Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Gold to Reach the Resistance This Week
Good morning, traders! The last week was crazy with all those Bitcoin pumps and gold plunges. Let’s overview what we have for this one.
Events of the week. The time zone is GMT+3. Check yours here
- 20:30, ECB President Lagarde Speaks
- 15:30, Canadian CPI (four releases)
- 15:30, US Durable Goods Orders
- 17:00, US CB Consumer Confidence
- 04:30, Australian CPI
- 16:30, ECB President Lagarde Speaks
- 16:30, BOE Gov Bailey, BOJ Gov Ueda, and Fed Chair Powell speak
- 15:30, Final GDP
- 15:30, Unemployment Claims
- 17:00, US Pending Home Sales
- 02:30, Tokyo Core CPI
- 04:30, China Manufacturing and Non-Manufacturing PMIs
- 15:30, US GDP and Core PCE Price Index
News that we follow
- German Ifo Business Climate decreased to 88.5 from 90.7 in the previous month.
- There almost was a revolt in Russia. Private military company “Wagner” went from the Ukrainian border to Moscow, asking for the resignation of the Russian defense secretary. The army stopped 200 kilometers away from Moscow and turned back. XNGUSD opened the day with a gap, gaining over 20% since we gave the signal 12 days ago.
- Short volume in Bitcoin is rising again. We consider this a short-term bullish sign. However, the crypto market may fall shortly after. BTCUSD is moving sideways, with the upper border at 31 420.
- OPEC forecasts rising global oil demand to 110 million barrels per day by 2045 despite the overall trend for reducing oil consumption.
- USDTRY reached the level of 26, another historical low for the lira. The pair gained 10% over the last two weeks following smaller-than-expected rate hikes from the central bank.
- SEC approves first leveraged Bitcoin futures ETF.
Gold bounces off the trendline
As we mentioned in the post dated June 23 in the FBS Analytics Telegram, gold reacted to the channel’s lower border. Then, the metal rose sharply, touching the resistance of $1932.
This level is the recent price low, so we should be careful and close part of our long trades here. However, the chances are high for the metal to continue going up to the resistance of $1945.
Have an amazing day!
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