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Market Movements and Economic Updates

“Market Movements and Economic Updates: Analyzing Gold, Oil, and Currency Trends Amid Key Data Releases”

This week’s economic calendar is packed with critical data releases
that could shape global financial markets,
from U.S. consumer confidence and job openings to the Eurozone GDP report
and Japan’s interest rate decision.
Investors are closely monitoring fundamental movements in gold,
which has shown resilience, oil prices as geopolitical risks moderate,
and major currency pairs like the USDJPY and EURUSD,
reflecting the effects of regional inflation and central bank policy expectations.
In this analysis, we’ll explore the implications of these indicators

and provide insights into how market reactions may influence trading strategies.

Content
Economic Updates
Gold
Oil
USDJPY
EURUSD

 

 

 

 

Economic Updates

Tuesday

CB Consumer Confidence Index (October) – 17:00, USA

Job Openings (JOLTS) (September) – 17:00, USA

Wednesday

GDP Annualized (Q3) – 13:00, Eurozone

Quarterly GDP (Q3) – 15:30, USA

US Crude Oil Inventories – 17:30, USA

Thursday

Bank of Japan Interest Rate Decision – 06:00, Japan

Consumer Price Index (YoY) (October) – 13:00, Eurozone

Core Personal Consumption Expenditures Index (YoY) (September) – 15:30, USA

Friday

Average Hourly Earnings (MoM) (October) – 15:30, USA

Nonfarm Payrolls (October) – 15:30, USA

Unemployment Rate (October) – 15:30, USA

 

Gold

Gold closed last week around 2,746, consolidating between 2,713 and 2,760.
The support above 2,742 suggests potential upward movement targeting 2,758,
especially with significant market news expected this week that could support rising gold prices.

 

Oil

Oil dropped sharply this week, trading at 68.53 amid reduced geopolitical risks
and ongoing Chinese economic struggles, affecting demand.
The decline may continue toward the demand zone between 65.2 and 66.3,
with possible corrective rebounds; a further drop below 65.2 could extend to 63.

 

 

 

 

USDJPY

The pair continues upward due to the strong USD and weak JPY after Japan’s inflation dropped to 2.5%,
complicating the Bank of Japan’s rate hike plans.
Trading near 152.30, the pair may continue rising to target 155.22,
which might see a downward correction to retest 149.26.

 

EURUSD

Trading around 1.0793 after briefly dipping below 1.0781,
EURUSD regained ground, supporting a correction to 1.0883.
However, positive USD news this week could lead to a reversal toward the 1.0781 level.

 

Market Movements and Economic Updates

Major Economic Events and Market Trends to Monitor This Week

Major Economic Events and Market Trends to Monitor This Week: This week will be eventful for traders and investors,

with several important economic indicators and reports scheduled for release.
These events will likely influence market movements from the ISM Non-Manufacturing PMI
in the U.S. to the Reserve Bank of Australia’s interest rate decision and crucial crude oil inventories and trade balance updates.
Additionally, we’ll look at the latest gold and crude oil price trends and analyze key currency pairs like EUR/USD and GBP/USD.
Stay informed to navigate the potential market shifts this week.

 

Content
Economic Calendar
Gold
Oil
EURUSD 
GBPUSD

 

 

Economic Calendar

Monday, August 5, 2024

17:00 USD: ISM Non-Manufacturing PMI (July)

Tuesday, August 6, 2024

 07:30 AUD: Reserve Bank of Australia Interest Rate Decision (August)

Wednesday, August 7, 2024

17:30 USD: Crude Oil Inventories

18:06 CNY: Trade Balance (USD) (July)

Thursday, August 8, 2024

15:30 USD: Initial Jobless Claims

Friday, August 9, 2024

09:00 EUR: German Consumer Price Index (MoM) (July)

 

Gold

Gold surged strongly during last week’s trading, rising about 2.35% after the Federal Reserve kept interest rates unchanged
and Jerome Powell hinted at a possible rate cut.
Additionally, the adverse employment data from last Friday contributed to the rise.
This week is relatively quiet regarding economic data, with the markets awaiting the jobless claims on Thursday.
Technically, gold has reached the support level of 2427 and is expected to retest the resistance levels of 2476-2483.

 

Oil

West Texas Intermediate (WTI) crude oil futures prices fell sharply to $74 per barrel
after harmful U.S. labor market data increased fears of an economic recession.
Technically, prices bounced near the support level of 72.50,
and with the volatility index reaching the overbought area, it allows for a price correction before continuing to fall.
If prices are above the support level, they are expected to rise to 78.25.

 

 

 

 

EURUSD

The EURUSD pair rose by about 0.50% during last week’s trading
after the Federal Reserve kept interest rates unchanged and Jerome Powell hinted at a possible rate cut.
Additionally, negative employment data from last Friday
and positive European consumer price index data supported the rise.
This week is relatively quiet regarding economic data,
with the markets awaiting the jobless claims on Thursday.
Technically, the pair reached the key resistance levels of 1.0900-1.0915,
and if a bearish price behavior forms at these levels,
the pair may head towards 1.0850 as a corrective drop.

 

GBPUSD

The pound stabilized near 1.28 against the U.S. dollar after touching the psychological support level of 1.2700.
Prices have been in an uptrend since last April.
If prices remain above the support level of 1.2780, it is expected to rise again to 1.2945 and then 1.3044.
However, if the support level is broken,
it is likely to fall to the support levels of 1.2700 and then 1.2615.

 

Major Economic Events and Market Trends to Monitor This Week

Upcoming Financial Events and Market Trends to Watch This Week

Upcoming Financial Events and Market Trends to Watch This Week: The financial markets will witness significant events and announcements
that could shape market trends and investment strategies.
From key meetings and testimonies to crucial economic indicators, traders and investors will closely monitor these developments.
Additionally, we provide a detailed analysis of recent market movements for gold,
oil, and major currency pairs, helping you stay informed and prepared for the week ahead.

 

Content

Economic Events

Gold

Oil

US Dow Jones Index

GBPUSD

EURUSD

USDJPY

 

 

 

Economic Events

Monday, July 8

EUR Eurogroup Meeting

Tuesday, July 9

USD Testimony by Federal Reserve Chair Powell

Wednesday, July 10

NZD New Zealand Central Bank Interest Rate Decision

USD US Crude Oil Inventories

Thursday, July 11

EUR German Consumer Price Index (Monthly) (June)

USD Consumer Price Index (Annual) (June)
Friday, July 12,
EUR Core Consumer Price Index (excluding food and energy) (Annual) (June)

USD Producer Price Index (Annual) (June)

 

Gold

Gold surged strongly during last week’s trading by approximately 2.95%.
This week, the markets are awaiting important data regarding US inflation from the Consumer Price Index and Producer Price Index.
Technically, the price broke through resistance levels of 2388,
with the breaking of the downward trend line targeting levels of 2433.

 

Oil

West Texas Intermediate crude oil futures prices rose above $83 per barrel.
From a technical perspective, prices managed to break through a significant resistance level of around 80.20, facing resistance at 84.40.
Here, it faces selling pressure as the oscillation index reaches the overbought area,
making it likely to retest before continuing to rise to the resistance levels of 84.40 and then 87.65.
However, if it declines and breaks the support level,
it will enhance the likelihood of it dropping to the pivotal support
level of 78.25 and then the main support level of $72.50.


 US Dow Jones Index

The Dow Jones index rose by approximately 0.42% during last week’s trading.
This week, the markets are awaiting important data regarding US
inflation from the Consumer Price Index and Producer Price Index.
Technically, the price is stable above the support levels of 39090-39225,
targeting the proactive harmonic pattern at levels of 39815.

 

 

 

 

GBPUSD

The pound rose to 1.28 against the dollar after rebounding from the support level of 1.2715
and breaking through an important resistance level of 1.2766.
It is approaching a key resistance level at 1.2860, with increasing buying momentum that enhances its continued rise.
However, if it falls below the support level of 1.2615,
it will likely drop to the following support levels of 1.2505 – 1.2300.

 

EURUSD

The pair rose by approximately 0.90% during last week’s trading.
This week, the markets are awaiting important data regarding US inflation from the Consumer Price Index and Producer Price Index.
Technically, the pair broke through resistance levels of 1.0795-1.0805 above the 200-moving average, targeting the next resistance level at 1.0900.

 

USDJPY

After rebounding from the resistance level of 162, the dollar declined to below 161 against the Japanese yen.
It is facing selling pressures but finds support at 160.35.
If it breaks the resistance level, this will enhance the chances of it rising again.
However, if it breaks the support level downwards, prices will decline towards the support of 158.25 and then 154.60.

 

 

Upcoming Financial Events and Market Trends to Watch This Week

Swing Trading – Profiting from Mid-Term Market Movements

Swing Trading – Profiting from Mid-Term Market Movements: Swing trading is a strategy that involves taking advantage of price fluctuations over several days or weeks.
Swing traders aim to profit from significant price movements.
This article will cover the basics of this strategy and best practices for success.

 

Content

What is Swing Trading?

Tools

Tips

 

 

What is Swing Trading?

It involves buying and selling financial assets to profit from price swings over days or weeks.
This strategy requires patience and the ability to analyze long-term trends.

 

 Tools

  1. Technical Analysis: Swing traders use tools like candlestick patterns, trend lines, and support and resistance levels to identify entry and exit points.
  2. Fundamental Analysis: In addition to technical analysis, swing traders use fundamental analysis to assess the performance of companies and the overall economy.
  3. Stop-Loss and Take-Profit Orders: These orders help manage risks and protect profits.

Tips

  • Research and Analysis: Conduct thorough market and asset analysis before trading.
  • Patience and Discipline: this kind of trading requires waiting for optimal investment opportunities and not being swayed by minor movements.
  • Risk Management: Determine the risk-reward ratio and use stop-loss orders effectively.

 

Swing Trading – Profiting from Mid-Term Market Movements

Market Activity and Anticipated Economic Events for the Week

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

Dow Jones

GBPUSD

EURSUD

USDJPY

 

 

 

 

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