DBG Markets: Market Report for Oct 23, 2024

Market Overview

GOLD - GOLD made a new high after consolidating for a while yesterday. Currently, the price is bound to fall again under 2740.884. It is expected that the markets will continue to buy from here, but the low may extend to consolidate. There will be challenges, but buying is certainly expected. With that in mind, we continue to look for bullish opportunities.

SILVER - SILVER has climbed to a new high, and further buying is expected to continue. Not much changes in our bias for this.

DXY - The Dollar is increasing and is expected to rise further as rate cut bets are adjusted. Markets now have a 91% chance priced in for a moderate quarter-basis-point cut in November, according to the CME FedWatch tool. A month earlier, investors were split between bets for 50 basis points. However, we continue to watch the upcoming data this week to guide us through the rate cuts.

GBPUSD - The Dollar is increasing and is expected to rise further as rate cut bets are adjusted. Markets now have a 91% chance priced in for a moderate quarter-basis-point cut in November, according to the CME FedWatch tool. A month earlier, investors were split between bets for 50 basis points. However, we continue to watch the upcoming data this week to guide us through the rate cuts.

AUDUSD - The Aussie Dollar is holding steady at 0.66541. We continue to see the market as bearish, with current momentum indicating further selling.

NZDUSD - The Kiwi made a new low, with further selling momentum expected in the coming days. No changes in our market analysis for this chart.

EURUSD - The Euro is expected to continue selling as markets price in the possibility of another rate cut in the coming months until March 2025.

USDJPY - As we expected, Yen weakness extends, showing a sudden burst upward during this mornings trading session.

USDCHF - The Franc is currently finding balance, as expected. It will continue to move sideways as the Franc gains strength with recent buyers. Momentum still suggests continued buying, with heightened chances of more to come.

USDCAD - The CAD continues to see buying as long as the swing low is respected. However, there is a chance for the Loonie to recover strength as Oil finds support following the intensification of the West Asia war.