US stock markets started falling, while the US dollar is rising. What to expect from
Gold Slides Ahead of Last April's Week
So long no see, fellow traders! We are back with more news and events scheduled for this week!
(All times are in GMT+3 time zone. Check it here)
- 11:00, German ifo Business Climate
- 17:00, US CB Consumer Confidence
- 17:00, US New Home Sales
- 04:30, Australian CPI
- 15:30, US Durable Goods Orders
- 15:30, US Advance GDP
- 15:30, US Unemployment Claims
- 17:00, US Pending Home Sales
- BOJ Outlook Report and Monetary Policy Statement
- 02:30, Tokyo Core CPI
- 15:30, Canada's GDP
- 15:30, US Core PCE Price Index and Employment Cost Index
News to keep you informed
- German Ifo Business Climate is 93.6 vs. expectations of 93.4.
- The BOJ Governor Ueda stated that the bank must maintain monetary easing as the inflation trend is below 2%. Moreover, the bank sees inflation slowing ahead. It differs from the bank’s plan to keep inflation slightly higher to stimulate economic growth.
- The USD edged lower, pushing EURUSD 200 points higher. The closest resistance for the pair is 1.1000.
- World military spending reaches an all-time high of $2.24 trillion.
- Tether market capitalization is almost recovered since a significant drop in the second half of 2022.
- The US House of Representatives will vote for increasing the US debt limit by $1.5 trillion this week.
When is it time to buy gold?
The metal is in a local downtrend, moving lower the previous week. However, the global outlook is still bullish, and the uptrend may continue soon.
The best option would be to wait for the metal to touch the order block at the support of $1965. The 200-period MA is also here, providing bulls with extra support. After that, XAUUSD may head to the $2020 resistance.
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