Skip to main content

XtremeMarkets

Xtreme Markets Ltd

Web Trader
Register
Download App
Login
Affiliates
Xtreme Markets Logo

Market News

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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More

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.

Read More
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.

Read More
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.

Read More
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.

Read More

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.

Read More
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.

Read More
Gold Struggles Below $3,300 as Fed Rate Cut Hopes Dim Ahead of FOMC Minutes

Gold Struggles Below $3,300 as Fed Rate Cut Hopes Dim Ahead of FOMC Minutes

Gold (XAU/USD) dipped to a one-and-a-half-week low near $3,284 during the Asian trading session on Wednesday, weighed down by a stronger US Dollar and rising Treasury yields. Investors are increasingly convinced that recent US tariff hikes may fuel inflation, prompting the Federal Reserve to keep interest rates elevated for longer. 

The firmer Greenback, bolstered by expectations of prolonged Fed tightening and a robust June jobs report, has dulled the appeal of non-yielding assets like gold. Benchmark 10-year US bond yields also climbed, adding further pressure on the precious metal. 

Market participants remain cautious amid ongoing concerns about the economic fallout from Donald Trump’s aggressive tariff proposals. On Tuesday, the former US President threatened to impose duties of up to 50% on copper and 200% on foreign pharmaceuticals, unsettling global markets. However, gold’s traditional safe-haven demand has yet to see significant support in response. 

Traders are now eyeing the release of the FOMC meeting minutes later today, hoping for clues on the Fed’s rate path. Although a July rate cut appears off the table, markets are still pricing in up to 50 basis points of easing by year-end, likely beginning in October. 

Technically, a break below the $3,300 level, coupled with resistance at the 100-period SMA on the 4-hour chart, signals further downside. Momentum indicators suggest gold could slide towards the next support at $3,270, with a deeper drop towards $3,248–$3,247 not ruled out. 

On the upside, recovery attempts may face initial resistance near $3,310 and stronger barriers around $3,326 and $3,340. A decisive move above $3,360 could open the door to a short-term rebound toward the $3,400 mark. 

Read More
Gold Price Climbs Steadily

Gold Price Climbs Steadily, Eyes Record High Amid Trade War Concerns

Gold (XAU/USD) extends its intraday rally, reaching the $2,880 region during the Asian session on Monday. The gains come in response to US President Donald Trump’s plan to impose new 25% tariffs on all steel and aluminum imports, reigniting fears of a global trade war and driving demand for the safe-haven precious metal. Additionally, concerns that Trump’s protectionist policies could fuel inflation further bolster gold’s appeal as a hedge against rising prices.

Gold Supported by Trade War Fears, But Fed Policy Remains a Concern

Despite strong upside momentum, gold’s gains may face limitations due to the resilient US Dollar (USD) and expectations that the Federal Reserve (Fed) might delay further rate cuts. The strong US employment data released on Friday, coupled with inflationary concerns, has reinforced speculation that the Fed will maintain a cautious stance.

Overbought conditions on the daily chart could also deter traders from initiating fresh bullish positions, especially in the absence of key US economic data early in the week.

Trump’s Tariff Announcement Sparks Market Uncertainty

On Sunday, Trump reaffirmed plans to impose 25% tariffs on all steel and aluminum imports into the US, adding that his administration would match tariff rates imposed by other countries. These announcements have further fueled uncertainty and strengthened gold’s safe-haven appeal.

Meanwhile, geopolitical tensions remain elevated. Russian Deputy Foreign Minister Galuzin stated there are no satisfactory proposals for Ukraine peace talks, dismissing Western statements as mere rhetoric. US Vice President JD Vance is reportedly heading to Germany this week to outline US policy proposals.

Fed Policymakers Express Caution Amid Economic Uncertainty

The latest US Nonfarm Payrolls (NFP) report showed 143K jobs were added in January, falling short of the 170K estimate but offset by an unexpected dip in the Unemployment Rate to 4.0%. While the report provides mixed signals, it has reinforced the belief that the Fed will remain cautious regarding further monetary easing.

Several Fed officials have weighed in on economic policy:

  • Minneapolis Fed President Neel Kashkari stated he would consider supporting further rate cuts if inflation data remains favorable and the labor market stays strong.
  • Chicago Fed President Austan Goolsbee noted that inconsistent US government policies create economic uncertainty, making it difficult to assess inflation trends.
  • Fed Governor Adriana Kugler acknowledged steady US economic growth but warned that progress toward the 2% inflation target remains uneven and slow.

What’s Next for Gold?

A stronger US Dollar could act as a headwind for gold prices, limiting aggressive bullish momentum. Traders will closely monitor Fed Chair Jerome Powell’s semi-annual congressional testimony and the upcoming US consumer inflation figures for further market direction.

Read More
Gold Price Rally Holds Strong, But Overbought Conditions Raise Caution

Gold Price Bulls Hold Firm, But Overbought Conditions Suggest Caution

Gold (XAU/USD) continues its upward trajectory through the Asian session on Wednesday, reaching a fresh all-time high near $2,858. Concerns about the economic impact of US President Donald Trump’s trade tariffs continue to drive demand for the safe-haven metal. Furthermore, predictions that the Federal Reserve (Fed) would continue its easing cycle, backed by signs of deteriorating momentum in the US labor market, are fuelling demand for the non-yielding yellow metal.

 

Meanwhile, the US dollar (USD) remains under pressure near its weekly low, with rising expectations of further Fed policy easing, offering an extra lift to gold prices. However, Trump’s decision to suspend tariffs on Canada and Mexico has contributed to a risk-on mentality, which may restrict future gains for XAU/USD. Furthermore, gold is entering overbought territory on the daily chart, implying a short-term consolidation or minor retreat before the advance begins. Traders are now waiting for significant U.S. data releases, such as the ADP private-sector employment report and the ISM Services PMI, for new market signals.

Gold Bulls Retain Control Amid US-China Trade Tensions

Despite the positive risk tone, a further escalation in U.S.-China trade tensions continues to lend support to the upward momentum in gold. In response to President Trump’s latest tariffs, China has imposed targeted duties on US imports, and the threat of a trade war between the world’s two biggest economies has seen gold reach an all-time high on Wednesday.

On the macroeconomic front, the Job Openings and Labor Turnover Survey (JOLTS) released Tuesday revealed a decline in U.S. job openings, dropping to 7.6 million in December from a previous 8.09 million. The data signals a cooling labor market, increasing the likelihood of additional Fed rate cuts. This has kept USD bulls on the defensive and further strengthened XAU/USD.

Trump’s decision to postpone the application of a 25% tax on Canadian and Mexican imports by 30 days has revived hopes that a global trade war can be avoided. However, this has done little to undermine the positive enthusiasm toward gold.

Market players will be keenly monitoring Wednesday’s U.S. economic data, such as the ISM Services PMI and the ADP employment report, which may cause short-term changes in gold prices. However, Friday’s highly anticipated Nonfarm Payrolls (NFP) report continues to be the main focus. Furthermore, any fresh information about trade tariffs is probably going to cause financial markets to become more volatile.

Read More
WTI Crude Oil Struggles Near $72.00, 100-Day SMA Holds as Key Support

WTI Crude Oil Struggles Near $72.00, 100-Day SMA Holds as Key Support

West Texas Intermediate (WTI) crude oil prices fell from a one-week high on Tuesday, attracting sellers for the second straight session. The commodity trades at $72.00, barely above last week’s one-month low and close to the important 100-day Simple Moving Average (SMA) support. 

US Tariff Delay Weighs on Oil Prices

US President Donald Trump has announced a one-month suspension on newly imposed tariffs on imports from Canada and Mexico, easing worries about potential supply disruptions from two of the country’s main oil suppliers. This development put downward pressure on crude oil prices. Furthermore, fears of lower gasoline demand—driven by the larger economic impact of Trump’s trade policies—are contributing to gloomy sentiment in the oil market.

OPEC+ Stands Firm on Production Policy

Despite Trump’s calls for higher output to combat rising oil prices, the Organization of Petroleum Exporting Countries and its allies (OPEC+) have chosen to keep current production levels. This decision may give some support for crude oil prices, avoiding further losses in the near term.

Key Technical Levels to Watch

Traders will closely monitor the 100-day SMA, currently positioned near the $71.00 mark, which serves as a crucial support level. A decisive break below this threshold could trigger an extended pullback from the recent multi-month highs. Conversely, a bounce from this level may reinforce buying interest and help WTI recover from its recent slump.

Read More
Gold Holds Below $2,800 Despite Intraday Recovery

Gold Price Trims Intraday Losses but Remains Below $2,800 Amid Stronger USD

The gold price (XAU/USD) recovers some of its losses following the strong Asian session sell-off but remains in negative territory, hovering around $2,785, down about 0.60% for the day. The recent rise in the US Dollar (USD), fueled by President Donald Trump’s decision to impose tariffs on Canada, Mexico, and China, has pushed the greenback closer to a two-year high, weighing on gold and dragging it away from its all-time high of $2,817, hit on Friday.

However, projections that the Federal Reserve (Fed) would lower interest rates twice by the end of 2025, combined with indications about probable economic disruptions from Trump’s trade policies, contribute to gold’s safe-haven appeal. The current risk-off mentality further shields the downside, so bearish traders should exercise caution ahead of this week’s key US macroeconomic data, which begins with today’s ISM Manufacturing PMI release.

Technical Outlook: Gold’s Uptrend Intact Despite Intraday Pullback

From a technical perspective, the intraday decline found support near the $2,772 resistance-turned-support level, which now serves as a pivotal point. A decisive break below this zone could trigger further selling pressure, exposing gold to the next key support levels:

 

  • $2,755 – Initial downside target
  • $2,740 – Intermediate support
  • $2,725-$2,720 – Strong demand zone
  • $2,700 – Psychological level, a break below which could accelerate losses

Conversely, immediate resistance is seen in the $2,790-$2,800 region, followed by the record high of $2,817. Notably, momentum indicators on the daily chart remain comfortably positive, indicating that gold has not yet reached overbought levels. This provides room for additional upward momentum, confirming the broader bullish trend that began with the December swing bottom.

If gold manages to sustain a move above $2,817, it could pave the way for fresh record highs, with bulls eyeing further gains amid ongoing market uncertainty.

Market Drivers to Watch

US Dollar Strength: The impact of Trump’s tariffs on global trade could continue supporting the USD, potentially weighing on gold.

Federal Reserve Policy: Expectations of rate cuts in 2025 remain a crucial factor for gold’s long-term trajectory.

US Economic Data: The upcoming ISM Manufacturing PMI and Nonfarm Payrolls (NFP) report later this week could trigger volatility in gold prices.

Risk Sentiment: Any escalation in geopolitical or economic tensions could further boost gold’s safe-haven demand.

Overall, while gold has retreated from its highs, the larger bullish trend remains intact, with technical signals suggesting further upward movement as long as critical support levels hold.

Read More
WTI Slips to $71.00 Amid Trade Tariff Concerns and Weak China Data

WTI Slips to $71.00 Amid Trade Tariff Concerns and Weak China Data

West Texas Intermediate (WTI) crude oil prices edge lower during Wednesday’s Asian session, erasing part of the previous day’s modest recovery from a nearly three-week low. The commodity trades near $71.00, down over 0.25% for the day, and remains vulnerable to further losses amid prevailing bearish sentiment.

Investor concerns persist over US President Donald Trump’s threat to impose trade tariffs on Canada, China, and Mexico by February 1, which could weigh on global fuel demand. Additionally, weak Chinese economic data adds to downward pressure. Official PMIs released on Monday highlighted continued weakness in the world’s second-largest economy and top crude importer, raising concerns over lower consumption.

Further pressure on oil prices comes from Trump’s energy policies, which include plans to ramp up US energy production and calls for the Organization of Petroleum Exporting Countries (OPEC) to increase output to drive prices lower.

With bearish fundamentals dominating, WTI remains susceptible to further downside risks in the near term.

Read More
WTI Drops Toward

WTI Drops Toward $74.00 as Trump Pressures OPEC to Lower Oil Prices

West Texas Intermediate (WTI), the US crude oil benchmark, trades near $74.10 on Friday, continuing its downward trend after US President Donald Trump urged Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil prices.

Uncertainty surrounding Trump’s proposed tariffs and energy policies adds to the pressure on WTI. Speaking at the World Economic Forum in Davos on Thursday, Trump announced plans to request Saudi Arabia and OPEC to lower oil prices, saying, “I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil.”

Expectations of increased US production under Trump’s administration further weigh on oil prices. Earlier this week, Trump declared a national energy emergency, leveraging his authority to expedite the approval of oil, gas, and electricity projects that would typically require years of permitting.

Meanwhile, US crude inventories declined for the ninth consecutive week. The US Energy Information Administration (EIA) reported a drop of 1.017 million barrels in crude oil stockpiles for the week ending January 17, following a 1.962 million-barrel decline in the prior week. Market expectations had forecast a larger decrease of 2.1 million barrels.

Oil traders will closely monitor developments surrounding Trump’s energy policies and tariff announcements. Additionally, attention will shift to the preliminary US S&P Global Purchasing Managers Index (PMI) for January, set for release later on Friday. A weaker-than-expected reading could pressure the US Dollar (USD), potentially offering some support to the USD-denominated WTI price.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
Japanese Yen Weakens as Hopes for BoJ Rate Hikes Fade, FOMC Minutes Awaited

Japanese Yen Weakens Amid Fading Hopes for BoJ Rate Hikes, FOMC Minutes in Focus

Japanese Yen Weakens Amid Fading Hopes for BoJ Rate Hikes, FOMC Minutes in Focus

The Japanese Yen (JPY) continued to drift lower against the US Dollar (USD) on Wednesday, approaching levels last seen in mid-August. Recent economic data from Japan revealed that real wages declined in August after two consecutive months of gains, while household spending also dropped. This raises concerns over the strength of private consumption and the sustainability of Japan’s economic recovery. Additionally, comments on monetary policy from Japan’s new Prime Minister have added to the uncertainty surrounding the Bank of Japan’s (BoJ) potential for future rate hikes, further weighing on the JPY.

Adding to the Yen’s weakness, reports of a possible ceasefire between Hezbollah and Israel have reduced demand for the safe-haven currency. Meanwhile, the US Dollar has gained strength, nearing its seven-week high, as markets reduce expectations for aggressive policy easing by the Federal Reserve (Fed). This has pushed the USD/JPY pair beyond the mid-148.00s during the European session.

Despite the current upward momentum for the USD/JPY pair, market participants remain cautious, as Japanese authorities may intervene to support the Yen. Additionally, the release of the Federal Open Market Committee (FOMC) meeting minutes later on Wednesday could influence the pair’s direction, depending on how the outlook for US monetary policy unfolds.

Read More
Bitcoin and Crypto Market Decline Amid Powell’s Hints at Further Rate Cuts

Bitcoin and Crypto Market Continue Decline Despite Powell’s Hints at Rate Cuts

Bitcoin and Crypto Market Continue Decline Despite Powell’s Hints at Rate Cuts

The cryptocurrency market remained in a downtrend on Monday, despite Federal Reserve (Fed) Chair Jerome Powell hinting at possible further interest rate cuts later this year.

Crypto Market Slips Amid Speculation of Rate Cuts

Fed Chairman Jerome Powell indicated that while the recent 50 basis point (bps) interest rate cut reflects optimism about economic conditions, it does not guarantee that future cuts will be as large. Speaking at the National Association for Business Economics, Powell said, “Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course.”

He added that the US economy remains in good shape, emphasizing that the Fed’s primary goal is to maintain this stability. Powell also noted that the 50 bps rate cut signals confidence in a stronger labor market, which could lead to reduced inflation.

Powell suggested that more rate cuts could be on the horizon, contingent on future economic data. “As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks,” Powell stated.

Historically, lower interest rates have positively impacted the cryptocurrency market, particularly Bitcoin. During the 2017 crypto bull market and the surge in initial coin offerings (ICOs), interest rates hovered between 0.75% and 1.25%. However, when the Fed began raising rates in 2018, the crypto market experienced a correction.

Despite Powell’s remarks, the crypto market continued to slide, registering a 4.2% decline as of Monday. Major cryptocurrencies such as Bitcoin, Ethereum, and Solana fell by 3.5%, 2.3%, and 2.6%, respectively.

Widespread Decline Across Crypto Categories

The decline was not limited to major cryptocurrencies. Tokens in the artificial intelligence category, including NEAR, ICP, ASI, RENDER, and GRT, also saw losses in the past 24 hours. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) experienced sharp declines of nearly 10%.

Despite the current downturn, some market observers believe Powell’s speech could trigger a bullish reversal. Black Swan Capitalist co-founder Vandell commented that Powell’s hint of rate cuts is “very positive for risk-on assets like crypto.” He explained that rate cuts could boost credit creation and global liquidity, potentially setting the stage for a major crypto rally. “The timing is unarguably by design,” Vandell remarked in an X post.

Other members of the crypto community have echoed this optimism, forecasting a potential price surge for Bitcoin as Powell opens the door for further rate cuts.

Read More
US Dollar Index Climbs Above 100.50, Upside Potential

US Dollar Index Climbs Above 100.50, Upside Potential Appears Limited Ahead of US PCE Data

US Dollar Index Climbs Above 100.50, Upside Potential Appears Limited Ahead of US PCE Data

The US Dollar Index (DXY) rose to around 100.65 during Friday’s Asian trading session, but its upside momentum seems constrained due to expectations of further rate cuts from the Federal Reserve (Fed). The broader weakness in the US Dollar persists as the market anticipates lower borrowing costs ahead.

Last week, the Fed cut interest rates by 50 basis points (bps), with Chair Jerome Powell describing it as a “recalibration” to support the labor market while moving inflation closer to the Fed’s 2% target. Though more rate cuts are expected, Powell clarified that the Fed’s policy path is flexible, which could limit DXY’s upward movement in the near term. According to CME Group’s FedWatch Tool, markets are currently pricing in a 48.8% chance of another 50 bps cut and a 51.2% chance of a 25 bps cut.

Despite positive US economic data on Thursday, the US Dollar’s rally lost steam as focus shifted to the upcoming US inflation data, specifically the Personal Consumption Expenditures (PCE) Price Index, due later on Friday. Analysts forecast a 2.3% year-over-year rise in headline PCE for August and a 2.7% YoY increase in core PCE.
US Durable Goods Orders for August remained unchanged, beating the consensus expectation of a 2.6% decline. Additionally, the final estimate of US Gross Domestic Product (GDP) for the second quarter confirmed a 3.0% annual growth rate, as previously projected.

Fed officials maintain a dovish stance. Fed Governor Lisa Cook supported last week’s 50 bps rate cut, citing risks to employment, while Governor Adriana Kugler also advocated for more cuts if economic conditions warrant it. This dovish outlook continues to weigh on the US Dollar Index’s performance, limiting its potential gains.

Read More
BOJ Surprises with Removal of Forward Guidance

BOJ Surprises with Removal of Forward Guidance – UOB Group

BOJ Surprises with Removal of Forward Guidance – UOB Group

The Bank of Japan (BOJ) kept its monetary policy unchanged but unexpectedly removed its forward guidance, surprising markets, according to UOB Group Senior Economist Alvin Liew.

No Change in Monetary Policy as Expected

“At its scheduled Monetary Policy Meeting (MPM) on Friday (September 20), the BOJ unanimously decided to maintain its current monetary policy guidelines for money market operations, which was in line with market expectations,” Liew noted.

Unexpected Removal of Forward Guidance

The surprise in the September MPM statement was the omission of any forward guidance on monetary policy, a stark difference from the July meeting. Despite this change, the BOJ’s positive outlook for the economy and its expectations for gradually rising inflation remained consistent with the July MPM.

“We anticipate that the BOJ will begin normalizing monetary policy in the fourth quarter of 2024, likely during the October MPM, with a 25-basis-point hike to 0.50%, which we expect to be the terminal rate. However, this outlook will depend on further changes in the Consumer Price Index (CPI) forecasts in future meetings,” Liew concluded.

Read More
Bank of Japan Keeps Interest Rate

Bank of Japan Keeps Interest Rate Unchanged in September, As Expected

Bank of Japan Keeps Interest Rate Unchanged in September, As Expected

On Friday, the Bank of Japan (BoJ) announced that it would maintain its short-term interest rate target between 0.15% and 0.25%, following a two-day monetary policy review. This decision aligned with market expectations.

Back in July, the BoJ surprised markets by raising the policy rate by 15 basis points (bps) from 0%-0.1% to its current range of 0.15%-0.25%. The central bank also introduced a plan to taper its monthly purchases of Japanese government bonds (JGB) to approximately ¥3 trillion per month by the first quarter of 2026.

Market Reaction to BoJ’s Policy Announcement

Following the BoJ’s announcement, the USD/JPY pair saw an initial rise toward 143.00, but quickly retreated to 142.65, where it currently fluctuates. The pair is down 0.06% for the day at the time of writing.

What to Expect from the BoJ Interest Rate Decision

The BoJ’s decision to hold rates steady was largely anticipated by the market. While the central bank is expected to maintain its current stance for now, investors will be looking for any signals of when rates may rise again.

Money markets are currently pricing in a 25-basis point increase by the end of the year, which would bring the policy rate to 0.50% at the BoJ’s December meeting.

Inflation and Wage Growth: Key Factors for Future Rate Hikes

Japan’s inflation remains above the BoJ’s 2% target, and recent wage growth—1.1% year-over-year in June and 0.4% in July—suggests increased consumer spending. However, if inflation driven by cost pressures begins to weigh on spending, the central bank may face challenges in achieving demand-driven inflation, potentially delaying further rate hikes.

Political and Market Considerations

BoJ policymaker Naoki Tamura has argued that rates should be raised to at least 1% by the second half of the next fiscal year, while others, like Sanae Takaichi, a potential successor to Prime Minister Fumio Kishida, have cautioned against further hikes to avoid dampening consumer sentiment. Meanwhile, Governor Kazuo Ueda reiterated in August that the BoJ would raise rates if inflation continues to move toward the 2% target, though he acknowledged the potential for market volatility to affect the timing of such a decision.

Market Expectations Moving Forward

According to a Reuters poll, economists unanimously agreed that the BoJ would not raise rates at the September meeting, though most anticipate a hike by year-end. Analysts at Standard Chartered predict a 25 bps rate increase by December 2024 due to stronger-than-expected inflation, which has remained above the 2% target for 21 months.

Impact on USD/JPY

The Fed-BoJ policy divergence continues to dominate the USD/JPY outlook. With the US Federal Reserve recently cutting rates by 50 basis points and the potential for further easing, the yen may continue to gain against the dollar. Technical analysis suggests that a further decline in USD/JPY could bring the pair toward its 2024 low of 139.57, with deeper retracements potentially reaching the July 2023 low of 137.23 and the March 2023 low of 129.63.

Read More
Gold Price Approaches Weekly High Ahead

Gold Price Nears Weekly High Ahead of US NFP Report, Remains Below $2,525 Resistance

Gold Price Nears Weekly High Ahead of US NFP Report, Remains Below $2,525 Resistance

Gold price (XAU/USD) is trading near its weekly high for the third consecutive day on Friday, ahead of the European session. Despite this upward trend, investors remain cautious as they await the US Nonfarm Payrolls (NFP) report before making any significant moves. Rising expectations of a larger interest rate cut by the Federal Reserve (Fed) in September are pressuring the US Dollar (USD), which is supporting gold, a non-yielding asset.

Market Overview

A series of mixed US employment reports this week have added to concerns about the health of the labor market, driving up demand for safe-haven assets like gold. Geopolitical tensions and a reduced appetite for riskier assets are also contributing to gold’s appeal. However, traders are holding off on fully committing to an extended rally until after the release of key US macroeconomic data.

Daily Market Movers: Gold Price Supported by Fed Rate-Cut Expectations, Lower Bond Yields, and Weaker USD

  • Thursday’s ADP report showed that the US private sector added only 99,000 jobs in August, the smallest increase since January 2021. This was well below the forecast of 145,000, with July’s figure also revised downward to 111,000 from the originally reported 122,000.
  • Job openings fell to a three-and-a-half-year low in July, according to Wednesday’s report, signaling a softening labor market.
  • While the ISM Services PMI for August rose slightly to 51.5, the Employment Index declined from 51.1 to 50.2, reinforcing concerns about a slowing economy.
  • US Initial Jobless Claims dropped to 227K, down from the previous week’s 232K, but the labor market is still showing signs of strain.
  • Comments from Fed officials, including San Francisco Fed President Mary Daly and Chicago Fed President Austan Goolsbee, support the case for rate cuts. Daly emphasized that the economy is slowing and inflation is falling, while Goolsbee suggested that labor and inflation trends justify easing policy.

Dovish Fed expectations are weighing on US Treasury yields and the USD, which in turn is bolstering gold prices. According to the CME Group’s FedWatch Tool, there is now a 40% chance of a 50-basis-point rate cut at the Fed’s September 17-18 meeting.

Technical Analysis: Gold Price Set for New Highs if $2,525 Barrier Is Cleared

From a technical standpoint, gold’s next immediate hurdle is the $2,524-$2,525 supply zone. A decisive break above this level could trigger further bullish momentum. Indicators on the daily chart remain positive and are not yet signaling overbought conditions, which suggests that the upward trend could continue.

Should gold clear the all-time high of $2,531-$2,532, first reached on August 20, it would confirm a strong bullish outlook and likely lead to more gains.

On the downside, the $2,500 psychological level is expected to offer immediate support. If breached, gold could drop toward the $2,471-$2,470 range. A break below this could open the door for deeper losses toward the 50-day Simple Moving Average (SMA) near $2,440, and potentially the $2,400 mark and 100-day SMA around $2,388.

Outlook: Focus on US NFP Report

The market’s attention is now firmly on the US Nonfarm Payrolls report, expected to show 160,000 job additions in August, with the unemployment rate ticking down to 4.2%. This data will be crucial in shaping expectations for the Fed’s next policy move, and it could play a pivotal role in determining the next direction for gold prices.

Read More
Silver Price Forecast

Silver Price Forecast: XAG/USD Holds Below $28.50 as Traders Eye US PMI Data

Silver Price Forecast: XAG/USD Holds Below $28.50 as Traders Eye US PMI Data

Silver (XAG/USD) is trading with a mild bearish bias around $28.25 early Thursday during the Asian session. A modest recovery in the US Dollar (USD) is weighing on silver prices. However, speculation that the US Federal Reserve (Fed) may implement a deeper interest rate cut in its upcoming meeting this month is helping to limit silver’s losses.
The weaker US JOLTS report released on Wednesday has increased expectations for a 50 basis point (bps) rate cut by the Fed. According to the CME FedWatch tool, which gauges market sentiment regarding the Fed funds rate, there is now a 57% chance of a 25 bps rate cut and a 43% probability of a 50 bps cut at the Fed’s September meeting. The possibility of imminent rate cuts may help support silver prices in the near term, as lower rates make silver more affordable for buyers.

The upcoming US August Nonfarm Payrolls (NFP) report on Friday is expected to show an addition of 161,000 jobs. A weaker-than-expected result could put pressure on the US Dollar and lift silver prices, as silver is denominated in USD.

On the downside, concerns about China’s economic growth and demand may undermine silver prices. China, the world’s largest silver exporter, is facing growth pessimism. Analysts at Bank of America Global Research recently revised China’s 2024 GDP forecast down from 5.0% to 4.8%. Additionally, the weaker Chinese Caixin Services PMI, which dropped to 51.6 in August from 52.1 in July, is contributing to demand concerns for the white metal.

Read More
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.

Read More

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.

Read More

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.

Read More

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

Read More

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.

Read More

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.

Read More

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/

Read More

Popular Articles

USD/JPY Holds Steady Near 147.00 as Yen Weakens on Trade Tensions and BoJ Rate Outlook

USD/JPY Holds Steady Near 147.00 as Yen Weakens on Trade Tensions and BoJ Rate Outlook

Gold Struggles Below $3,300 as Fed Rate Cut Hopes Dim Ahead of FOMC Minutes

Gold Struggles Below $3,300 as Fed Rate Cut Hopes Dim Ahead of FOMC Minutes

EUR/USD Drops Toward 1.1700 as US Dollar Strengthens

EUR/USD Drops Toward 1.1700 as US Dollar Strengthens; FOMC Minutes in Spotlight

Forex Trading

Unlocking the Power of Forex Trading: Why Xtreme Markets is Your Ultimate Trading Partner

Commodity currencies

What Are Commodity Currencies? How They Impact Your Forex Trades

AI changing Forex trading?

How is AI changing Forex trading?

Categories

,
,
,

Subscribe Now!