Bulls Don't Want to Miss This Week

Hello, and welcome to the first week of July. Todays movers: the dollar is rising ahead of the PMI release, the US500 is at a 15-month high, and more.

Economic calendar

All events are in GMT+3 time zone. Check your time zone.

Monday:

• 09:30, Swiss monthly CPI – 0.1% vs. 0.2% forecast

• 17:00, US ISM Manufacturing PMI

Tuesday:

• 07:30, RBA Rate Statement and Cash Rate

• US banks will be closed in observance of Independence Day

Wednesday:

• All day, OPEC Meetings

• 21:00, FOMC Meeting Minutes

Thursday:

• 15:15, US ADP Non-Farm Employment Change

• 15:30, US Unemployment Claims

• 17:00, US ISM Services PMI

• 17:00, US JOLTS Job Openings

Friday:

• 10:30, BOE Gov Bailey Speaks

• 15:30, Canada Unemployment Rate

• 15:30, US NFP and Unemployment Rate

The biggest news of the day

• CryptoQuant data signaled the largest decline in Bitcoin inflows in history. Usually, this is a bearish sign.

• Elon Musk restricted unverified Twitter users to read 500-1000 posts per day. Read FBS Twitter; there youll find only the best from the market: https://twitter.com/FBS_broker

• Saudi Arabia will continue its oil production decrease for one more month. Brent oil reached $76.50.

• Tesla stock skyrocketed 6.2% after the Q2 earnings report.

• Litecoin, one of the biggest cryptos, soared 62.8% ahead of halving, which will happen in 30 days.

• Zimbabwe became the fastest-growing stock market in 2023, rising a terrifying 800%.

• Ray Dalio, a global macro investor, said, “The US is in the middle of a short-term debt cycle, approaching a major inflection point that could lead to big changes in the financial order,” pointing to a continuing decrease in the US economy.

Gold overview for the week

We can clearly see the downtrend in the H4 timeframe. However, turning the D1 chart shows us that gold is in the correction of a global uptrend. Therefore, the 70.2 Fibonacci level may be a fantastic price level for bulls.

We wait for the reversal pattern to form in a smaller timeframe. It may happen near the 70.2 level or slightly below $1885.

Have an amazing day!