
US stocks have delivered their worst first half of a year in more than 50 years triggered by the Fed's attempt to control inflation and growing concerns about recession.
2021-08-24 • Updated
Daily Chart
4H Chart
Gold began the week higher breaking multiple resistance areas, including 1780 followed by 1800, and closed yesterday's trading above 1800 for the first time since the flash crash that happened a few weeks ago. Gold reached our short-term targets mentioned in our previous reports at 1800, while our medium-term long positions that we issued a few weeks ago from 1730 remain active with over $75 profit so far. In the meantime, it would be wise to increase the Stop Loss once again to 1770 USD/Oz to protect our profits. On the upside view, the technical indicators are strongly bullish, which may lead to another leg higher to retest the 200-day MA which currently stands at 1811 USD/Oz, which could be seen before the end of the week.
S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
1736.28 | 1766.22 | 1785.82 | 1796.16 | 1815.76 | 1826.10 | 1856.04 |
US stocks have delivered their worst first half of a year in more than 50 years triggered by the Fed's attempt to control inflation and growing concerns about recession.
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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