US stock markets started falling, while the US dollar is rising. What to expect from
Can Gold Fall This Much?
Be ready to trade like never before, as this week may turn the market upside down. US CPI, EU Interest Rate, and many news to follow. Here’s what we have:
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- CNH 07:41, New Loans (1360B vs. 1275B)
- GBP 09:30, Claimant Count Change
- EUR 12:00, German ZEW Economic Sentiment
- GBP 09:00, GDP m/m
- USD 15:30, CPI and Core CPI m/m
- AUD 04:30, Unemployment Rate
- EUR 15:15, Main Refinancing Rate and Rate Statement
- USD 15:30, PPI and Core PPI m/m
- USD 15:30, Retail Sales m/m
- EUR 15:45, ECB Press Conference
- CNH 05:00, Industrial Production y/y
- USD 15:30, Empire State Manufacturing Index
- USD 17:00, Prelim UoM Consumer Sentiment
News to keep you informed
- News from the G20 meeting: Leaders of the US, India, Saudi Arabia, the UAE, and the EU have agreed to work together to establish a multinational rail and shipping corridor connecting South Asia to the Middle East and Europe.
- The plan is to connect the Mideast Gulf countries by rail to Jordan and Israel, and by sea to India and Eastern Europe through shipping lanes.
- China’s central bank yanks yuan off 16-year low with strongest fixing bias. USDCNH fell 700 points on the Asian session today.
- Treasury Secretary Janet Yellen said she’s increasingly confident that the US will contain inflation without major damage to the job market. It’s worth noting that NFP results have been in a downtrend for the last 18 months.
- WSJ says the US Fed may stop rate hikes in September and debate about hiking rates in November/December. A strong USD helps to avoid inflation and support the US economy.
- Coinbase CEO said the company is working on the next generation of stablecoins called “flatcoins.”
Gold analysis for the week ahead
The metal is in the downtrend correction, rising to the resistance of $1930. The current move doesn’t change the trend, and we expect XAUUSD to reverse down this week.
Therefore, we suggest looking for reversal patterns on a smaller timeframe (H1 or M15 will go) and selling the instrument.
The nearest target is $1914, just below the trendline liquidity.
We wish you a performing week!
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