Market Outlook For February 21-25
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Gold Skyrocketed, Markets Await Powell Today
Latest news
- Gold has skyrocketed to $1820 – the level unseen since the start of September!
- The stock market has started the week steady. The S&P 500 has already closed the fifth consecutive week in green! Today, we may see the short pullback.
- Non-farm payrolls came out greater-than-forecasted which indicated progress caused by vacancies. NFP was 531K versus the expected 455K. The unemployment rate was better than thought as well, and Average Hourly Earnings came out exactly as planned.
- Today, Fed Chair Jerome Powell will speak at 17:30 GMT+2 (MetaTrader time) and his comments may affect the US dollar.
- The crypto market is on the rise! Bitcoin has approached the all-time high of $66,000. If it manages to sustain above this resistance level, the way up to $70,000 will be open. Ethereum has set a new record above 4760.
- The earning season is almost over, but still, there are some interesting reports this week. Today, PayPal, TripAdvisor, and British American Tobacco will deliver their earnings results.
Tech outlook
EUR/USD is moving inside the descending channel. The pair has failed to cross the support level of 1.1530 and reversed up. It is getting closer to the resistance level of 1.1585. If it manages to close above it, the way up to the November peak at 1.1615 will be clear. Support levels are the recent low of 1.1535 and the psychological mark of 1.1500.
Gold keeps moving inside the symmetrical triangle pattern. It has approached the strong resistance level of $1820. The move above this resistance level will clear the way up to the next barrier at $1830, which the pair will struggle to break. Support levels are the recent low of $1810 and the psychological mark of $1800.
GBP/USD tries to recover the losses. It has reversed up from the support level of 1.3425 but still failed to cross 1.3500. When it manages to do so, the way up to the next round number of 1.3550 will be clear. Support levels are 1.3470 and 1.3425.
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