Today's Economic Spotlight

General Market Overview

Markets are slowing down as they await the release of the PCE due Friday. This release may indicate market sentiments and Investor confidence toward the US economy as FED may update on their insight on inflation projection.

Silver and Oil are to watch out for as the tensions in the Middle East continue to be uncertain as analysts refer to it as, “Too early to say anything”.

Biden has signed the TikTok Divest or Ban Bill--to have a new American owner or have it banned in America. 

GOLD - We see price stalling for orders between 2319.398 and 2333.715. A break below may call the price to run toward 2261.156. However, while it is stuck in between the range, we view a bullish GOLD and may see this continue its run-up after consolidation. 

SILVER - Similar to GOLD, we see silver filling orders in our zone. A break below may initiate a retest of structure and an aggressive return for a run upward to break above 27.552. We still view Silver to be bullish.

DXY -We may continue to see the DXY run stale until the key economic indicator is released tomorrow for investor confidence. The completion of the M formation may call for a drop and break toward 105.079. 

GBPUSD - We see the price forming an SHS pattern and may continue to stall prices between 1.24268 and 1.25019. A break back into the daily range will gravitate price toward the middle point. 

AUDUSD -We see prices aggressively moving upward as the formation of the W pattern is completed. If the price consolidates, it may move toward 0.66427. Otherwise, we may see it run toward 0.65618.

NZDUSD - The creation of the W pattern is complete. We can expect the price to break beyond 0.59400 and run toward 0.59796. 

EURUSD  -With the price completing the W formation, we can now see it run toward 1.07549 after a break above 1.06988.

USDJPY - JPY weakness continues to be seen against the USD as we see prices move away from consolidation and run upward. If it continues, the price can go to 161.105. However, be wary as other investors are on high alert against the JPY as intervention from Monetary Policy makers may come into play.

USDCHF -The CHF has lost against the USD as we see it reach the ceiling at 0.91473. We may see the price going above and into the anchor point of the upward channel and 0.92248.

USDCAD - The price has tested structure at 1.37261 as expected. If the price breaks below 1.36612, we may see it run for 1.35762.