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?
The EUR Lost the Power but Gold Didn't
Hello, and welcome to the last week of July. The following five trading days will be filled with events and, hopefully, amazing setups for trading. Let’s jump right in!
The time zone is GMT+3. Check your time zone here.
What to look for this week
Monday
- EUR 11:00 - Europe Flash Services and Manufacturing PMI
- USD 16:45 - Flash Services and Manufacturing PMI
Tuesday
- USD 17:00 - CB Consumer Confidence
Wednesday
- AUD 04:30, CPI q/q and y/y
- USD 21:00 - FOMC Statement and Federal Funds Rate
- USD 21:30 - FOMC Press Conference
Tuesday
- EUR 15:15 - Main Refinancing Rate and Monetary Policy Statement
- USD 15:30 - Advance GDP q/q
- USD 15:30 - Unemployment Claims
- EUR 15:45 - ECB Press Conference
Friday
- JPY All day - BOJ Outlook Report and Monetary Policy Statement
- EUR All day - German Prelim CPI m/m
- USD 15:30 - Core PCE Price Index m/m
- USD 17:00 - Revised UoM Consumer Sentiment
News to follow today
- The 18% advance in Vietnam’s VN Index this year has made it the best-performing stock gauge in Southeast Asia and one of the most overbought in the world.
- Bitcoin volatility reached a six-month low ahead of ETF decisions.
- Elon Musk is renaming Twitter into the company under the name X. X will supposedly become a super app capable of Twitter, payments, and more.
- The US Fed balance is continuing to shrink, reaching a two-year low. This should help inflation stay controlled if the balance decreases further.
- Euro reaches the strongest in history against its main trading peers.
- French Flash Services and Manufacturing PMI came below expectations. The same is true for the German PMIs. EURUSD crashed and is already down 710 points.
Gold analysis for the week ahead
The metal fully covered the imbalance on a daily chart. This is our main point of interest (POI), from which the trend may continue. We will wait for a reversal to start on the H1 timeframe. The best we can expect is a liquidity sweep of the recent low ($1957) and an impulsive rise.
If so, long trades with a target of $1974 will be preferable. On the other hand, the continuation of the downtrend would mean another red week for gold buyers.
Happy trading!
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