DBG Markets: Market Report for Oct 25, 2024

Market Overview

GOLD - GOLD has found support, rising after yesterdays trading. The price failed to break above 2740.844; however, the expectation of an increased conflict in West Asia will cause GOLD and SILVER prices to increase.

SILVER - SILVER is expected to rise as well with the upcoming tensions. Thus, we are very bullish on this market, even if current technicals are starting to wane. However, as long as the current S&D holds, we can expect further buying to continue.

DXY - The Dollar falls but is still not shifting its swing. Even after the market showed a tempered result from last nights release of inflation and unemployment data, expectations of a larger rate cut are downsized. We are still a few pips away from a shift in market momentum. Until we see a more detailed plan for a cut, we expect further buying to continue.

GBPUSD - The Pound finds strength after yesterdays dollar performance. However, the markets still respect the current S&D, and we see increased chances of a downturn to continue. With that said, we continue to expect bearish momentum for this market.

AUDUSD - Aussie Dollar weakness is evident in the markets despite the current situation. We expect further selling to come into the market as we see increased chances of the market continuing its downtrend after failing to show enough strength even after the dollars weakness.

NZDUSD - The Kiwi is similar to the Aussie Dollar with increased chances of another sell coming in. With that in mind, we sell this market with no apparent change to our readings.

EURUSD - The Euro gains strength after breaking the important S&D zone, shifting market momentum to bullish. However, as long as 1.08543 maintains its structure, we can expect continued selling. However, there are chances for continued buying.

USDJPY - The Yen is finding strength after yesterday‘s trading. Economy Minister Akazawa won’t comment on current FOREX levels but says the weak Yen has various impacts on the economy.

USDCHF - The Franc finds strength but fails to make full use of it after the dollars fall. We expect a probable continued buying; however, current consolidation levels suggest a stronger Franc. Until we see a clear break, we remain bullish.

USDCAD - The CAD finds support at important levels, but after the current break, markets now see an increased chance for a weaker loonie continuation. No changes in our readings for this market.