Gold recovers as Fed Chair Powell’s speech, US default news awaited
Markets turn dicey as traders await crucial events scheduled for late Friday and Sunday. The consolidation mode allows the US Dollar bulls to take a breather at a multi-day high, which in turn favors the Gold price to lick its wounds. On the same line, other commodities like crude oil and silver, join the Antipodeans to portray a corrective bounce.
EUR/USD Forecast: Potential Rise Ahead!
EUR/USD is staying in consolidation above 1.0759 temporary low and intraday bias stays neutral. Deeper decline is expected as long as 1.0903 resistance holds.
UK CPI falls but core rises to highest since 1992
FX: USD traded to a two-month high. A lack of progress in talks over raising the US debt limit hurt investors’ appetite for risk taking. The 2-year yield printed a high last seen in March at 4.40% before closing near its low at 4.32%. It looks like a bearish “shooting star” candle printed on the day with yields sinking today. The 10-year yield hit a two-month high at 3.76% but settled on its low at 3.69%.
Should you buy the gold high?
As gold prices continue to increase, investors wonder if they should boost their investment in the yellow metal in 2023. The pandemic and geopolitical tensions have caused economic uncertainty, leading to a surge in gold prices. The Reserve Bank of India (RBI) has even joined the gold-buying trend, purchasing 10 tonnes of gold in March 2023.
Gold Price Forecast: XAU/USD could rebound to $2,005 if 50 DMA support holds
Gold price attempts a bounce as US Dollar pulls back alongside US Treasury bond yields. The price of the Gold is replicating the moves seen in Wednesday’s Asian trading, making headways for a minor recovery toward $2,000 early Thursday. The retreat in the United States Dollar (USD) and the US Treasury bond yields supports Gold price.
Debt ceiling talks appear to have stalled
On Wednesday House Speaker Kevin McCarthy planned to send Republican negotiators to the White House to finish out debt limit talks, but warned that the two sides are “still far apart” as they try to reach a budget deal with President Joe Biden. This causes US equities traded lower yesterday because the negotiations over the debt ceiling continued to create uncertainty.
Daily summary: FOMC minutes fail to move markets, debt ceiling in focus
FOMC minutes turned out to be a non-event. Document largely echoed FOMC statement and Powell's presser. However, it included line that Fed staff is still projecting a mild recession as likely near the end of the year
BREAKING: USD gains slightly after FOMC minutes
FOMC minutes were released at 7:00 pm BST today. Document related to May 2-3, 2023 meeting during which Fed strongly hinted that it may pause its rate hike cycle. Minutes have mostly echoed FOMC statement and Powell's comments during press conference and did not include any major surprises.
May 29, 2023-MHM European Perspective
Spot gold oscillated narrowly during the Asian session on Monday (May 29) and is currently trading near $1,946.45 per ounce.
AUS GLOBAL reduces the spread of major currency pairs again
AUS GLOBAL listens to customers' valuable opinions and creates more satisfactory products and services, understanding that spreads are very important for traders, so we have decided to reduce spreads on major currency pairs once again!
AUS GLOBAL reduces the spread of major currency pairs again
AUS GLOBAL listens to customers' valuable opinions and creates more satisfactory products and services, understanding that spreads are very important for traders, so we have decided to reduce spreads on major currency pairs once again!
May 29, 2023 - Fundamental Reminder
On Friday, spot gold rebounded after a new 2-month low. Before the U.S. session, gold prices retraced most of the day's gains due to the over-expected PCE data prompting traders to enhance expectations for another Fed rate hike, eventually closing up 0.31% at $1,946.33 per ounce
How to Use the Parabolic SAR Indicator in Forex Trading
The Parabolic SAR, or Parabolic Stop and Reverse, is a popular indicator used by traders to forecast the future short-term momentum of a financial asset. Developed by ‘Welles Wilder Jr’ in 1978, this momentum indicator helps identify potential trend reversals when the price is in a strong uptrend or downtrend. In this article, you’ll learn everything about Parabolic SAR Indicator and how it can help you trade better!
How to Use the Stochastic Indicator in Forex Trading
The stochastic oscillator is a simple momentum indicator widely used in forex trading to identify potential trend reversals. Developed by George C. Lane in the late 1950s, this momentum oscillator analyzes past price movements to forecast price changes in the future. If you’re wondering what a stochastic indicator is and how it makes you trade better, this article will help you out!
AUS GLOBAL reduces the spread of major currency pairs again
AUS GLOBAL listens to customers' valuable opinions and creates more satisfactory products and services, understanding that spreads are very important for traders, so we have decided to reduce spreads on major currency pairs once again!
AUS GLOBAL reduces the spread of major currency pairs again
AUS GLOBAL listens to customers' valuable opinions and creates more satisfactory products and services, understanding that spreads are very important for traders, so we have decided to reduce spreads on major currency pairs once again!
U.S. Debt Ceiling Negotiations Start Taking Shape in The Nick of Time
Earlier this week we reported that a negotiation is going on to resolve the issues about US Debt Ceiling Situation.
Stocks In Europe Lower After Germany Drops into Recession
European markets ended lower Thursday afternoon, as investors continued to monitor U.S. debt ceiling talks. The region's biggest economy, dropped into recession in the first quarter of 2023.
Silver’s GFC Pattern Has Repeated
Let's look back at that incredible silver market run up to nearly US$50 in 2011. If that happened today it would be AUD76!. There are clear similarities between then and now in the construct of the technicals and certainly worth a close eye.
May 26, 2023-MHM European Perspective
Spot gold bottomed out during the Asian session on Friday (May 26) and is currently trading around $1,949.16 per ounce.
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