Weekly Market Updates: Gold, Oil, and Major Stock Indices: This article covers critical economic events and weekly updates on gold, oil, and global stock indices.
We will highlight the Consumer Price Index in the Eurozone and Canada,
the European Central Bank’s interest rate decision, and its market impact.
Additionally, we’ll provide an analysis of the performance of gold, the Nasdaq,
and the EURUSD pair, as well as the geopolitical tensions affecting oil trading and the performance of the GBPUSD pair.
Content
Economic Calendar
Tuesday
Core Consumer Price Index (excluding food and energy) (YoY) (September) – 10:00 – Eurozone
Consumer Price Index (YoY) (September) – 15:30 – Canada
Wednesday
Consumer Price Index (YoY) (September) – 09:00 – United Kingdom
Thursday
Consumer Price Index (YoY) (September) – 12:00 – Eurozone
European Central Bank Interest Rate Decision (October) – 15:15 – Eurozone
Core Retail Sales (MoM) (September) – 15:30 – USA
Retail Sales (MoM) (September) – 15:30 – USA
Friday
Gross Domestic Product (YoY) (Q3) – 05:00 – China
Gold
Gold rebounded strongly towards the end of the week,
with expectations that the US Federal Reserve would continue its dovish policy after inflation fell to 2.4%.
The Producer Price Index was worse than expected, pushing gold trading back to the 2657 level.
This supported a continued upward movement in the coming period towards 2680, followed by a downward correction.
Oil
Oil trading continues to be dominated by ongoing geopolitical tensions and the potential for significant escalation.
Prices hover around the 75.44 level.
Oil is expected to continue rising, targeting the 77.6 level,
especially after China announced the possibility of a new stimulus package for the markets in the coming period.
Nasdaq
The Nasdaq index continues its upward trend, especially after stabilizing above the psychological level of 20,000.
Economic conditions have improved recently following better US labor market data.
Expectations are that the US Federal Reserve will continue systematically lowering interest rates,
supporting the rise in US stock markets.
The Nasdaq is expected to continue its rise toward its historical peak at the 20,686 level.
EURUSD
Despite the weakness of the US dollar at the end of last week,
with the EURUSD pair rising to the 1.0935 level,
the pair remains in a negative zone due to ongoing weakness in the euro,
driven by uncertainty from the European Central Bank.
The pair retested the resistance area at the 1.0949 level,
and it is expected to resume its downward movement from that level,
targeting 1.0883 and then 1.0781.
However, if it breaks through the 1.0949 level and closes above it, we may see an increase towards 1.1029.
GBPUSD
The GBPUSD pair is trading around the 1.3058 level after retesting the 1.3000 level.
Price action suggests a rebound from this level,
supporting further increases targeting 1.3263.
However, if the 1.3000 level is broken, we could see a strong decline, targeting 1.2804.
Weekly Market Updates: Gold, Oil, and Major Stock Indices