Key Economic Indicators Today

GOLD -  Last week, the GOLD market remained consolidated between 2365.443 and the supply zone. Before the market closed for the week, the price ended higher, indicating that market demand still views GOLD in a bullish light. This may be due to several factors, which we will discuss in upcoming analyses.

SILVER -Silver has fallen considerably since the start of the quarter, but last week ended at a more favorable price near 27.725. While the overall market trend appears more bearish than bullish at the moment, we fundamentally believe the market will turn bullish. However, we will continue to respond to technical market readings.

DXY -After a significant decline since the start of the quarter in anticipation of the September rate cut, the price has stabilized, consolidating strength due to various factors in the economy. We will review all of these in tomorrows market overview, which will provide a look into the current condition of the U.S. economy and what we can expect in the coming months. Currently, the price is situated between 104.084 and 102.775.

GBPUSD -The Pound rose toward the weeks end, finding support at 1.27006 but failing to reach the midpoint of the range at 1.26487. This may indicate a lack of motivation to drive prices lower or sell the Pound further. The fall in the Pound was temporary as markets took a more cautious stance toward investments. We are still uncertain how the major market players will influence the price, especially as many anticipate a possible rate cut by the BOE in the coming quarter. In the near term, however, we expect the currency to recover.

AUDUSD -The Aussie dollar carried through trades and recovered significantly after breaking through several structures on the hourly chart. Currently, the price is above 0.65618. While the chart may seem erratic, each structure provided a turning point for price movement, showing that traders are reacting to these specific levels. With the Aussie dollar looking positively at its economy, we may see further bullish developments as a risk-on environment encourages traders to focus on risk assets in the near term.

NZDUSD - Similar to the Aussie dollar, the Kiwi experienced an increase in the market. Although we see this rise as a technical correction, we anticipate growth in the near term. While we don't expect this upward movement to continue much further, there is a possibility that the price may rise while September rate cuts are underway.

EURUSD - The Euro consolidated after last weeks trading, showing no decisive price movement. We are waiting to see how the market will move as several geopolitical tensions and economic issues weigh on the Euro. We will delve deeper into this soon.

USDJPY - The Yen has dropped significantly since the start of the quarter, showing considerable movement. The structure remains very bearish, but the Yen is expected to gain more strength. Although the BOJ has stated that it will take a more cautious approach to rate hikes, it seems to have no intention of stopping them. With that in mind, we expect a stronger Yen to enter the market, possibly driving pairs stronger as a safe-haven asset.

USDCHF -Similar to the Yen, the Franc gained considerably against the Dollar. However, last weeks trading showed a return in demand for the Dollar, pushing the price back up. While we see the potential for a slide over 0.87061, the overall technical reading of the market remains bearish, and we continue to view it as such.

USDCAD - As expected, the CAD gained strength unexpectedly after markets oversold the currency, allowing it to gain traction against sellers. Although markets may once again push prices back up, indicating that the recent decline was merely a technical correction, our previous fundamental analysis suggests that CAD strength may prove stronger than other currencies once the market realizes the lack of oil supply.

COT Reports Analysis

CAD - WEAK (2/5)

CHF - STRONG (2/5)

GBP - WEAK (1/5)

JPY - STRONG (3/5)

EUR - STRONG (4/5)

AUD - WEAK (4/5)

NZD - WEAK (3/5)

USD - STRONG (4/5)

SILVER - STRONG (3/5)

GOLD - STRONG (3/5)