Latest news and key economic events: Our Weekly Market Analysis provides information that helps make informed financial market decisions.
Content
Economic Calendar
Tuesday, April 30
German Gross Domestic Product (Quarterly) (Q1)-EUR
Consumer Price Index (Yearly) (April)-EUR
CB Consumer Confidence Index (April)-USD
Wednesday, May 1
Change in Non-farm Private Sector Jobs by ADP (April)-USD
Job Openings (JOLTs) (March)-USD
Federal Reserve’s Interest Rate Decision-USD
Thursday, May 2
Unemployment Claims Rates-USD
Friday, May 3
Average Hourly Earnings (Monthly) (April)-USD
Private Sector Employment Report (April)-USD
Unemployment Rate (April)-USD
Gold
Gold fell by more than 3.5% during this week’s trading but managed to close the week with a 2.00% drop,
following some recovery at the end of the week.
Simultaneously, this week features several key economic events, including the release of the Consumer Confidence Index,
unemployment data, the Federal Reserve meeting, and decisions on interest rates.
Furthermore, any developments in the Middle East will likely drive gold prices higher.
On the technical front, gold stabilizes above the support levels of 2300 after rising from the harmonic AB=CD pattern,
with further ascents to levels of 2365 expected.
scents to levels of 2365 expected.
Oil
Prices of West Texas Intermediate crude oil futures stabilized around $84 per barrel after rebounding from daily demand zones.
Subsequently, prices rose, bolstered by improved demand forecasts and ongoing supply risks related to conflicts in the Middle East.
The latest data revealed that U.S. crude inventories fell by 6.37 million barrels last week.
Consequently, prices are expected to revisit the main peak again,
as downward momentum declines and oscillators stabilize at relatively moderate levels.
However, if prices decline and there is confirmation of breaking the highlighted demand zone,
retesting the support area of $76 – $75 is likely.
Dow Jones Industrial Average:
The Dow Jones Industrial Average rose about 0.5% during last week’s trading.
This week is full of economic data including the Consumer Confidence Index, unemployment data,
the Federal Reserve meeting, and interest rate decisions.
Technically, the index has stabilized above support levels of 37765-37880,
Further ascents to levels of 38600 are expected.
GBPUSD
The pound stabilized around 1.24 dollars, rebounding from a support level of around 1.23,
but there was a false breakout attempt at the resistance level of 1.25.
If it breaks the resistance level of 1.2500 with signs of bullish momentum and oscillators at buying levels,
it is expected to rise to levels of 1.2800 – 1.2895.
If it does not surpass the resistance, it may retest the low around 1.2300,
and if a break below is confirmed, a further drop to 1.2185 is likely.
EURUSD
The EURUSD pair rose about 0.35% during last week’s trading.
This week is packed with economic data including the Consumer Confidence Index, unemployment data,
the Federal Reserve meeting, interest rate decisions, and the German Consumer Price Index.
“Technically, the price positions itself above the lower boundary of the rising price channel near the support level of 1.0700.
We expect further ascents for the pair to reach levels of 1.0760.”
USDJPY
The yen fell to its lowest level in 34 years as the Bank of Japan kept interest rates steady,
as widely expected, despite pressures resulting from the sharp decline in the yen’s value.
With prices stabilizing at high levels and strong bullish momentum signals supporting further ascents,
it is expected to reach 160.
However, if it breaks the level of 158 with oscillators at strong overbought levels,
retesting levels of 155 down to support around 153 is likely.
Latest news and key economic events