Gold is Getting Strong

Gold is Getting Strong

Happy Friday, dear traders! Friday is always a little holiday, so we hope you’re ready to trade as much as possible before the weekend! Let’s see what news can be interesting for today:

Today’s events:

17:00 GMT+2 - Prelim UoM Consumer Sentiment 

Gold is doing great

Gold prices topped $1,750 for the first time since August 30. It happened due to a CPI data release, which showed the US inflation rate was less than expected last month, 7.7% from 7.9% y/y. Gold, which reversely correlates with the US dollar, immediately after release gained almost 3%.

RSI overbought conditions are joining the upper line of the weekly bullish channel. Besides, the 50-HMA level acts as direct support. It’s worth noting that sustained trading above $1,765 will not hesitate to challenge the five-month horizontal resistance area around $1,805. Gold remains on the bulls' radar, but the upside seems limited.


Other news worth mentioning:

  • The S&P 500 and Nasdaq Composite posted their strongest single-day gains since 2020, +5.5% and +7.4%, respectively.
  • An indicator of Hong Kong-listed tech stocks rose more than 10% as the lockdown change followed a call by leaders in Beijing for more precise and targeted measures to combat the virus.
  • Elon Musk's told Twitter's employees he couldn't rule out the company filing for bankruptcy next year. Redundancies in the company also continue.
  • The recent mass layoff at Meta marks a turning point for the company, whose share price has fallen 70% over the past year. Other major challenges for Meta include the rise of TikTok, Apple's privacy changes that hurt ad revenue, and a shortage of Gen Z users.
  • com Inc. — the world's first public company to lose a trillion dollars in market value due to rising inflation, monetary tightening, and disappointing earnings reports, triggered a historic sell-off in stocks this year.

Have a great day!



Increased Volatility is Coming
Increased Volatility is Coming

The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

Latest news

Crucial News For The Following Week
Crucial News For The Following Week

Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!

Focus on Banks' Meeting and NFP
Focus on Banks' Meeting and NFP

The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.

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