Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Gold Moves Ahead of the Inflation Release
Monday is the best day to dive into the market and prepare for another performing week. Here’s what will happen in the next five days:
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- 18:00, BOE Gov Bailey Speaks
- 09:00, Claimant Count Change
- 12:00, German ZEW Economic Sentiment
- 05:00, New Zealand Official Cash Rate and Rate Statement
- 11:00, BOE Gov Bailey Speaks
- 15:30, US CPI and Core CPI
- 17:00, BOC Rate Statement and Overnight Rate
- 09:00, UK GDP
- 15:30, US PPI and Core PPI
- 15:30, US Unemployment Claims
- All day: New Zealand Bank Holiday, French Bank Holiday
- 17:00, US Prelim UoM Consumer Sentiment
Most important news of the day
- China’s CPI in June remained at the same level (0.0% change). However, annual CPI decreased 5.4% vs. the expectations of a 5.0% decrease. It may signal that the Chinese economy will continue facing hard times speeding up its economy.
- Tesla delivered 74 212 cars in China this June. At the same time, the company exported 19 468 units from China.
- General Motors, Volkswagen, and Tesla start offering sales on cars in China to boost sales.
- Bitcoin Open Interest (amount of trades opened) on the CME exchange constantly rises. Combined with the current sideways movement, we can expect a soon rise in volatility.
- Threads, the META application, almost reached 100 million users, the fastest growth in history.
- The Wall Street Journal expects the upcoming earnings season to be the worst in several years. The average result is expected to be a 7.2% decrease.
Gold analysis for the week ahead
The metal continues to move in a local downtrend. Currently, we see several liquidity pools at the resistance of $1938. Therefore, we will wait for the fake breakout to happen here.
If so, it would be a great spot to open a short trade with a target slightly below the support of $1893. Part of the trade should be closed at $1910 to decrease risks.
Have a profitable week!
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