Earnings Season is In Focus
Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Key Moment For The Gold Price
Happy Tuesday, dear traders. Let's check the freshest news, moving the markets today!
- China is showing signs of stagnation like Japan's, including falling property prices and shrinking exports, but services and high-tech manufacturing are flourishing.
- FactSet notes this US reporting season marks the worst stock reaction to above-expected earnings since 2011.
- US credit card debt surpasses $1 trillion, a new all-time high. On the macroeconomic scale, there are a lot of bearish factors for the US economy, despite inflation being close to the 2% target.
- The inflation rate in Germany stood at 6.2% in July 2023, down from 6.4% in June.
- Jim Cramer says he sees more positives than negatives for the market ahead due to economic growth and little inflation. His statements usually work the opposite, so the market may be under pressure soon.
- Brazil's central bank's forthcoming digital currency, set to launch next year, will be named DREX. Its goal will be to boost financial services.
Gold Outlook
Buyers keep holding the critical 1930 support level. As long as the price stays above it, traders may consider buying XAUUSD with targets at 1944 and 1952.
However, we should notice that a breakout below 1930 would open the way to 1913.
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