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
- EUR 11:00 - Europe Flash Services and Manufacturing PMI
- USD 16:45 - Flash Services and Manufacturing PMI
- USD 17:00 - CB Consumer Confidence
- AUD 04:30, CPI q/q and y/y
- USD 21:00 - FOMC Statement and Federal Funds Rate
- USD 21:30 - FOMC Press Conference
- 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
- 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.
The dollar's status as the world's reserve currency could only be recovered if the US controls its spending. The huge budget deficit and rising interest rates on the US national debt should scare every American, analysts say. Read the full report to learn more!
The Japanese yen fell to its lowest level against the US dollar in 33 years. Read the full report to learn the next target for USDJPY!
The US stock market fell in the third quarter. What's going on and why economists think that the last quarter will be better? Let's discuss it all here.
BlackRock CEO forecasts the Fed may have to raise rates further. The US dollar index (DXY) gains 130 points today. Read the full report to get more fresh news and technical analysis!