Essential News to be Traded This Week: As we enter the final week of May 2024,
traders should monitor several critical economic announcements expected to influence market movements.
This week brings essential data releases and economic indicators that could impact trading strategies and market sentiment.
Here’s a detailed overview of the key events and their potential effects on various markets.
Content
Economic Calendar
Gold
Oil
Dow Jones
GBPUSD
EURUSD
USDJPY
Economic Calendar
Monday, May 27, 2024
CAD Wholesale Sales (Monthly)
Tuesday, May 28, 2024
USD CB Consumer Confidence Index (May)
Wednesday, May 29, 2024
EUR Consumer Price Index (Yearly) (May)
EUR German Consumer Price Index (Monthly) (May)
Thursday, May 30, 2024
EUR Core Consumer Price Index (Excluding Food and Energy) (Yearly)
USD Gross Domestic Product (Quarterly) (Q1)
USD Initial Jobless Claims
Friday, May 31, 2024
EUR Consumer Price Index (Yearly) (May)
USD Core Personal Consumption Expenditure Price Index (Yearly) (April)
Gold
Gold prices dropped approximately 3.85% during last week’s trading following the Federal Reserve’s minutes,
which expressed concerns about inflation.
The markets await the US GDP, jobless claims,
and personal consumption expenditure data.
Technically, gold fell from the indicated harmonic pattern, closing below the 200 moving average.
If it closes below support level 2330, gold may head toward 2290.
Oil
West Texas Intermediate (WTI) crude oil futures prices stabilized near $78 per barrel.
They continue to face resistance around $80 and support at $76, moving within a sideways range since the beginning of May.
If they break the resistance level, they are expected to rise to the $84 – $87 range.
Conversely, breaking the support level around $76 could push prices to retest the $72 – $68 support levels if they turn downward.
US Dow Jones Index
The Dow Jones index dropped approximately 2.60% during last week’s trading following the Federal Reserve’s minutes,
which expressed concerns about inflation. The markets await the US GDP, jobless claims,
and personal consumption expenditure data.
Technically, the index fell from the harmonic pattern, breaking the support level 39225 and heading towards the 38600 level.
GBPUSD
The pound rose to 1.27 USD, moving upward since April, rebounding from the 1.23 support level.
With prices breaking the resistance around 1.2700, it is expected to continue rising,
facing further resistance around 1.2800 and then at the main resistance at 1.2895.
If it turns downward, breaking the support level around 1.2465 could likely lead to a retest of the main support level around 1.2300.
EURUSD
The pair dropped approximately 0.55% during last week’s trading before closing with a 0.20% decline.
The markets await the US GDP, jobless claims, and personal consumption expenditure data.
Technically, the pair fell from the harmonic pattern, and if it breaks and closes below the 1.0800 support level,
it may head toward the 1.0750 level.
USDJPY
The dollar stabilized near 157 yen, maintaining an upward trend since the beginning of the year.
It is expected to continue rising, with prices holding above the 156.80 resistance level,
potentially pushing it to the main peak around 160.40.
If it turns downward, breaking the support level around 151.95 could likely lead to a return to the support area around the 146 levels.
Essential News to be Traded This Week