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EUR/GBP Drops Near 0.8400 Ahead of Eurozone Retail Sales

EUR/GBP Drops Near 0.8400 Ahead of Eurozone Retail Sales

EUR/GBP Drops Near 0.8400 Ahead of Eurozone Retail Sales

EUR/GBP surrenders its recent gains from the previous session, trading around 0.8420 during Thursday’s Asian session. Traders are closely watching the Eurozone Retail Sales data set to be released later in the day.

The decline in the EUR/GBP pair is driven by growing speculation that the European Central Bank (ECB) might cut interest rates in September. If the ECB follows through, it would be the second rate cut since the bank shifted towards policy normalization in June.

In the Euro Area, the Producer Price Index (PPI) increased by 0.8% month-over-month in July, marking the largest rise since December 2022. This follows a revised 0.6% increase in June, significantly surpassing market expectations of 0.3%.

However, the Eurozone Services PMI dropped to 52.9 in August, down from 53.3 in the prior month, while the Composite PMI slipped to 51.0, missing forecasts and falling short of the previous reading of 51.2.

On the other hand, the British Pound (GBP) is gaining strength due to rising expectations that the Bank of England’s (BoE) rate-cutting cycle will proceed more slowly than that of the ECB. These expectations were fueled by Tuesday’s BRC Like-for-Like Retail Sales report, which showed a 0.8% year-on-year increase in August, up from 0.3% in July, marking the fastest growth in five months.

Additionally, positive UK macroeconomic data is boosting sentiment. A Purchasing Managers Index (PMI) survey revealed that business activity in August accelerated at its fastest pace since April.

On Wednesday, the S&P Global UK Composite PMI rose to 53.8 in August, up from 53.4 the previous month, and was revised higher from the preliminary estimate of 53.4. The Services PMI increased to 53.7, compared to 53.3 in July. Meanwhile, the Manufacturing PMI held steady at 52.5 in August, aligning with earlier estimates.

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WTI Breaks Below $69.50 Amid Potential Libyan Dispute Resolution

WTI Breaks Below $69.50 Amid Potential Libyan Dispute Resolution

WTI Breaks Below $69.50 Amid Potential Libyan Dispute Resolution

West Texas Intermediate (WTI) oil prices extended their losses for the second consecutive day, trading around $69.40 per barrel during the Asian session on Wednesday. This decline is attributed to the potential resolution of a political dispute that had halted Libyan oil exports, alongside concerns over slowing global demand growth.

According to Reuters, Libya’s two legislative bodies reached an agreement on Tuesday to jointly appoint a central bank governor, a move that could ease the conflict over control of the country’s oil revenue, which had fueled the recent dispute. If the agreement holds, it could lead to the return of over 500,000 barrels per day to the market.

Market sentiment was further dampened by data from the Institute for Supply Management (ISM), which indicated that U.S. manufacturing activity remains sluggish. Although there was a slight improvement in August from an eight-month low in July, the ISM Manufacturing PMI rose only to 47.2 from 46.8, falling short of market expectations of 47.5. This marks the 21st contraction in U.S. factory activity in the past 22 months.

China, the world’s largest crude importer, reported that its manufacturing activity fell to a six-month low in August, with factory gate prices dropping significantly. This has prompted Chinese policymakers to accelerate plans for additional stimulus aimed at supporting households.

Additionally, oil prices are facing pressure from the Organization of the Petroleum Exporting Countries and their allies (OPEC+) as they plan to increase production in the upcoming quarter. Starting in October, eight OPEC+ members are set to raise production by a combined 180,000 barrels per day (bpd), adding further supply to the market.

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Gold Price Declines as Traders Await US PMI Data

Gold Price Declines as Traders Await US PMI Data

Gold Price Declines as Traders Await US PMI Data

The price of gold (XAU/USD) is under pressure, falling on Tuesday due to a stronger US Dollar (USD) and rising US Treasury bond yields. Despite this, expectations of a potential interest rate cut by the US Federal Reserve (Fed) in September may provide some support for gold, as lower interest rates reduce the opportunity cost of holding non-yielding assets like gold. Additionally, ongoing geopolitical tensions in the Middle East could increase demand for safe-haven assets such as gold.

Looking ahead, traders will focus on the Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers Index (PMI) set to be released on Tuesday. The highlight of the week will be the US Nonfarm Payrolls (NFP) report for August, which could influence the Fed’s decision on the pace of interest rate cuts and, consequently, impact gold prices in the short term.

Daily Market Overview: Gold Faces Selling Pressure Amid USD Strength

Gold prices are facing selling pressure as the USD rebounds. Protests erupted across Israel on Monday over the government’s inability to secure a ceasefire-for-hostages deal with Hamas, following the retrieval of six hostages’ bodies by Israeli soldiers in Gaza over the weekend, as reported by CNN.

In other economic data, China’s Caixin Manufacturing PMI rose to 50.4 in August from 49.8 in July, surpassing the market consensus of 50.0. The US ISM Manufacturing PMI for August is expected to improve to 47.5, up from 46.8 in July, while the Services PMI is projected to dip slightly to 51.1 from 51.4. The US economy is anticipated to add 163,000 jobs in August, with the unemployment rate expected to decrease slightly to 4.2%.

According to the CME FedWatch Tool, markets are now pricing in a nearly 69% probability of a 25 basis point (bps) rate cut by the Fed in September, with a 31% chance of a 50 bps reduction.

Technical Analysis: Long-Term Outlook for Gold Remains Positive

While gold prices are drifting lower on the day, the longer-term outlook remains positive. On the daily chart, gold is trading well above the key 100-day Exponential Moving Average (EMA), suggesting a constructive outlook. The 14-day Relative Strength Index (RSI) is also above the midline at around 55.70, indicating that the upward momentum is more likely to continue than reverse.

The key resistance for XAU/USD is in the $2,530-$2,540 range, which marks the upper boundary of a five-month ascending channel and aligns with the all-time high. A decisive break above this level could trigger a rally towards the $2,600 psychological mark.

On the downside, initial support lies at the August 22 low of $2,470. A break below this level could lead to further declines, with additional support at the August 15 low of $2,432 and the 100-day EMA at $2,372.

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Japanese Yen Pares Intraday Gains Despite Hawkish BoJ Stance

Japanese Yen Pares Intraday Gains Despite Hawkish BoJ Stance

Japanese Yen Pares Intraday Gains Despite Hawkish BoJ Stance

The Japanese Yen (JPY) has lost momentum against the US Dollar (USD), reversing some intraday gains after the release of the US Personal Consumption Expenditures (PCE) Index data for July. This data dampened expectations for a significant interest rate cut by the Federal Reserve (Fed) in September. The CME FedWatch Tool now shows that markets are fully pricing in at least a 25 basis point rate cut at the Fed’s upcoming meeting, though traders will be closely monitoring upcoming US employment data, including August’s Nonfarm Payrolls (NFP), for further clues on the Fed’s policy trajectory.

On Monday, data showed Japanese companies increased Capital Spending by 7.4% in the second quarter. Additionally, Japan’s Manufacturing PMI for August was revised upwards to 49.8 from an initial estimate of 49.5, suggesting a move towards stabilization in the sector. Recent Tokyo inflation data, which showed an increase, has bolstered the Bank of Japan’s (BoJ) hawkish stance, providing some support to the JPY and limiting gains in the USD/JPY pair.

Daily Market Movers: JPY Declines Despite Hawkish BoJ

The US Bureau of Economic Analysis reported that the headline PCE Price Index rose by 2.5% year-over-year in July, consistent with the previous month’s reading but below the expected 2.6%. The core PCE, excluding food and energy prices, also increased by 2.6% year-over-year, in line with the prior month’s data but slightly under the forecast of 2.7%. Meanwhile, Tokyo’s Consumer Price Index (CPI) climbed to 2.6% year-over-year in August, up from 2.2% in July, and the core CPI rose to 1.6% from 1.5%. However, Japan’s unemployment rate unexpectedly increased to 2.7% in July, the highest since August 2023, from 2.5% in June.

Atlanta Fed President Raphael Bostic, a notable hawk, recently suggested that it might be time for the Fed to consider rate cuts due to cooling inflation and a higher-than-expected unemployment rate. According to FXStreet’s FedTracker, which rates the tone of Fed officials’ speeches on a scale from 0 to 10, Kashkari’s recent remarks were rated as neutral, with a score of 5.6.

In the US, second-quarter GDP growth was reported at an annualized rate of 3.0%, surpassing expectations and the previous rate of 2.8%. Initial Jobless Claims dropped to 231,000 for the week ending August 23, slightly below expectations, signaling a robust labor market.

Japan’s Finance Minister, Shunichi Suzuki, noted that foreign exchange rates are influenced by a variety of factors, including monetary policies, interest rate differentials, geopolitical risks, and overall market sentiment. He emphasized the unpredictability of these factors’ impact on FX rates.

Technical Analysis: USD/JPY Holds Ground Around 146.00

USD/JPY is trading near the 146.00 mark. Technical analysis on the daily chart shows the pair remains above the downtrend line, indicating a reduced bearish outlook. However, the 14-day Relative Strength Index (RSI) is still below 50, suggesting that the bearish trend is not fully out of play.

For support, USD/JPY could test the nine-day Exponential Moving Average (EMA) around 145.53, followed by the downtrend line near 144.00. If it falls below this level, the pair might aim for the seven-month low of 141.69, set on August 5, with further support at 140.25. On the upside, breaking above the psychological level of 150.00 could lead the pair to test resistance around the 154.50 level.

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Gold Price

Gold Price Gains Momentum as Traders Await US GDP Data

Gold Price Gains Momentum as Traders Await US GDP Data

Gold prices (XAU/USD) are recovering on Thursday, bouncing back from weekly lows in the sub-$2,500 region per troy ounce. The potential for US interest rate cuts is boosting gold demand, as lower interest rates decrease the opportunity cost of holding non-yielding gold. Political uncertainty in the US, geopolitical tensions in the Middle East, and global economic concerns further support the precious metal’s upward movement.

However, renewed demand for the US Dollar (USD) could weigh on gold prices, as a stronger USD makes gold more expensive for international buyers. Investors are closely watching the second estimate of US Gross Domestic Product (GDP) for the second quarter (Q2) on Thursday for clues on the size and pace of potential Federal Reserve (Fed) rate cuts. Additionally, the US Personal Consumption Expenditures (PCE) Price Index data for July, due on Friday, will be a key focus.

Daily Digest Market Movers: Gold Price Holds Strong Amid Rising Rate Cut Expectations

Emerging markets, particularly China, India, and Turkey, are expected to continue driving demand for gold, according to John Reade, Chief Market Strategist at the World Gold Council. “US data has failed to give gold any further lift, so the temptation for traders to book some profit after a long run has been rising,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S.

The second estimate for US Q2 GDP growth is expected to show a 2.8% increase. Meanwhile, the headline PCE Price Index is anticipated to rise by 2.6% year-over-year in July, up from 2.5% in June, with core PCE inflation projected to increase from 2.6% to 2.7% year-over-year. The rate futures markets have fully priced in a 25 basis point (bps) rate cut in September, with a 36.5% chance of a deeper cut, according to the CME FedWatch Tool. Traders are expecting a total of 100 bps in Fed easing this year.

Technical Analysis: Gold Price Shows Bullish Outlook Long-Term

Gold prices are trading positively on the day, remaining just below the five-month-old ascending channel’s upper boundary and the all-time high. The overall outlook remains bullish, with prices staying well above the key 100-day Exponential Moving Average (EMA) on the daily chart. The 14-day Relative Strength Index (RSI) is above the midline near 61.00, suggesting potential for further upside.

The confluence of the all-time high and the upper boundary of the trend channel in the $2,530-$2,535 range serves as a critical resistance level for gold. A break above this zone could lead to a rally toward the psychological $2,600 mark.

On the downside, immediate support for XAU/USD is at the $2,500 level. A decisive break below this support could trigger a significant sell-off toward $2,432, the low from August 15. The next major support is at $2,367, the 100-day EMA.

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Choppy Market Action Persists as Investors Await Next Catalyst

Forex Today: Choppy Market Action Persists as Investors Await Next Catalyst

Forex Today: Choppy Market Action Persists as Investors Await Next Catalyst

After hitting its lowest level in over a year near 100.50, the US Dollar Index (DXY) rebounded toward 101.00 during the European session on Wednesday. With no high-impact economic data releases scheduled for midweek, investors remain focused on central bank commentary and geopolitical developments.

A slight improvement in market risk sentiment made it challenging for the USD to maintain its strength against major currencies on Tuesday. As of early Wednesday, US stock index futures are trading virtually flat. Meanwhile, the yield on the 10-year US Treasury bond hovers slightly above 3.8%, fluctuating within a narrow range.

In early trading on Wednesday, data from Australia showed that the Consumer Price Index (CPI) rose 3.5% year-over-year in July, down from June’s 3.8% but slightly above market expectations of 3.4%. Following this release, AUD/USD initially surged to a new high for 2024 above 0.6810 but lost momentum, retreating below 0.6800.
Bank of Japan (BoJ) Deputy Governor Ryozo Himino commented on Wednesday that financial and capital markets remain unstable, emphasizing the need for careful monitoring by the Japanese central bank. Despite these comments, there was little immediate impact on the USD/JPY pair, which was trading positively around 144.50 at the time of writing.

EUR/USD saw gains on Tuesday, nearing the 1.1200 mark, but lost its upward momentum and traded lower near 1.1150 early Wednesday.

GBP/USD extended its rally, reaching its highest level since March 2022, climbing above 1.3260 on Tuesday. The pair entered a consolidation phase on Wednesday and was last seen trading just below 1.3240.

Gold registered modest gains for the second consecutive day on Tuesday. However, XAU/USD lost traction early Wednesday, pulling back below $2,510.

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EUR/USD Rises Above 1.1150 Amid Market Optimism

EUR/USD Rises Above 1.1150 Amid Market Optimism

EUR/USD Rises Above 1.1150 Amid Market Optimism

The EUR/USD pair has rebounded from its recent losses, trading around 1.1170 during Tuesday’s Asian session. This recovery is fueled by growing market optimism following comments from U.S. Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, who told Reuters that fears of a wider conflict in the Middle East have eased after his three-day visit to the region.

While there was an exchange of fire between Israel and Lebanon’s Hezbollah, it did not lead to further escalation. However, Hamas has rejected new ceasefire conditions proposed by Israel in negotiations held in Egypt, insisting on adherence to terms set by U.S. President Joe Biden and the UN Security Council.

On the monetary policy front, San Francisco Federal Reserve President Mary Daly indicated in a Bloomberg TV interview that it might soon be time to cut interest rates, potentially starting with a quarter-point reduction. Daly mentioned that if inflation continues to decrease gradually and the job market maintains steady growth, a more regular policy adjustment would be appropriate.

For the euro, market participants are considering how expectations of future rate cuts by the Federal Reserve could affect European Central Bank (ECB) policies. Traders will closely watch the GfK Consumer Confidence Survey and GDP data due later in the day for further direction.

Last week, ECB Governing Council member Olli Rehn noted that the slowing inflation and the weak Eurozone economy make a case for reducing borrowing costs next month. According to Bloomberg, the sluggish growth outlook in Europe, especially in the manufacturing sector, supports the argument for a potential rate cut in September.

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Gold Price Consolidates Below $2,750 Amid Mixed Market Signals

Gold Price Consolidates Below $2,750 Amid Mixed Market Signals

Gold prices (XAU/USD) continue to trade within a narrow range near the $2,740 level during early European trading on Tuesday. The market remains influenced by conflicting factors, leaving traders hesitant to make strong directional moves.

US President Donald Trump’s renewed trade tariff threats have sparked inflationary concerns, driving a modest rebound in US Treasury bond yields. This, in turn, supports a recovery in the US Dollar (USD) from its recent one-month low, creating downward pressure on gold prices.

However, fears of potential economic disruptions from Trump’s trade policies are providing support for the safe-haven asset, helping limit its downside. Market participants are also exercising caution ahead of the upcoming two-day Federal Open Market Committee (FOMC) meeting, while US macroeconomic data due later in the day could further influence market sentiment.

Key Developments Impacting Gold Prices

  1. Trade Tariff Concerns:
    President Trump recently announced emergency tariffs of 25% on Colombian imports, though implementation was delayed following an agreement on the acceptance of illegal migrants returned from the US. Trump also signaled impending tariffs on pharmaceuticals, computer chips, aluminum, copper, and potentially steel. These moves have heightened fears of inflation and pushed US Treasury bond yields higher, bolstering the USD and weighing on gold.
  2. Monetary Policy Speculation:
    Despite Trump’s tariff announcements, markets are pricing in two potential 25-basis-point interest rate cuts by the Federal Reserve this year. This expectation could cap bond yields and limit USD gains, offering some support to gold prices.
  3. Data and Events to Watch:
    Later on Tuesday, US economic data such as Durable Goods Orders, the Conference Board’s Consumer Confidence Index, and the Richmond Manufacturing Index may provide additional trading cues. The spotlight will then shift to Wednesday’s FOMC decision, which could significantly impact USD dynamics and set the tone for gold’s next directional move.

Technical Outlook: Resistance and Support Levels

Gold prices showed resilience on Monday, holding above the 23.6% Fibonacci retracement level of the December-January uptrend. Daily chart oscillators remain in positive territory, reinforcing the case for an upward bias.

  • Support Levels:
    Immediate support lies near $2,730, followed by the $2,725-2,750 zone. A break below these levels could push prices toward the 38.2% Fibonacci retracement level near $2,707-2,705, and further to the 50% level around $2,684.
  • Resistance Levels:
    The nearest resistance is at $2,755-2,757, with further hurdles at $2,772-2,773 and $2,786. A decisive break above $2,800 would signal renewed bullish momentum, potentially leading to a test of the all-time high near $2,790 and further gains.

Outlook for Gold

Gold prices remain range-bound as traders weigh opposing forces of inflationary concerns and safe-haven demand. A move above $2,755-2,757 is necessary for bulls to regain control in the short term, while a break below $2,730 would signal deeper corrections. With critical economic data and the FOMC decision on the horizon, gold’s next big move may hinge on shifting market dynamics in the coming days.

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Supermicro Stock Skyrockets 29% After Investigation Clears Fraud Allegations

Super Micro Computer (NASDAQ: SMCI), popularly known as Supermicro, saw its stock price soar by 29% on Monday, closing around $42 per share. This significant jump follows the conclusion of a governance investigation that found no evidence of fraud or misconduct, boosting investor confidence.

Investigation Findings: No Fraud or Misconduct

The investigation, initiated by a special committee in August, addressed concerns raised by Ernst & Young (EY), Supermicro’s former auditor, regarding governance, sales practices, and financial reporting. Key findings include:

  1. Management Integrity: The committee found no substantial concerns regarding the integrity of Supermicro’s senior management, audit committee, or financial reporting practices.
  2. Audit Independence: The audit committee demonstrated appropriate independence and oversight during financial reporting.
  3. Rehiring Practices: The company’s decision to rehire certain employees was deemed consistent with a commitment to legal compliance and accurate financial reporting.

EY’s concerns were ultimately found unsupported, with the committee emphasizing the accuracy of interim and final findings.

Governance Overhaul and Next Steps

To strengthen its governance, Supermicro has embraced the committee’s recommendations, including:

  • Leadership Appointments: Hiring a new Chief Financial Officer (CFO), appointing Kenneth Cheung as Chief Accounting Officer, and recruiting a Chief Compliance Officer and General Counsel.
  • Enhanced Oversight: Improving internal accounting and compliance systems, with better training, monitoring, and oversight practices.

The company has also filed a compliance plan with Nasdaq to catch up on overdue financial reports, ensuring continued listing.

Stock Performance: Recovery in Progress

Supermicro’s stock had plummeted by 85% in mid-November, hitting $17 per share, following its October 10-for-1 stock split and governance concerns. However, confidence rebounded after the investigation’s positive findings. Since November 15, the stock has surged back to $42, marking a 48% year-to-date increase.

With a price-to-earnings (P/E) ratio dropping from 79 in March to 16, Supermicro’s valuation is now drawing comparisons to AI-driven market leaders like NVIDIA. Its focus on AI-enabled servers for high-performance computing positions it as a key player in the tech sector.

Investor Considerations

While the governance investigation cleared Supermicro of fraud, investors are advised to exercise caution until the company releases its delayed financial reports. These filings will provide deeper insights into its financial health and help solidify its recovery. For now, Supermicro’s low valuation and strong earnings potential make it a compelling, albeit cautious, investment opportunity.

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Asian Stocks Decline on Geopolitical Tensions; Nikkei Falls on Inflation Data

Asian Stocks Drop Amid Geopolitical Tensions; Nikkei Slides on Strong Inflation Data

Asian Stocks Drop Amid Geopolitical Tensions; Nikkei Slides on Strong Inflation Data

Asian equities fell on Friday as geopolitical concerns and strong economic data from Japan weighed on sentiment. The escalation of the Russia-Ukraine conflict further dampened risk appetite, while China’s tech sector provided a rare bright spot amid easing regulatory fears.

Key Market Highlights

Geopolitical Tensions Weigh on Markets
Russia intensified its attacks on Ukraine, targeting energy infrastructure and escalating the conflict. President Vladimir Putin issued threats to strike decision-making centers in Kyiv with ballistic missiles, exacerbating global geopolitical uncertainty.

Broad Declines Across Asia

  • Thailand’s SET Index: Dropped 0.2%.
  • Indonesia’s Jakarta Composite: Declined 0.8%.
  • South Korea’s KOSPI: Fell nearly 2%, driven by a 1.8% drop in Samsung Electronics and a 0.7% decline in SK Hynix. Concerns over slowing economic growth deepened after data showed declines in industrial output, retail sales, and facility investment in October.
  • Australia’s ASX 200: Edged 0.3% lower.
  • Malaysia’s KLCI: Dipped 0.2%.

Japan’s Nikkei Slips Amid Yen Strength
Japan’s Nikkei 225 fell 0.5%, and the TOPIX index declined 0.3% as the yen strengthened to a one-month high against the U.S. dollar. Strong inflation data from Tokyo fueled speculation of a Bank of Japan (BOJ) rate hike in December.

  • Tokyo’s core consumer prices exceeded expectations in November, highlighting persistent inflationary pressures.
  • BOJ Governor Kazuo Ueda signaled plans to tighten monetary policy further, supported by a “virtuous cycle” of rising wages and steady inflation.

Chinese Tech Stocks Buck the Trend
Contrary to broader declines, Chinese equities rallied:

  • Shanghai Shenzhen CSI 300: Rose 1.6%.
  • Shanghai Composite: Gained 1.4%.
  • Hang Seng Index: Jumped 1.3%.

Reports suggested that the U.S. may impose less severe sanctions on China’s semiconductor industry than initially feared.

  • Semiconductor Manufacturing International Corp (SMIC) surged over 4%.
  • Hua Hong Semiconductor climbed 3.7%.

Investors are optimistic about Beijing’s recent stimulus measures, and a Reuters poll anticipates modest growth in China’s manufacturing Purchasing Managers’ Index for November, due Saturday.

Outlook

The Asia-Pacific region remains under pressure from geopolitical risks and mixed economic signals. Japan’s inflation dynamics could shift BOJ policy, while China’s tech rally might offer temporary relief amid broader concerns of an economic slowdown.

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WTI Steady at $69 Amid Geopolitical Risks and US Crude Inventory Build

WTI Steadies Near $69.00 Amid Mixed Signals from Geopolitical Risks and US Crude Inventory Build

WTI Steadies Near $69.00 Amid Mixed Signals from Geopolitical Risks and US Crude Inventory Build

West Texas Intermediate (WTI), the US benchmark for crude oil, is trading near $68.95 during Thursday’s session, maintaining a steady stance amid conflicting market drivers. A modest build in US crude inventories and weak Chinese demand weigh on prices, while escalating geopolitical tensions between Russia and Ukraine offer potential support.

US Crude Inventory Build Weighs on Prices
The Energy Information Administration (EIA) reported an increase of 0.545 million barrels in US crude stockpiles for the week ending November 15, slightly above market expectations of a 0.400 million barrel rise but significantly lower than the previous week’s 2.089 million barrel build. The smaller-than-expected inventory increase adds mild pressure to oil prices.

Weak Chinese Demand Adds Downside Pressure
China’s demand for crude oil continues to show weakness, dampening the outlook for global consumption. In October, China’s crude oil demand fell by 5.4% year-on-year. The International Energy Agency (IEA) projects demand growth in China to reach just 140,000 barrels per day (bpd) for 2024, a sharp decline compared to the 1.4 million bpd growth seen in 2023.

Geopolitical Risks Provide Support
Heightened geopolitical tensions involving major oil producers Russia and Ukraine are keeping supply-side concerns alive. This week, Russia accused Ukraine of targeting a facility in the Bryansk region with ATACMS missiles, prompting Russian President Vladimir Putin to lower the threshold for a potential nuclear response. Such risks could disrupt oil supplies, offering a counterbalance to bearish demand factors.

John Kilduff, a partner at Again Capital, highlighted, “These risks to supply are definitely keeping the support here and offsetting to a degree concerns around the global demand outlook.”

Outlook
WTI prices remain at the mercy of mixed signals, with inventory builds and sluggish Chinese demand capping gains while geopolitical risks lend underlying support. Traders will look toward further updates on geopolitical developments and upcoming economic data to gauge the balance between supply and demand factors in the oil market.

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Gold Prices Under Pressure as Stronger USD Weighs Ahead of Fed Decision

Gold Prices Remain Under Pressure as Stronger USD Weighs Ahead of Fed Decision

Gold Prices Remain Under Pressure as Stronger USD Weighs Ahead of Fed Decision

Gold (XAU/USD) continues to trade lower for the second consecutive session on Thursday, impacted by a stronger U.S. Dollar following former President Donald Trump’s victory in the recent U.S. election. The dollar-denominated precious metal is seeing diminished safe-haven appeal as market optimism increases, supported by clearer political outcomes.

Investor focus is now on the upcoming U.S. Federal Reserve decision, with markets largely anticipating a 25 basis-point rate cut. If realized, this could offer some support for Gold, as lower interest rates tend to reduce the opportunity cost of holding non-yielding assets like precious metals. The CME FedWatch Tool currently indicates a 98.1% likelihood of this modest rate reduction.

Market Dynamics: Gold Struggles Amid Higher Yields and “Trump Trades”

Non-yielding Gold faces additional pressure from surging U.S. Treasury yields, with the 2-year and 10-year bond yields hitting 4.31% and 4.47%, respectively, their highest levels since July. Furthermore, the prospect of increased inflation due to Trump’s policy stance, which includes higher trade tariffs and fiscal spending, could prompt some investors to seek Gold as a long-term inflation hedge.

Trump’s proposed economic policies—such as imposing tariffs, expanding the fiscal deficit, and cutting taxes—might conflict with the Federal Reserve’s inflation control goals, likely resulting in a slower pace of monetary easing.

Gold prices have been relatively unaffected by ongoing geopolitical tensions, including Iran’s warning of potential retaliation against Israel’s recent actions.

Additionally, mixed U.S. economic data from this week’s ISM and PMI releases reflect a resilient services sector. The ISM Services PMI rose to 56.0 in October from 54.9 in September, exceeding forecasts, while the S&P Global Services PMI reported a slight dip, coming in at 55.0.

Technical Outlook: Key Support and Resistance Levels for Gold

Gold currently trades near $2,650 per ounce, with technical indicators suggesting a continuation of bearish momentum. On the daily chart, Gold remains below the nine- and 14-day Exponential Moving Averages (EMAs), and the 14-day Relative Strength Index (RSI) remains under 50, both indicating a bearish trend.

On the downside, the next support level sits around $2,603.53, representing a three-week low. A break below this level could push Gold toward the critical $2,500 mark.

Conversely, immediate resistance is found near the psychological level of $2,700, with further resistance at the nine-day EMA of $2,711.40. A breakout above this zone could position Gold to retest its recent high of $2,790.11 reached on October 31.

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Gold Price Holds Steady Near Record High, Awaits US Macro Data for Direction

Gold Price Holds Steady Near Record High, Awaits US Macro Data for Direction

Gold price (XAU/USD) remains robust as it approaches the European session on Tuesday, trading just above the $2,750 mark and close to last week’s all-time high. Geopolitical risks and political uncertainties in the US continue to boost demand for the safe-haven metal. Additionally, lower US Treasury yields and cautious market sentiment lend further support to gold.

At the same time, expectations for smaller Federal Reserve (Fed) rate cuts are expected to support US bond yields, which could help the US Dollar (USD) recover some of the previous session’s losses. This, in turn, tempers new bullish momentum in non-yielding gold as investors await key US economic data releases this week, likely to influence the Fed’s rate outlook and provide new direction for XAU/USD.

Market Movers: Gold Supported by Mixed Factors, USD Buying Limits Gains

The retreat in US Treasury yields led to an intraday pullback in the USD from recent highs, encouraging some dip-buying near $2,725 early this week. Recent positive US data dampened expectations for substantial Fed rate cuts, potentially bolstering bond yields amid concerns about deficit spending after the November 5 election. With the US election drawing near, markets face additional uncertainty as Vice President Kamala Harris and Republican candidate Donald Trump engage in a close race for the presidency. Moreover, heightened tensions in the Middle East have added to market caution, with the US warning Iran of potential consequences if it continues retaliatory strikes.

In the broader market, China reported an 11.18% decline in gold consumption year-over-year for the first three quarters, citing high prices as a dampening factor on jewelry demand. Investors now eye the upcoming US Consumer Confidence Index and Job Openings and Labor Turnover Survey (JOLTS) for insight into the Fed’s rate plans and USD dynamics, likely to affect short-term gold price movements.

Technical Outlook: Gold Awaits Breakout for Bulls to Regain Control

On the technical front, a sustained move above the $2,750 resistance could trigger further buying interest, pushing gold prices past the all-time high around $2,759 and towards the four-month-old ascending trend-line resistance at $2,770–2,775. A continued rally could eventually target the psychological $2,800 level.

However, the Relative Strength Index (RSI) on the daily chart is approaching overbought levels, signaling potential caution for bulls. A short-term consolidation or minor pullback could provide a better entry for additional upside.

If a corrective decline occurs, support could emerge near the $2,725 level, followed by $2,715—the lower boundary of a recent trading range. A decisive break below this range might prompt technical selling, potentially leading gold prices below $2,700 and toward the $2,675 and $2,657–2,655 support areas.

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WTI Struggles Below $70 Amid Demand Concerns and USD Strength

WTI Struggles Below $70 Amid Demand Concerns and USD Strength

WTI Struggles Below $70 Amid Demand Concerns and USD Strength

West Texas Intermediate (WTI) crude oil prices are hovering just below the $70.00 mark during Tuesday’s Asian session, remaining in a tight range around $69.70-$69.75. The commodity has struggled to build on the previous day’s modest gains and stays near the three-week low it touched last Friday. WTI seems vulnerable to continuing its recent downtrend, which has persisted for over two weeks.

The brief positive reaction to the People’s Bank of China’s (PBOC) interest rate cut on Monday was short-lived, as concerns about slowing demand, particularly from China, continued to weigh on oil prices. Both OPEC and the International Energy Agency (IEA) reduced their global demand forecasts last month due to economic challenges in China, the world’s largest oil importer. IEA chief Fatih Birol further fueled these concerns, warning that China’s economic weakness could dampen global oil demand for years to come.

Adding to WTI’s challenges, the US Dollar (USD) has surged to its highest level since early August, driven by expectations of more cautious monetary easing from the Federal Reserve (Fed). A stronger USD tends to weigh on oil prices by making crude more expensive for holders of other currencies.

However, the potential for further escalation in the Middle East conflict, which could disrupt oil supplies from the region, provides some support to WTI prices. This geopolitical risk cautions against overly bearish positions, despite the recent sharp drop from the nearly two-month high of $78.00 reached on October 8.

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Crude Oil Climbed Whether Russia’s Oil Imports Will Be Banned by the EU

Crude Oil Climbed Whether Russia’s Oil Imports Will Be Banned by the EU

Crude oil closed yesterday at 9080, up 2.06%, as traders awaited news on whether the European Union would agree to an embargo on Russian oil imports. On Monday and Tuesday, the EU will gather to consider the sixth package of sanctions against Russia for its invasion of Ukraine, which Moscow refers to as a “special military operation.”

When the Organization of Petroleum Exporting Countries and its allies, including Russia, meet on Thursday, they are expected to reject Western efforts to accelerate output increases, underscoring market tightness. They will maintain to their existing plans to increase output by 432,000 barrels per day in July. Russia slightly increased oil production to 10.17 million barrels per day (bpd) between May 1 and 29, according to the TASS news agency, although output is still over 1 million bpd lower than when the West placed sanctions on Moscow. After some clients postponed or denied Russian barrels owing to sanctions, production from the world’s third-largest producer after the United States and Saudi Arabia fell by almost 10% to 10.05 million bpd in April from February. On May 1-29, TASS reported that output had been marginally restored to 10.17 million bpd.

Technically, the market is seeing fresh buying, with open interest up 9.13 percent to settle at 11055, while prices are up 183 rupees. Crude oil is now getting support at 8987, with a move below seeing prices test 8894 levels, and resistance is now likely to be seen at 9131, with a move above seeing prices test 9182 levels.

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Dollar falls, Gold prices rise in range-bound trade

Dollar falls, Gold prices rise in range-bound trade

Gold prices rose in turbulent trading on Monday, bolstered by a weaker dollar, which boosted greenback-priced metal, though gains were limited as some investors shifted to riskier Asian assets. As of 0152 GMT, spot gold was up 0.2 percent at $1,856.86 per ounce. Gold futures in the United States rose 0.1 percent to $1,859.40.

“We may find that gold will remain nailed to its tight range around $1,850 unless a new catalyst arrives,” City Index senior market analyst Matt Simpson said. “With the 3-day holiday in the US, which means lower liquidity than usual, and a lack of top-tier data until Wednesday, we may find that gold will remain nailed to its tight range around $1,850 unless a new catalyst arrives.”

For the Memorial Day holiday in the United States, federal government offices, stock and bond markets, and the Federal Reserve will be closed on Monday. Despite a mainly positive performance since hitting a more than three-month low of $1,786.60 per ounce on May 16, gold prices are on track for their first monthly drop since March 2021, down roughly 2.4 percent so far.

“Gold’s underperformance has been attributed in part to investors rushing to cash as equities markets dropped, as well as Chinese lockdowns. June is traditionally a bad month for gold, but that trend looks to have been shifted forward by one month “Simpson said. Investors bet on a pause in US monetary tightening, despite big hikes in June and July, as Asian equities followed Wall Street higher and the dollar remained at five-week lows.

For buyers holding other currencies, a weakened dollar makes bullion more appealing. The potential cost of storing non-yielding bullion rises when short-term interest rates in the United States rise. Spot silver increased by 0.1 percent to $22.13 per ounce, platinum increased by 0.1 percent to $954.51, and palladium increased by 0.8 percent to $2,079.39 per ounce.

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Gold prices are declining as the Fed maintains its aggressive policy stance

Gold prices are declining as the Fed maintains its aggressive policy stance

On Thursday, gold prices fell, with some investors profiting after minutes from a US Federal Reserve policy meeting revealed that the central bank was likely to maintain its interest-rate hikes. The price of spot gold fell 0.1 percent to $1,851.57 per ounce. Gold futures in the United States rose 0.2 percent to $1,849.8. According to Brian Lan, managing director of dealer Gold Silver Central, the Fed’s resolve to hiking rates has influenced gold a little, with some profits being taken as the news sinks in, and prices could drop to $1,820 or so.

On Wednesday, gold recovered some of its losses caused by the dollar’s rise as minutes from the Fed’s May meeting suggested the central bank would not become more aggressive, instead raising interest rates by 50 basis points in June and July to combat inflation. In the long run, however, investors who are aware that a recession is on the horizon are looking for a high-value asset that can help them get through this period, and gold will shine, according to Lan.

The opportunity cost of owning bullion, which returns nothing, rises as short-term interest rates and bond yields rise in the United States. During financial crises, however, gold is seen as a safe-haven asset. The Fed’s decision to add two more half-percentage-point raises and then wait to see how they affect the economy was good for gold, but the market’s reaction has been disappointing, according to Michael McCarthy, chief strategy officer at Tiger Brokers in Australia.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, reported a 0.2 percent increase in holdings to 1,069.81 tones on Wednesday, up from 1,068.07 tones the day before. Spot silver rose 0.1 percent to $21.99 per ounce, while platinum rose 0.2 percent and palladium rose 0.5 percent to $2,015.72 per ounce.

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Global oil prices have risen again as EU negotiates with Hungary

Global oil prices have risen again as EU negotiates with Hungary

Oil prices increased on Thursday, extending a cautious advance this week on signals of constrained supply, as the European Union (EU) negotiates with Hungary over plans to prohibit imports from Russia, the world’s second-largest crude supplier, following its invasion of Ukraine. At 0142 GMT, Brent crude futures for July settlement were up 7 cents, or 0.1 percent, to $114.10 per barrel. WTI crude futures for July delivery in the United States rose 22 cents, or 0.2 percent, to $110.55 a barrel.

“An EU embargo on Russian oil imports is the key upward driver,” Commonwealth Bank commodities analyst. On Wednesday, European Council President Charles Michel expressed confidence that a deal may be struck before the council’s next meeting on May 30. However, Hungary continues to be a stumbling barrier to the EU penalties that require unanimous agreement. Hungary is requesting 750 million Euros ($800 million) to improve its refineries and expand a pipeline from Croatia, allowing it to transition away from Russian oil.

Even without a formal ban, Russian oil is scarce on the market as buyers and traders avoid interacting with the country’s crude and fuel providers. Cargoes from Baltic ports are taking lengthier routes to Asian refineries, according to ANZ analysts, while exports to the Netherlands and France have all but ceased. The Permian Basin’s expected growth in oil output to a record high of 5.2 million barrels per day (bpd) is unlikely to close the 2 million to 3 million bpd gap left by lost Russian supply analyst said. Nonetheless, rigorous COVID-19 lockdowns have curbed this week’s increase in oil markets, raising concerns about falling gasoline demand in China, the world’s largest oil importer, and concerns about inflation slowing global economy.

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On the back of the Fed Minutes, sellers of XAU/USD are targeting $1,848

On the back of the Fed Minutes, sellers of XAU/USD are targeting $1,848

During Wednesday’s Asian session, the gold price (XAU/USD) posts its first daily loss in five days, dropping to an intraday low of roughly $1,860. The recent weakness of the metal could be linked to the US dollar’s recovery from a monthly low ahead of crucial data and events. However, the US Dollar Index (DXY) is up 0.21 percent after recovering from a four-week low to reclaim the 102.00 level. The market’s preparations for the US Durable Goods Orders for April, projected at 0.6 percent versus 1.1 percent previously, as well as the Federal Open Market Committee (FOMC) Minutes, could be linked to the risk-negative reports from China and South Korea.

The shooting of three missiles by North Korea, as well as Japan’s displeasure with it, have added to the market’s nervousness ahead of today’s Fed Minutes, and appear to be weighing on the market’s optimism. The news regarding China’s COVID lockdowns and their detrimental effects on the world’s second-largest economy could be on the same line. “Beijing has kept its COVID quarantine in place for another month, while Shanghai authorities aim to keep most restrictions in place this month before releasing the two-month-old lockdown completely on June 1,” Bloomberg said.

While the S&P 500 Futures pare early-day gains at 3,955, up 0.40 percent intraday, the US 10-year Treasury yields remain protective around a one-month low, at 2.76 percent at press time. In contrast to the ECB’s hawkish statements, disappointing US housing statistics and repeated Fedspeak put downward pressure on US Treasury rates and the US Dollar on Tuesday. Gold prices are likely to face the brunt of the US dollar’s recovery in the future. However, any more bearish FOMC Minutes and/or negative US data will allow the precious metal to recover some of its recent losses.

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Gold prices fall as the dollar tries to recover

Gold prices fall as the dollar tries to recover

Gold prices fell marginally on Tuesday as the dollar recovered slightly after a recent dip, impacting on demand for greenback-priced gold. After reaching to its highest level since May 9 of $1,865.29 on Monday, spot gold dipped 0.2 percent to $1,850.40 per ounce at 0240 GMT. Gold futures in the United States were unchanged at $1,848.20. The safe-haven dollar recovered some of its losses from the previous day. Bullion becomes more expensive for foreign customers when the currency strengthens.

Bullion, which is seen as a safe haven during economic downturns, loses its appeal to investors when interest rates in the United States rise since it pays no interest. “Gold remains oversold in my opinion, and the daily closing (on Monday) above the 200-day average is bullish,” Simpson said. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, reported a 0.44 percent increase in holdings to 1,068.07 tonnes on Monday, up from 1,063.43 tonnes on Friday.

The yield on the benchmark 10-year Treasury note fell, reducing losses in zero-yield gold. Silver fell 0.3 percent to $21.71 per ounce, platinum fell 1.3 percent to $946.00, while palladium rose 0.1 percent to $1,994.50 per ounce. Due to weaker demand from the automotive industry throughout the Ukraine crisis and a gradual recovery of the chip business from a shortfall, Russia’s Nornickel cut its projection for the global palladium market deficit in 2022.

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Oil rises as traders consider a tight fuel market and poor global growth

Oil rises as traders consider a tight fuel market and poor global growth

Investors evaluated tight product markets against concerns about slowing global growth as oil prices increased at the start of the week. Following four weeks of advances, West Texas Intermediate rose beyond $111 a barrel, the longest such run since February. Prices of gasoline and diesel have risen to new highs ahead of the start of the US driving season, which starts in a week. Bullish oil bets have also been boosted by money managers.

Oil prices have risen this year as a result of increased demand and the worldwide consequences from Russia’s invasion. Energy price increases have led to high inflation, leading central banks to hike interest rates and raising market concerns that GDP could slow. At the same time, to combat Covid-19 outbreaks, China has implemented a series of crippling lockdowns, harming Asia’s greatest economy.

Oil markets are still in backwardation, which is a positive pattern in which short-term prices trade above longer-term ones. Brent’s prompt spread was $2.58 a barrel in backwardation, up from $2.13 a barrel a week ago. A weakening dollar may have given crude an extra boost, making the commodity cheaper for holders of foreign currencies. The dollar fell on Monday after falling 1.4 percent last week, the most since November 2020.

According to Bloomberg Intelligence, oil may have a ceiling of around $110 per barrel due to China’s falling demand and economic growth being hampered by Beijing’s efforts to eradicate Covid-19. Bloomberg Economics has lowered its China growth projection for the year to 2% from 5.7 percent.

The image in Asia’s largest economy is still bleak. Officials in Shanghai have laid out the criteria for classifying portions of the commercial centre as low-risk for Covid-19 as they prepare to terminate two-month quarantine, with no new cases detected outside of confinement. However, Beijing recorded a record number of cases, reviving fears that the capital may be shut down.

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EUR/USD Price Forecast

EUR/USD Price Forecast: Consolidating Below 1.0500 Amid Multi-Week High

The EUR/USD currency pair is having a hard time continuing its recent winning streak, trading in a tight range just below the 1.0500 psychological mark during the Asian session on Monday. In spite of the consolidation, the pair is still close to its three-week high of Friday, buoyed by a weaker US Dollar (USD).

Technically, the pair‘s location above the 38.2% Fibonacci retracement level of the November-January bear run, combined with upbeat oscillators on the daily chart, indicates that the bullish momentum is still intact. This leaves room for a potential rally towards the 1.0545-1.0555 resistance area, which coincides with the 50% Fibonacci retracement level and the 100-day Exponential Moving Average (EMA).

A successful breach above this crucial barrier may set the stage for additional gains, with EUR/USD potentially challenging the 1.0600 level. A break above this level may propel the pair towards the December 2024 swing high of 1.0630, close to the 61.8% Fibonacci retracement level. Further bullish momentum may continue to drive the rebound from its more than two-year low in January.

To the contrary, however, the 38.2% Fibonacci level of 1.0465 acts as an instant support level. A resolute breach through this area can drive selling momentum faster, pulling the pair towards the 1.0400 round number and down further into the mid-1.0300s (23.6% Fibonacci level). Failure to hold these levels could shift the bias in favor of bearish traders, potentially exposing the 1.0200 handle.

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EUR/USD Eases Near

EUR/USD Eases Near 1.0300 Ahead of Lagarde’s Speech

The EUR/USD pair edges lower to approximately 1.0310 during the Asian session on Monday, weighed down by a stronger US Dollar (USD). Market participants are focused on the upcoming Eurozone Sentix Investor Confidence data for February and a speech by European Central Bank (ECB) President Christine Lagarde later in the day.

On Friday, former US President Donald Trump announced plans to introduce reciprocal tariffs on multiple countries by Tuesday or Wednesday, though he did not specify which ones. This move has heightened concerns about a global trade war, fueling demand for the safe-haven USD.

“The immediate concern might not be inflation, as counter-effects like a demand slowdown could come into play. However, the bigger issue is uncertainty and the shift toward a more protectionist world,” said Charu Chanana, Chief Investment Strategist at Saxo.

Meanwhile, the Euro faces pressure from growing expectations of further ECB rate cuts amid sluggish economic growth. ECB Governing Council member Boris Vujcic stated that the market’s anticipation of three rate cuts this year is reasonable. However, he emphasized that greater clarity on monetary policy direction may not emerge until early in the second quarter.

Traders will keep a close eye on US trade policies, especially Trump’s repeated threats against Europe. JPMorgan economist Nora Szentivanyi noted that the objectives, timing, and tariff rates remain unclear. Nonetheless, the European Commission has stated it would retaliate firmly against any tariffs imposed by the US.

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EUR/USD Holds Below 1.0400 Ahead of Eurozone Retail Sales Data

EUR/USD Struggles Below 1.0400 Ahead of Eurozone Retail Sales Data

EUR/USD is trading lower around 1.0390 in the Asian session on Thursday, extending losses following a two-day recovery. Investors remain wary ahead of the release of Eurozone Retail Sales data later today.

Market predictions suggest that Eurozone retail sales scaled by 1.9% year on year in December, up from the previous 1.2% increase. However, the monthly number is expected to fall by 0.1%, erasing the 0.1% increase reported in November.

The euro remains under pressure as market sentiment points to further monetary easing by the European Central Bank (ECB). Policymakers feel optimistic that inflation will steadily return to the ECB’s 2% objective, lessening the need for additional tightening.

Meanwhile, the US Dollar Index (DXY), which tracks the dollar against six major currencies, has stabilized at 107.70, restricting EUR/USD’s upside potential. The dollar’s resiliency comes after a three-day losing skid, which puts pressure on the pair.

On Thursday, Federal Reserve Vice Chair Philip Jefferson reiterated his desire for keeping existing interest rates, underlining that the Fed’s policy remained restrictive despite the 100-basis-point drop. Meanwhile, San Francisco Federal Reserve President Mary Daly emphasized the central bank’s cautious attitude in the face of prolonged economic uncertainties.

The dollar weakened on Wednesday following a disappointing US Services PMI reading. The ISM Services PMI dropped to 52.8 in January from a revised 54.0 in December, falling short of the market consensus of 54.3. Looking ahead, traders are watching Friday’s US Nonfarm Payrolls (NFP) report, which might influence the Federal Reserve’s next policy actions.

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EUR/USD Stuck in Range Near 1.0375-1.0380 as Bulls Struggle for Direction

EUR/USD Struggles for Clear Direction, Stays Range-Bound Near 1.0375-1.0380

The EUR/USD pair continues in consolidation mode, failing to build on its recent recovery from the 1.0200 region—the lowest level since January 13. After reaching a weekly high earlier on Wednesday, the pair is fluctuating within a narrow range around 1.0375-1.0380, showing little change for the day amid mixed market signals.

Tuesday’s Job Openings and Labor Turnover Survey (JOLTS) indicated a cooling U.S. labor market, reinforcing expectations of Federal Reserve (Fed) policy easing. Markets are now factoring in the likelihood of two rate cuts by the Fed this year. Risk-on sentiment also remains prevalent, but should continue to weigh on demand for the safe-haven USD, and thereby support EUR/USD.

Upside momentum, however remains constrained by issues on the introduction of U.S. tariffs over the goods to be imported in Europe under Trump’s administration, among others, and the ECB dovish direction which is being felt in restraining the Euro though HICP was reported higher to an annual rate of 2.5% in the last month, still, does not allow much upside in this pair.

Looking ahead, market participants will focus on the final Eurozone Services PMI release, while the U.S. economic calendar highlights the ADP private-sector employment report and the ISM Services PMI. Movements in the USD could also be influenced by key FOMC member speeches. Still, Friday’s NFP report will focus more attention on it as it will help deliver a better picture of the situation in the U.S. labor market and set the direction for future Fed policy.

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GBP/USD Holds Above 1.2400 as Markets Watch China Tariff Developments

GBP/USD Holds Above 1.2400 as Markets Watch China Tariff Developments

GBP/USD extends its gains for a second consecutive session, trading around 1.2430 during Asian market hours on Tuesday. With  the  decision   by   U.S. President Donald Trump   to pause tariffs on Mexico and Canada , the pair benefits from a risk-on sentiment .

Despite this, investors continue to pay close attention to ongoing trade negotiations, making market volatility a major concern. Trump declared that he would postpone imposing high tariffs on Canada and Mexico for at least 30 days following their agreements to send 10,000 troops to the U.S. border to fight drug trafficking.

This move follows Trump’s recent decision to impose 25% tariffs on Mexican and Canadian goods, along with a 10% tariff on Chinese imports. Additional tariffs on China are anticipated to go into effect Tuesday at 5:00 GMT. Trump managed to say that talks with Chinese officials might happen “probably over the next 24 hours,” and that tariffs on China would be “very, very substantial” if an agreement could not be made.

Meanwhile, the U.S. Dollar Index (DXY), which tracks the USD against six major currencies, hovers around 108.70 after erasing most of its gains from the previous session. Strong U.S. economic data could provide support for the greenback, as the ISM Manufacturing PMI climbed to 50.9 in January from 49.3 in December, surpassing the expected 49.8.

While GBP/USD may rise, the British Pound’s upside may be limited, given the expectation that the Bank of England (BoE) will cut interest rates once again. Despite rising wages in the UK, the BoE is expected to lower interest rates by 25 basis points to 4.5% on Thursday.

The BoE’s Monetary Policy Committee (MPC) is expected to vote 8-1 in favor of the rate cut, with one member likely advocating for maintaining rates at their current level for now.

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EUR/USD Drops to 1.0200 on Trump’s Trade Tariffs

EUR/USD Slumps to Multi-Week Low Near 1.0200 Amid Trump’s Trade Tariffs

The EUR/USD pair extends its decline on Monday, plunging to the 1.0200 region—a three-week low—during the early Asian session. This drop brings the pair closer to its lowest level in over two years, last seen in January, reinforcing the ongoing multi-month downtrend.

The US Dollar (USD) gains broad strength following President Donald Trump’s weekend announcement of new tariffs: 25% duties on imports from Canada and Mexico, along with an additional 10% tariff on Chinese goods. These measures escalate global trade tensions, dampening investor appetite for riskier assets and boosting demand for the safe-haven USD. As a result, the EUR/USD pair faces renewed selling pressure.

Adding to the bearish sentiment, Trump also declared on Friday evening that he would impose tariffs on goods from the European Union. This, coupled with the European Central Bank’s (ECB) dovish stance, further weighs on the euro. Last Thursday, the ECB cut borrowing costs by 25 basis points (bps) as expected and signaled the possibility of additional rate cuts before the year’s end, exacerbating the euro’s weakness.

The policy divergence between the ECB and the Federal Reserve (Fed) further tilts market sentiment in favor of the USD. While the Fed has opted for a hawkish pause, supporting the dollar’s strength, a recent pullback in US Treasury yields may limit further USD gains and offer some relief to the EUR/USD pair. However, the overall market outlook suggests that the pair’s downside momentum is likely to persist.

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EUR/USD Holds Above 1.0400 | Focus on Q4 GDP & ECB Policy Decision

EUR/USD Holds Above 1.0400 Ahead of Q4 GDP Data and ECB Policy Decision

The EUR/USD pair is edging higher after three consecutive losses, trading near 1.0420 during Thursday’s Asian session. The rebound is primarily driven by a technical pullback in the US Dollar (USD). Meanwhile, the US Dollar Index (DXY), which tracks the greenback against six major currencies, remains just below 108.00.

Despite the recent uptick, further gains for EUR/USD may be capped as the USD could regain strength following the Federal Reserve’s (Fed) cautious approach to monetary policy. The Fed reinforced its hawkish stance by removing language suggesting confidence in inflation reaching its 2% target.

During his press conference, Fed Chair Jerome Powell emphasized that any policy changes would require “real progress on inflation or some weakness in the labor market.” As expected, the Fed maintained its overnight borrowing rate at 4.25%-4.50% during its January meeting on Wednesday. This decision follows three consecutive rate cuts since September 2024, totaling a one-percentage-point reduction.

Meanwhile, the Euro faces downward pressure as the European Central Bank (ECB) is widely expected to cut interest rates by 25 basis points in its policy meeting on Thursday, lowering the Deposit Rate to 2.75%. Market sentiment suggests that further rate cuts from the ECB may follow in the coming months, potentially weighing on the Euro.

Investors will closely watch the release of fourth-quarter Gross Domestic Product (GDP) data from the Eurozone and Germany on Thursday. Later in the day, focus will shift to the US Annualized GDP report, which could influence market sentiment and currency movements.

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Gold Prices Decline Amid Renewed Demand for US Dollar

Gold Prices Decline Amid Renewed Demand for US Dollar

Gold Prices Decline Amid Renewed Demand for US Dollar

Gold prices (XAU/USD) lost their upward momentum on Tuesday, falling as renewed demand for the US Dollar (USD) strengthened. This decline was influenced by various factors, including geopolitical tensions and expectations surrounding the Federal Reserve’s monetary policy.

The recent US Nonfarm Payrolls (NFP) data, which fell short of expectations, has led to increased speculation that the Federal Reserve might cut interest rates later this year. Such a move could potentially make gold more attractive as an investment. Lower interest rates generally decrease the yield on US bonds, reducing the opportunity cost of holding non-yielding assets like gold, thereby making it a more appealing option for investors, particularly those purchasing with foreign currencies.

Moreover, gold continues to find robust support from strong central bank purchases and persistent demand from Asian markets. These factors are helping to underpin the precious metal’s value in the near term. Additionally, ongoing political unrest in the Middle East is heightening gold’s appeal as a safe-haven asset. In times of uncertainty, investors often turn to gold to protect their wealth against potential losses in other markets, suggesting a possible uptick in demand if tensions escalate further.

Adding to the complex interplay of factors influencing gold prices is an upcoming speech by Neel Kashkari, President of the Federal Reserve Bank of Minneapolis. Market participants will be keenly watching his tone; a hawkish stance could bolster the US Dollar as it suggests a more conservative approach to lowering interest rates. This could, in turn, apply downward pressure on gold prices, as a stronger dollar makes gold more expensive for holders of other currencies.

The interrelation of US monetary policy, geopolitical developments, and central bank activities creates a dynamic environment for gold investors. They must navigate through varying signals that influence gold prices, such as economic data releases, central bank statements, and global political events. These elements collectively contribute to the fluid nature of gold’s valuation in the global markets, highlighting the complexity of factors that traders and investors must consider when dealing with precious metals.

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Australian Dollar Strengthens on Improved Risk Sentiment

Australian Dollar Strengthens on Improved Risk Sentiment

Australian Dollar Strengthens on Improved Risk Sentiment

The Australian Dollar (AUD) continued its upward trend for the fourth consecutive session on Monday, driven by growing optimism surrounding the Reserve Bank of Australia (RBA). This positive sentiment is underpinning the AUD’s strength and providing solid support for the AUD/USD pair.

As the RBA prepares for its upcoming Tuesday meeting, market expectations are high that the central bank will maintain the cash rate at its current 12-year high of 4.35%. However, there’s speculation brewing that the RBA might reintroduce a soft tightening bias, especially in light of last week’s release of inflation data that exceeded forecasts, as reported by The Australian Financial Review.

On the other side of the currency equation, the US Dollar Index (DXY), which measures the performance of the US Dollar (USD) against a basket of six major currencies, is facing pressure due to the disappointing US jobs report released on Friday. The weaker-than-expected employment data has revived hopes among investors for potential interest rate cuts by the US Federal Reserve (Fed) later this year. This sentiment shift is contributing to the ongoing risk appetite in the market.

Moreover, investors are closely monitoring statements from Fed Chair Jerome Powell, who struck a relatively dovish tone regarding the monetary policy outlook during Wednesday’s session. Powell’s remarks have further fueled expectations of accommodative measures from the Fed in response to economic conditions.

Overall, the Australian Dollar’s resilience, supported by expectations of a hawkish stance from the RBA, contrasts with the weaker US Dollar driven by concerns over the US economic recovery. This dynamic is likely to influence currency markets in the coming days as investors navigate shifting central bank policies and economic data releases.

 

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Japanese Yen Nears Multi-Week High, Poised for Further Gains Against USD

Japanese Yen Nears Multi-Week High, Poised for Further Gains Against USD

Japanese Yen Nears Multi-Week High, Poised for Further Gains Against USD

The Japanese Yen continued to attract buyers for the third consecutive day on Friday, reaching a nearly three-week high against the US Dollar during the Asian trading session. This marks the fourth day in the past five trading days that the JPY has seen gains against its American counterpart. Speculation that Japan’s financial authorities intervened in the market on Thursday, for the second time this week, in an effort to strengthen the domestic currency has been a significant contributing factor to the JPY’s recent surge.

Meanwhile, the US Dollar has extended its losses following the Federal Open Market Committee (FOMC) meeting, which has added to the negative sentiment surrounding the USD/JPY pair. The widening interest rate differential between the US and Japan is also playing a role in supporting the Japanese Yen’s strength.

However, there is uncertainty regarding whether the JPY bulls will be able to maintain their dominant position in the market. The growing consensus that the interest rate gap between the US and Japan will persist for some time could potentially limit the JPY’s gains. Additionally, the positive sentiment in equity markets may act as a deterrent for investors seeking safe-haven assets like the JPY.

Traders are also exercising caution and refraining from making aggressive bets ahead of the release of the Nonfarm Payrolls (NFP) report from the US later in the day. The NFP data is closely watched by investors as it provides insights into the health of the US labor market and can have a significant impact on market sentiment.

Overall, the Japanese Yen’s recent rally and the USD’s weakness are expected to continue to influence the USD/JPY pair in the near term, as markets await key economic data releases and monitor developments in global markets.

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Australian Dollar Gains Ahead of Fed Rate Decision

Australian Dollar Gains Ahead of Fed Rate Decision

Australian Dollar Gains Ahead of Fed Rate Decision

The Australian Dollar (AUD) has seen a slight recovery driven by a potential shift towards risk-on sentiment among investors. Despite this uptick, the AUD/USD pair encountered downward pressure in the early trading hours on Wednesday. This movement followed the release of the AiG Industry Index, which indicated a continued contraction in private business activity across Australia during March. This data comes just as the Reserve Bank of Australia (RBA) is gearing up for its meeting next week, where it is widely expected to keep interest rates steady at 4.35%.

The Australian Dollar’s trajectory was also influenced by Tuesday’s retail sales data from Australia, which came in lower than anticipated. This disappointing result could impact the RBA’s previously hawkish stance on maintaining higher interest rates. However, recent inflation data from Australia, which exceeded expectations, suggests that the central bank might postpone any planned rate cuts to manage inflationary pressures effectively.

In contrast, the US Dollar (USD) is experiencing a strong rally. The US Dollar Index (DXY), which measures the USD against a basket of six major currencies, continues to advance as investors await the US Federal Reserve’s (Fed) policy meeting slated for later on Wednesday. The anticipation surrounding this meeting has grown, especially after a surge in US bond yields which followed the release of higher-than-expected Employment Cost Index data. This rise in yields has been supported by hawkish comments from Fed officials, who have indicated that there is no immediate necessity to cut interest rates, adding pressure to the AUD/USD exchange rate.

Furthermore, key economic indicators from the US, such as the ADP Employment Change and the ISM Manufacturing PMI, are due to be released on Wednesday. These data points are crucial as they provide insights into the health of the US economy and could influence the Fed’s decisions during its monetary policy announcement. Traders and investors are keenly awaiting these releases, hoping to gauge potential shifts in economic policy and their likely impact on global currency markets, including the Australian Dollar.

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Australian Dollar Recovers from Intraday Losses

Australian Dollar Gains Despite Weak US Dollar

Australian Dollar Gains Despite Weak US Dollar

The Australian Dollar (AUD) extended its recent gains on Monday, maintaining its position around the three-week peak of 0.6560. This upward trend began on April 22, largely driven by increasing hawkish expectations for the Reserve Bank of Australia (RBA) following last week’s higher-than-expected CPI inflation data.

Warren Hogan, the chief economic adviser at Judo Bank, speculated in the Australian Financial Review that the RBA might increase the cash rate three times in 2024, potentially reaching a rate of 5.1%. The first of these hikes is anticipated as early as August. This forecast has fueled investor interest ahead of the release of the March Retail Sales data on Tuesday. This report is keenly watched as it offers insights into consumer spending patterns in Australia, which are crucial indicators of inflation trends and overall economic health.

In contrast, the US Dollar Index (DXY), which tracks the USD against six major currencies, has seen some recent pullback, perhaps indicating a shift toward a risk-on market sentiment. Despite this, it is widely expected that the US Federal Reserve will hold interest rates steady at 5.25%–5.5% in its next announcement on Wednesday. This caution is likely due to persistent concerns about high inflation levels.

Recent data supports the Fed’s cautious stance, with the CME FedWatch Tool now showing an 87.7% probability that rates will remain unchanged at the Fed’s June meeting, an increase from 81.7% just last week. Additionally, the latest US Core Personal Consumption Expenditures (PCE) Price Index for March revealed a slight increase year-over-year. This uptick supports the idea that the Fed might postpone any rate cuts until at least September, aligning with current market expectations.

Overall, the contrasting monetary policy outlooks for the RBA and the Fed are creating an interesting dynamic for the AUD/USD exchange rate. As investors digest the implications of fiscal policy decisions and economic indicators from both the US and Australia, the AUD appears to be benefiting from a more aggressive rate hike path anticipated by the RBA, contrasting with a more cautious approach from the Fed amid ongoing inflation concerns.

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Australian Dollar Rises Amid Hawkish RBA Sentiment

Australian Dollar Rises Amid Hawkish RBA Sentiment

The Australian Dollar (AUD) marked its fifth consecutive session of gains against the US Dollar (USD) on Friday, buoyed by increasing expectations of a hawkish monetary policy from the Reserve Bank of Australia (RBA). This outlook was further supported by TD Securities’ revised forecast, which pushed back the expected RBA rate cut from November to February 2025.

The AUD’s rise was amplified by a surge in Australian government bond yields, with the 10-year yield climbing to a 21-week peak of 4.59%. This increase followed the release of Australia’s Consumer Price Index (CPI) data on Wednesday, which exceeded expectations and bolstered hawkish sentiments towards the RBA’s future moves.

Meanwhile, the US Dollar Index (DXY), which tracks the USD against six major currencies, experienced a rebound, possibly influenced by a shift towards risk-off sentiment. However, this rebound was tempered by a decline in US Treasury yields, which has contributed to the USD’s overall weakening.

Despite the mixed preliminary economic indicators from the United States, including unexpectedly high Core Personal Consumption Expenditures and a lower-than-forecast Gross Domestic Product Annualized for the first quarter, the USD struggled to gain momentum. The focus now shifts to the upcoming US Personal Consumption Expenditures (PCE) Price Index data for March, set for release on Friday. This data is highly anticipated, as investors look to assess its implications for ongoing inflationary pressures and the potential adjustments in US monetary policy.

As global financial markets continue to digest these developments, the dynamics between the AUD and USD remain closely watched, with the Australian currency’s strength reflecting broader economic trends and policy expectations.

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European Amidst Rising Yields and Market Downturn

Crypto Community Responds to BRICS’ Consideration of Stablecoin for Trade Settlement

Crypto Community Responds to BRICS’ Consideration of Stablecoin for Trade Settlement

BRICS is stepping up its efforts to lessen its dependence on the US dollar by exploring the creation of a stablecoin for international trade. This initiative, highlighted by Russian Deputy Foreign Minister Sergei Ryabkov, aims to unify the financial systems of BRICS nations—Brazil, Russia, India, China, and South Africa. Ryabkov emphasized that a stablecoin might be essential for this integration, hinting at its potential to be backed by gold, given the significant gold reserves of the BRICS countries.

The move towards developing a BRICS stablecoin aligns with the bloc’s broader goal of “de-dollarization” in global trade, reflecting its members’ increasing economic influence. This could lead to the establishment of a native currency for the bloc, further solidifying its economic autonomy and promoting a “multi-polar world” where reliance on the US dollar is diminished.

Speculation has also arisen around the technological foundation for the BRICS stablecoin. An XRP enthusiast suggested that the bloc could leverage the XRP Ledger for its stablecoin, especially as Ripple plans to launch its own stablecoin later this year. This potential partnership could provide a robust platform for BRICS’ ambitions, combining their strategic economic goals with advanced blockchain technology.

Overall, the development of a BRICS stablecoin represents a significant step towards redefining the global financial landscape, potentially reducing the dominance of the US dollar in international trade and increasing the financial sovereignty of the BRICS nations.

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US Yields Boost Dollar, Weaken Yen

US Yields Boost Dollar, Weaken Yen

US Yields Boost Dollar, Weaken Yen

The dollar strengthened on Tuesday, driven by rising U.S. yields, putting pressure on low-yielding currencies like China’s yuan and Japan’s yen, which fell to its lowest level since 1986.

Benchmark 10-year Treasury yields increased nearly 14 basis points to 4.479% overnight. Analysts attributed this rise to expectations of Donald Trump winning the U.S. presidency, which could lead to higher tariffs and increased government borrowing.

As the dollar gained, the euro reversed part of a small rally following the first round of France’s election, which aligned with polling predictions. The euro last traded at $1.0735.

The yen dropped to 161.72 per dollar on Monday, its weakest in nearly 38 years, primarily due to the significant interest rate gap between the U.S. and Japan. On Tuesday, the yen traded at 161.55 per dollar in Asia and was under pressure from yen bears wary of potential intervention by Japanese authorities. The yen also hit a lifetime low of 173.67 against the euro on Monday and remained near that level on Tuesday.

In the bond market, the 10-year yield gap between U.S. and Japanese rates stood at 340 basis points, and nearly 440 basis points at the two-year tenor. China’s yuan, which reached a seven-month low against the dollar last week, faced similar pressure, with U.S. 10-year yields more than 220 basis points higher than Chinese government bond yields.

Robust manufacturing data in China and an announcement from the central bank about borrowing bonds, likely to sell them and stabilize falling yields, provided only a brief boost to the currency on Monday. The yuan last traded at 7.3043 in offshore markets on Tuesday, close to its June low.

The New Zealand dollar slipped 0.3% in early trade and was testing support at its 200-day moving average at $0.6075. The British pound remained steady at $1.2641. The Australian dollar hovered within its recent range at $0.6650, with traders focused on central bank minutes to gauge the likelihood of future interest rate hikes. Swaps market pricing suggests a one-in-three chance of a rate hike as soon as next month.

The question remains about the trigger for such a move. ING economist Rob Carnell noted that discussions have taken place, but the specific trigger for a hike is still uncertain. There is a leaning towards forecasting a hike at the August meeting.

Overall, the strengthening dollar and rising U.S. yields continue to exert pressure on low-yielding currencies, with markets closely watching upcoming central bank decisions and geopolitical developments.

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Cryptocurrency Move Back to Support the Pack to Level

If we have a look at the bearish start to the day in the majors and the Bitcoin move back to the level by $18,500 to the support pack. The Bitcoin to USD was seemed down at the level by 1.16% on this Thursday that reversing a 1.25% gain to the Wednesday to the ended the day at the level $18,260.0. At the start of the day, the Bitcoin rose to the early morning intraday to the high at the level before hitting the reverse level.

The major resistance level goes at the level by $18,878 and the Bitcoin fell to the intraday low to the level by $17,935.0.

The close term bullish pattern stayed flawless, disregarding the most recent pullback to sub-$18,000 levels. For the bears, Bitcoin would have to slide through the 62% FIB of $10,095 to shape a close term bearish pattern.

The Bitcoin was somewhere near at the level by 1.03% to $18,072.0. A blended beginning to the day saw Bitcoin ascend to an early morning high of $18,299.0 prior to tumbling to a low of $18,070.0.

Bitcoin left the significant help and obstruction levels untested from the get-go.

Somewhere else, it was a bearish beginning to the day for the majors. The Ripple’s XRP was somewhere around at the level 2.69% to lead the route down.

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Bitcoin Slips Down Below at Level $13,000 Since the Last Rally

Bitcoin Slips Down Below at Level $13,000 Since the Last Rally

The Bitcoin seems to the low at the level of $9,813 in September that managed the bitcoin to reach at the level high at $13,868. The bitcoin price is rejected to the sequential indicators on the 3-day chart.

If we have a look at the current candlestick of the 3-day chart it will seem significantly bearish and the TD sequential indicators are presented a sell signal. The 50- SMA seems down at the level of $10,600 and the 100 SMA at the level of $9,47.

The In/Out of the Money Around Price chart shows the closest and most grounded help region to be somewhere in the range of the level at $12,687 and $13,073 with near 624,000 BTC in volume. A break below this point can drive the cost of Bitcoin down to $11,914.

Despite the fact that bears appear to have assumed responsibility for the present moment, the powerful day by day upswing stays unblemished for Bitcoin. The 50-SMA and the 100-SMA harmonize around $11,200 which will go about as a critical help level. The MACD keeps bullish and the most basic obstruction level is still at $13,863. A breakout over this point can without much of a range drive the lead digital currency towards the untouched high at the level of $20,000.

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Bitcoin Price Clear the Path and Rose to the Level $13,000

Bitcoin Price Clear the Path and Rose to the Level $13,000

Bitcoin Price of the bulls has been the full control of the market to the price at the level of $11,340 to $12,835. The cryptocurrency had the largest to the single day that put the gain. The MACD shows the increasing the bullish momentum to price the growth anticipated.

The position detector is a convenient little apparatus that causes us to imagine solid opposition and backing levels. According to the everyday conjunction detector, there is an absence of solid obstruction levels on the potential gain. This should be empowering news for the buyers as they plan to bring BTC into the $13,000-zone.

Santiment’s holder’s distribution charts show you the number of addresses having a place with a specific symbolic section. According to the chart, the number of addresses holding 10,000-100,000 tokens tumbled from 111 on October 8 to 104 on October 20. This is an intensely bearish sign as it shows that the whales are selling off their property.

Bitcoin buyers have the opportunity to bring the cost into the level at $13,000 and even the $14,000 interference. The everyday intersection finder shows a total absence of solid opposition barriers straightforward.

For the bears, the drawback is covered off at the $12,000-$12,100 uphold divider. A break below that zone will bring the value down to $11,000, which has both the 50-day and 100-day SMA

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Cryptos Market: Bitcoin Shows Bullish Momentum Over Dollar Strength

Cryptos Market: Bitcoin Shows Bullish Momentum Over Dollar Strength

The BTC/USD traded at the level of $11,355 after the mild rejection of the top-level $11,720 that losing some of the bullish.

Ethereum USD had a similar fate at the higher risk that seeing the longer pullback than the Bitcoin. If we talk about the XRP/USD is the clear loser after breaking below the 50 SMA and the 100 SMA on the daily chart that currently trading at the level of $0.2482 after yet facing another rejection.

Bitcoin, BTC to USD, fell by 1.02% on Tuesday. Incompletely turning around a 1.55% increase from Monday, Bitcoin finished the day at the level of $11,442.0.

It was a quiet beginning to the day. Bitcoin rose to a late morning intraday high to the level of $11,574.9 before operating reverse.

Missing the mark concerning the primary significant obstruction level at $11,830, Bitcoin tumbled to an early evening intraday low of $11,333.0.

Avoiding the primary significant help level at $11,201 Bitcoin quickly returned to $11,470 levels before moving back.

The close term bullish pattern stayed perfect, upheld by the most recent move back through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to shape a close term bearish pattern.

Bitcoin was up by 0.22% to $11,467.0. A beginning to the day saw Bitcoin tumble to an early morning low of $11,427.0 before ascending to a high at the level of $11,467.0. Bitcoin left the support and Resistance levels untested at an early stage.

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Ethereum Rate Hits at Higher Level More Profitable Than Bitcoin Mining

Ethereum Rate Hits at Higher Level More Profitable Than Bitcoin Mining

Let’s have a look at the cryptocurrency that hovering near to the level at $10,600 mark. The Bitcoin price is consolidating to the 50-12 Hour SMA and the 200-12 Hours SMA. The strong resistance lies at the level 50-12 SMA that repeatedly rejected the price.

This repeated dismissal may drop the value down to the level at  $10,400 uphold level, which is by all accounts the main observable help level on the drawback. If case this level doesn’t hold firm, at that point you can anticipate that the cost should plunge below $10,000. For this situation, one can anticipate that BTC should tumble to the level of $9,700 before it experiences another solid help.

While this may not appear to be a huge number, remember that every one of these addresses holds a great many dollars worth of Bitcoin. The fishes using the stale value activity to merge their positions look good for the general market.

With respect to the top 50 digital forms of money, the greatest failures incorporate Compound, down 12% over the most recent 24 hours, UMA down 12%, OMG Network down at the level 13%, Yearn.finance down 16%, and Aave down 18%. The main bull among the sloths of bears is EOS, which broke out greatly as covered Tuesday.

Ethereum has since September 23, been holding inside a rising equal channel. Recuperation towards $400 flamed out marginally above $360 a week ago. On the drawback, the misfortunes that followed grasped uphold at the level of $335 throughout the end of the week, permitting the shrewd agreement sign to revitalize, making strides above $350.

The Ethereum selling pressure in the market halted the increase at the 50 SMA and 100 SMA. Ether fell below the climbing channel, confirming a bear banner.

The downside of a significant help zone shows that Ethereum is at grave risk of spiraling to the level at $300. Other than the various simple help zones, the most significant one lies somewhere in the range of $298 and $309. Previously, around 879,000 locations purchased almost 2 million ETH.

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Cryptocurrency Bitcoin Shows the Bullish Divergence on User Count

Cryptocurrency Bitcoin Shows the Bullish Divergence on User Count

The Bitcoin moves back and shows the bearish to the start of the day with the support level at $10,900 to the broader market.

The Bitcoin BTC to USD is rose by the level at 1.33% this Tuesday and reversing the loss at the level of 0.83% on Monday.

It was a mixed start to the day. Bitcoin fell to an early morning low $10,674.2 before finding support.

Steering clear of the major support levels, Bitcoin struck a late morning high at the level of $10,815.4 before operating reverse.

Coming up short of the major resistance levels, Bitcoin slid to a late afternoon intraday low $10,654.0.

Steering clear of the first major support level at $10,585, Bitcoin rallied to a final hour intraday high at the level of $10,889.0.

Falling short of the first major resistance level at $10,915, Bitcoin eased back to end the day at sub-$10,860 levels.

The near-term bullish trend remained whole, in contempt of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. At the hour of composing, Bitcoin was somewhere around 0.28% to the level of $10,826.0. It was a blended beginning to the day. Bitcoin rose to an early morning high $10,866.0 before tumbling to a low $10,826.0.

Bitcoin started the significant help and obstruction levels untested from the get-go. Somewhere else, it was a blended beginning to the day.

Bitcoin Cash ABC (+0.54%), Bitcoin Cash SV to the level (+0.62%), and Crypto.com Coin (+0.65%) evaded the pattern right off the bat.

It was a bearish beginning to the day for the remainder of the majors, in any case. Binance Coin was somewhere around 1.18% to lead the way down.

https://xtreamforex.com/nasdaq-futures-shows-the-short/

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