On Wednesday, spot gold fell sharply in the US market, with a drop of more than $20, and fell below the 1830 mark, and finally closed down 0.53% at $1825.23 per ounce; Spot silver fell with gold and closed down 1.58% at $21.52 per ounce.
The dollar index firmed up above 104 on Wednesday, holding near its highest levels in six weeks as stronger-than-expected US economic data and hawkish remarks from Federal Reserve officials buoyed the currency. Latest data pointed to still elevated inflationary pressures and a robust jobs market in the US, supporting the case for further monetary tightening.
It was surprised that all three major US indices ended in the red on Thursday, after a better-than-expected producer inflation report raised concerns the Fed will further tighten monetary policy.
Below are the market analysis of some regions
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Professional forex traders are choosing their forex strategies depending on their analysis, trading objectives, risk tolerance, and other specifications. Range trading is considered one of the trading strategies to explore as a forex trader as it involves tactically buying and selling currency pairs over a short period of time. You will learn everything you need to know about Range trading in this article!
On Wednesday, February 22, the spot gold fluctuated in a narrow range in Asian time, and is currently trading at around $1836 per ounce. The market generally waited for the minutes of the Federal Reserve meeting released in the early hours of Thursday Beijing time, and the wait-and-see mood was strong. The US comprehensive PMI released on Tuesday unexpectedly rose to an eight-month high, and the US dollar remained near its six-week high.
On Tuesday, strong economic data triggered traders' expectations of the Fed's hawkish interest rate increase. Spot gold took back most of the day's gains and failed to stand above $1840, and finally closed down 0.37% at $1835.34 per ounce. Spot silver closed up 0.12% at $21.85 per ounce.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
WCG Markets:2023-02-22
Traders must know about it because it is useful for you to know the price of forex movement and what factors influence forex trading.
On Tuesday, February 21, the spot gold fell slightly in the Asian session, and the current trading price is around $1838.20 per ounce. Although there were bargain-hunting and safe-haven buying to support the gold price, the market was worried that the Federal Reserve would raise interest rates to a higher terminal interest rate. The relatively strong dollar kept the gold price under pressure.
On Monday, spot gold maintained a narrow range during the day, rising as high as $1,847.39 before finally closing down 0.05% at $1,841.34 per ounce. Spot silver closed up 0.43% at $21.82 per ounce.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
As geopolitical tensions remain intact and uncertainty regarding world demand, the oil outlook 2023 remains a major concern for the global economy. Albeit known for its constant volatility, oil and energy markets in general had a wild ride in 2022 that may linger in 2023.
Trading in the financial markets can both be captivating and a stimulating experience, which can potentially lead to gambling behaviors. While both ‘Trading vs Gambling’ entails taking risks to make a profit, both activities are fundamentally different in nature. Whether you are a novice investor or a seasoned pro, knowing the difference between the two is vital to long-term success in the world of finance. Let's explore the nuances of each practice and see how they differ!
WCG Markets:2023-02-21
Do you find yourself struggling to make sense of the forex market’s crazy twists and turns? Well, fear not, NEWS TRADING might just be the answer to your trading woes. The addition of economic announcements to technical and charting analysis can be extremely beneficial for traders and strengthen their trading strategies. Because, in the world of forex, things can change faster than a chameleon on a rainbow. So, grab your reading glasses and a cup of coffee, it’s news trading time!
Trading on your own is the best way to experience your success and failure. Although most traders are ultra-competitive by nature, comparing yourself to other traders is not in your best interest. In the world of work, newcomers are bound to be compared to old people.
A stock market crash is usually defined by a drop of at least 10% on a stock exchange or major stock index within a single trading day. This usually starts within a particular sector or industry but can expand to the wider stock market, depending on the situation.