138.
A bullish engulfing candle indicates further downside towards 1.1029. If broken,
the downward trend could continue towards the demand zone around 1.0950,
from which the pair might start a new corrective upward wave.

 

Bitcoin

Bitcoin has recently experienced substantial declines due to persistent selling pressure
and exits from funds amid the general uncertainty in the cryptocurrency market.
Bitcoin is trading at 53,695, with movements indicating continued declines towards the psychological support level of around 50,000,
close to the current year’s low. From there, a corrective upward move towards 54,000 could begin again.

 

Global Markets Report

Weekly Economic Highlights and Market Analysis

Weekly Economic Highlights and Market Analysis: This week brings critical economic events expected to impact global market movements,
especially significant currencies and commodities.
As the release of crucial financial data from the United States and the Eurozone approaches,
investors eagerly await these announcements to guide their investment decisions.
In this article, we review the critical news expected to be traded during the week and analyze the performance of the significant financial assets.

 

Content

Weekly Economic Highlights

Gold

Oil

EURUSD

GBPUSD
EURCAD

 

 

Weekly Economic Highlights

Tuesday, September 3, 2024

Manufacturing PMI (August)-USD

Wednesday, September 4, 2024

JOLTs Job Openings (July)-USD

Thursday, September 5, 2024

ADP Non-Farm Employment Change (August)-USD
Services PMI (August)-USD

Friday, September 6, 2024

GDP (YoY) (Q2)-EUR

Average Hourly Earnings (MoM) (August)–USD

Non-Farm Employment Report (August)-USD

Unemployment Rate (August)-USD

 

 

 

 

Gold

Gold closed around the 2502 level last week after trading within a sideways range between 2404 and 2530,
awaiting the anticipated rate cut by the U.S. Federal Reserve in September.

Gold is expected to resume its upward trend if it remains above the psychological support level of 2500.
However, if this level is broken and the price closes below it, further declines could extend towards the 2460 level.

 

Oil

Oil prices saw a sharp decline towards the end of last week due to expectations that China’s growth in 2024 might fall short of expectations.
This would weaken China’s demand for oil, which is currently grappling with a severe economic crisis.
Additionally, demand from the U.S. has also weakened following the latest inventory report.
Oil is trading around 73.59, and it is expected to continue its decline towards the support level of around 71.40.
A break below this level could lead to further declines towards 68.

 

 

 

 

EURUSD

The EURUSD pair saw some downward correction towards the end of last week after the U.S. dollar strengthened on positive news.
However, the dollar remains under significant pressure as it awaits U.S. employment data this week.
Technically, the pair is trading around 1.1045 near a critical support level,
which may push it higher towards 1.1138.
Conversely, if the 1.1029 level is breached and the price closes below it,
the downtrend could extend toward the demand zone around 1.0950.

 

GBPUSD

The GBPUSD trades around 1.3122 after a false breakout above 1.3145, followed by a pullback below this level.
This movement supports the continuation of the pair’s decline from current levels.
It targets the ascending trendline on the four-hour chart around 1.2900,
where it may find support and resume its upward trajectory.

 

EURCAD

The EURCAD pair is trading around 1.4907 after a substantial decline
due to the euro’s weakness following a drop in inflation figures in the Eurozone,
which has increased the likelihood of an interest rate cut by the European Central Bank soon.
The pair is trading near a significant support level of around 1.4895,
and if bearish momentum weakens at the start of the week, the pair may rebound toward 1.5107.
However, a break below 1.4894 could lead to further declines towards 1.4727.

 

 

This Week’s Economic Highlights and Market Analysis

Gold Prices Near Record High as Rate Cut Confirmed for September

Gold Prices Near Record High as Rate Cut Confirmed for September

Gold prices remained close to their record highs after Federal Reserve Chairman Jerome Powell confirmed expectations
that the U.S. central bank will begin cutting interest rates next month.

 

Topic

Gold Prices Stabilize After Powell’s Remarks

Additional Factors Supporting Gold’s Rally

 

 

 

 

 

 

Gold Prices Stabilize After Powell’s Remarks

Gold was traded near $2,510 per ounce after rising 1.1% last Friday.
Speaking at the Jackson Hole conference in Wyoming,
Powell indicated that “the time has come” to shift toward monetary easing while
also emphasizing the need to prevent further slowing in the U.S. labor market.
Typically, lower interest rates increase the appeal of gold as a safe haven,
as it does not yield interest, unlike Treasury bonds.

 

 

 

 

 

 

Additional Factors Supporting Gold’s Rally

Gold prices have surged more than 20% this year, driven by optimism
that the Federal Reserve is nearing a long-anticipated shift towards rate cuts.
Prices have also been bolstered by demand for safe-haven assets due to rising geopolitical risks
and uncertainty ahead of the U.S. elections in November,
as well as purchases by central banks and Asian consumers.

 

 

 

Gold Prices Near Record High as Rate Cut Confirmed for September

Key Events and Market Movements

Key Events and Market Movements: This week brings key economic data and market developments that could significantly impact trading.
From economic releases in Europe and the U.S. to movements in gold, oil, and major currency pairs,
staying updated is crucial for navigating the market effectively. Here’s a quick overview of what to watch.

 

Content

Economic Calendar
Gold

Oil

USDJPY

EURUSD

Nasdaq

 

 

 

 

Economic Calendar

Tuesday, August 27, 2024

09:00 EUR: German GDP (Quarterly) (Q2)

17:00 USD: CB Consumer Confidence Index (August)

Wednesday, August 28, 2024

17:30 USD: U.S. Crude Oil Inventories

Thursday, August 29, 2024

11:00 EUR: CPI (Monthly) (August)

11:00 EUR: CPI (Yearly) (August)

15:30 USD: GDP (Quarterly) (Q2)

Friday, August 30, 2024

12:00 EUR: CPI (Yearly) (August)

15:30 USD: Core PCE Price Index (Monthly) (July)

15:30 USD: Core PCE Price Index (Yearly) (July)

 

Gold

Gold is trading around levels of 5,224, close to its historical peak of 2,531.
The strong upward movement in gold continues during the current period,
with an anticipated interest rate cut in September, expected to be by 25 basis points.
Gold is expected to achieve new historical highs, potentially targeting the 2,531 level,
followed by a downward correction to retest the 2,484 level before rising again to target the 2,553 level.

 

Oil

Oil has returned to positive trading; however, concerns about reduced demand from China continue to heavily influence the markets.
Currently, oil is trading at 75.60, close to the resistance level of 75.69.
Breaching this resistance could lead to further gains, with targets at 77 dollars and 78.69. On the other hand,
if a reversal signal emerges near the current levels, a decline to retest the 72.5 level is more likely.

 

 

 

 

USDJPY

The USDJPY pair returned to downward trading after Jerome Powell’s speech at last week’s Jackson Hole conference.
Powell mentioned that a rate cut is now possible and hinted at the beginning of a rate cut in September.
This is expected to support the dollar-yen pair.
Technically, the USDJPY trades around 143.86 after breaking below the sideways range,
supporting continued downward trading toward the 140.21 level.

 

EURUSD

The euro remains strong against the U.S. dollar,
the EUR/USD pair is achieving a new high near the 1.1200 level for the year.
The upward movement is expected to continue,
targeting the 1.1279 level as long as trading remains above the 1.1150 level,
especially with the continued weakness of the U.S. dollar.

 

Nasdaq

U.S. stock indices continue to rise strongly, with the anticipated rate cut expected to support U.S. companies.

Nasdaq is trading at levels of 19,720
after fully absorbing the recent downward wave and closing above the resistance level of 19,472,
retesting it, which supports the continued upward movement towards the peak of around 20,686.

 

Key Events and Market Movements

 

Release of U.S. Unemployment Claims Data

Release of U.S. Unemployment Claims Data: The number of Americans who filed initial claims for
unemployment benefits last week increased compared to the reading from the previous week.

 

Content
U.S. Unemployment Claims
McDonald’s
Payroll Numbers

 

 

 

Release of U.S. Unemployment Claims Data and Market Movements:

 The number of Americans who filed initial claims for unemployment benefits
last week increased compared to the reading from the previous week.
Last week, new government unemployment claims recorded 232,000, as expected by experts,
according to data from the U.S. Department of Labor.
The reading for the previous week was adjusted to 228,000 claims.
Meanwhile, the four-week moving average, which accounts for differences in the weekly number,
decreased to 236,000 from the previous level of 236.75K.

  In the meantime, global gold prices are declining following the data release,
coinciding with a rise in the U.S. dollar index.

 

Gold and Dollar Now

Gold futures are now down 0.5% to $2,535 per ounce.

Meanwhile, spot gold contracts are down about 0.5% to $2,500 per ounce.

On the other hand, the dollar index is up 0.34% to 101.25 points.

 

McDonald’s Instagram Account Hacked by Cryptocurrency Promoters

McDonald’s Instagram account was hacked yesterday,
Wednesday, by promoters of a cryptocurrency called “Grimace.”

The post later deleted was about the “McDonald’s Experience” on the Solana blockchain platform.
A message also appeared saying participants were defrauded of $700,000.
McDonald’s stated: “An isolated incident” affected our social media accounts.
The issue has been resolved.

 

 

 

 

U.S. Payroll Numbers Reduced by 818,000 Jobs for the Year Ending in March

The Bureau of Labor Statistics will likely revise the number of workers on U.S. payrolls during the 12 months
leading up to March 2024.According to the preliminary benchmark revision by the Bureau of Labor Statistics,
the downward revision amounted to 818,000 people, or about 68,000 fewer workers each month.
Although many economists expected a decline,
some predicted the total figure could drop by up to one million jobs.
The Bureau will release the final numbers early next year.

 

 

Release of U.S. Unemployment Claims Data

Weekly Market Insights

Weekly Market Insights: This week brings significant economic events and market movements that could shape the trading landscape.
From crucial inflation data in Europe and Canada to critical housing
and manufacturing reports in the U.S., investors will have plenty to watch.
Additionally, market trends in gold, EUR/USD, GBP/USD, and oil
present challenges and opportunities as we navigate through the week.
Here’s a concise overview of what to expect.

 

Content

Economic Agenda

Gold
Oil

EURUSD

GBPUSD

 

 

 

Economic Agenda

Tuesday, August 13

15:30 USD: Producer Price Index (MoM)

15:30 USD: Producer Price Index (YoY)

Wednesday, August 15
05:00 NZD: Reserve Bank of New Zealand Interest Rate Decision
09:00 GBP: Consumer Price Index (YoY) (July)

15:30 USA: Consumer Price Index (YoY) (July)

15:30 USA: Consumer Price Index (MoM) (July)

Thursday, August 14

09:00 GBP: Gross Domestic Product (QoQ) (Q2)

15:30 USD: Initial Jobless Claims

 

Gold

Gold closed last week’s trading around the 2,430 level after seeing a slight decline to the 2,380 level
but quickly rebounded as market fears subsided and expectations grew that
the Federal Reserve would cut rates by 50 basis points in September, which strongly supports gold.
From a technical perspective, gold was able to close above the role-reversal level at around 2,417,
which supports the continuation of the upward trend,
targeting levels of 2,444 and then the historical peak at around 2,481 in the medium term.
However, if it breaks the 2,417 level again and closes below it, gold may target the 2,380 level again.

 

Oil

West Texas Intermediate crude futures rose to $77 per barrel, showing clear momentum.
After touching the 72.50 support level,
the price rebound is still considered a correction and will face a critical resistance level of around 78.25.
If prices break above it, a return to upward trading is expected.
However, if prices retreat and break below the 72.50 support level,
a continued decline towards the main support level of 68.00 is anticipated.

 

 

 

EURUSD

The EUR/USD trades around the 1.0914 level after a false breakout of the resistance level around 1.0948,
followed by a return to trading below it.
This supports continuing the downward movement in the coming period,
targeting levels of 1.0781.
However, if inflation figures released this week are below 3%,
the dollar may weaken, leading to a breakout above the 1.0948 level and potentially targeting the 1.1100 level.

 

GBPUSD

The pound has stabilized near 1.27 against the US dollar after touching the psychological support level of 1.2700.
The prices have been in an upward trend since April,
and if prices remain above the support level, a rise to 1.2945 and then 1.3044 is expected.
However, if the support level is broken, a decline to the support levels of 1.2700 and then 1.2615 is likely.

 

Weekly Market Insights

Gold prices stabilize ahead of U.S. inflation data

Gold prices stabilize ahead of U.S. inflation data amid ongoing recession fears.

Hedge funds cut bullish bets on the metal to the lowest level in 5 weeks.

Gold prices stabilized ahead of important U.S. data this week,
as traders focused on bets that the Federal Reserve might soon shift to monetary easing.

 

Topic

Details

 

 

 

 

 

 

Details:

The metal was traded near $2,430 per ounce in Asia after it fell by 0.5% last week, as markets prepared for the release of the Consumer Price Index (CPI) report on Wednesday. The July reading is expected to rise by 0.2% compared to June.

 

This is unlikely to divert the central bank from its widely anticipated path of lowering interest rates next month, as it also considers the need to avoid recession risks. 

 

Federal Reserve Governor Michelle Bowman said on Saturday that she still sees upside risks to inflation and continued strength in the labor market. Higher borrowing costs are typically negative for the precious metal, as it does not yield returns.

 

Hedge funds trading on the COMEX futures exchange reduced their bullish bets on gold to the lowest level in five weeks in the week ending August 6, according to the latest data from the Commodity Futures Trading Commission.

 

The precious metal has risen by about 18% this year and remains close to last month’s record high. In addition to the anticipated rate cuts, the metal has also been supported by strong central bank purchases, robust demand from Chinese consumers, and increased safe-haven buying due to conflicts in the Middle East and Ukraine.

 

Spot gold was little changed at $2,429.41. The Bloomberg Dollar Spot Index was steady.
Silver declined, while palladium and platinum were flat.

 

 

 

 

Gold prices stabilize ahead of U.S. inflation data

Drop in Gold Prices

Drop in Gold Prices

Gold prices witnessed a decline during Monday’s trading as investors took profits
after gold reached its highest level in over a month in the previous session.
This price increase was driven by growing expectations of a U.S. interest rate cut in September.

 

Topic

Gold

Jobs

Inflation

 

 

 

 

 

Gold

Economic data showed that the unemployment rate in the United States reached its highest level in two
and a half years at 4.1%, indicating a weak U.S. labor market.
The U.S. economy added 206,000 new jobs in June, following an addition of 218,000 jobs in May,
close to the expectation of 200,000 jobs.

Profit-taking today followed a significant rise in gold prices last Friday after labor market data.
Markets now see a 78% chance of a rate cut by the Federal Reserve in September,
with traders also anticipating a potential second rate cut in December.

The market’s focus this week is on the Federal Reserve Chairman’s testimony
before Congress and comments from central bank officials,
in addition to U.S. inflation data, which analysts consider as ideal catalysts for gold prices.

 

 

 

 

 

Jobs

Last Friday’s jobs report:

The lower-than-expected reading of the previous jobs report showed a significant slowdown in the labor market.
U.S. non-farm payroll data was generally weaker than expected.
The report was weak overall compared to expectations, with downward revisions lowering the average employment pace over three months to 177,000 from the previous data of 249,000.

Industrial sector jobs were weak, with government and healthcare sector jobs accounting for three-quarters of job gains in June, while many cyclical industries lost jobs.

The household survey was also weak, with the unemployment rate rising by 0.1 percentage points to 4.1%
as the labor force increase of 277,000 offset the household employment increase of 116,000.

 

 

 

 

 

 

Inflation

Inflation Report:

Investors will focus on the upcoming inflation report, which is considered the main event for the next week.
Last week, the U.S. labor market showed some signs of moderation,
with non-farm payroll numbers increasing by 206,000, slightly down from May.
The unemployment rate rose slightly from 4% to 4.1%, exceeding the Federal Reserve’s forecast of 4%.

Inflationary pressures also showed some signs of easing,
with the Institute for Supply Management’s prices paid index posting lower-than-expected numbers,
aligning with the lowest rates since the end of the pandemic.

 

 

Drop in Gold Prices

 

Will gold continue to reach new record levels?

Will gold continue to reach new record levels?

Gold stabilized near a new record level after two officials from the Federal Reserve stated they still expect the U.S. central bank to cut interest rates three times this year, boosting the prospects for precious metals.

 

 

Content

Details

Gold Prices

 

 

 

 

 

Details

Gold prices rose, reaching a new record level above the $2,300 per ounce threshold yesterday,
before stabilizing around $2,291.

San Francisco Federal Reserve Bank President Mary Daly and her counterpart in Cleveland,
Loretta Mester, both of whom have voting rights on this year’s monetary policy decisions,
said it is likely that three reductions in U.S. interest rates will be applied during 2024,
although there is no urgent need to take these steps quickly.
Low interest rates benefit precious metals, which do not yield a return.

 

 

 

Gold Prices

Since the beginning of 2024 until now, the price of gold has jumped by approximately 11%, recording a series of record figures amid this rise, amid expectations that the Federal Reserve is close to taking a step to cut U.S. interest rates.

Data this week showed an unexpected rebound in the U.S. manufacturing sector, with rising raw material prices, raising concerns about the possibility of a return to inflation. With the general rise in basic commodity prices, this brings the risk of another round of inflation, so investors may hedge against inflation and buy gold.

Federal Reserve Chairman Jerome Powell is scheduled to make statements later on Wednesday, which may reveal new indicators about U.S. monetary policy expectations.

The markets are looking forward to tomorrow’s release of non-farm payroll data, which is expected to rise strongly.

 

 

Will gold continue to reach new record levels?

Gold prices surged to a new historic peak

Gold prices surged to a new historic peak

Gold prices saw a significant rise and reached a record level during Monday’s trading,
as expectations for a cut in interest rates in the United States were bolstered by a decline in the inflation rate.
The lack of surprises in the core Personal Consumption Expenditures (PCE) Price Index could push gold prices to new record levels.

 

Topic

detail

 

 

 

 

 

 

detail

The current core reading is the lowest in nearly two years, which might prompt the U.S. Federal Reserve to cut interest rates soon.
Data released on Friday showed that prices in the United States moderated in February, with the PCE Price Index rising by 0.3%.

 

Federal Reserve Chairman Jerome Powell indicated that the recent U.S. inflation data aligns with their expectations,
suggesting that a rate cut in June was on the table.
Traders are expecting a 69% chance that the Federal Reserve will begin cutting interest rates in June.

 

It’s worth noting that gold prices recorded their largest monthly increase in over three years in March,
thanks to expectations of interest rate cuts, strong demand for gold as a safe haven, and central bank purchases.


Gold futures ended last week at $2238.4 per ounce, achieving weekly and monthly gains of 2.6% and 7.9%, respectively.
Gold also posted a 6% gain during the first quarter of 2024, reaching new record levels during nine sessions in March.