News for The Week
US stock markets started falling, while the US dollar is rising. What to expect from
The Gold Is to Fall This Week
Happy Monday, traders! The last week was hot and full of US economic data that shook the market almost daily. The market is volatile, and it’s fantastic for day traders. Here’s what will create price swings this week:
(All times are given in GMT+3 time zone)
Economic calendar
1. Monday:
15:30, US Empire State Manufacturing Index
18:00, ECB President Lagarde Speaks
2. Tuesday:
09:00, UK Claimant Count Change
15:30, Canada monthly CPI
18:00, BOC Governor Macklem Speaks
3. Wednesday:
09:00, UK CPI
10:00, Swiss Board Member Maechler Speaks
4. Thursday:
01:45, New Zealand CPI
15:30, US Unemployment Claims
18:30, BOC Governor Macklem Speaks
5. Friday
11:00, EU Flash Manufacturing and Services PMI
11:30, UK Flash Manufacturing and Services PMI
16:45, US Flash Manufacturing and Services PMI
News that you should know about
- China’s central bank is pouring more liquidity into the financial system while keeping rates unchanged. The People’s Bank of China offered banks 170 billion yuan ($25 billion) of funds through the medium-term lending facility.
- In New Zealand, food prices increased 12.1% in March compared to the same time last year, a growth rate not seen since the end of the 1980s.
- Bitcoin moves steady, sliding below $30k while other cryptos experience an altseason (growth against the BTC).
- According to the poll by Bloomberg, the ECB is set for three more quarter-point increases in interest rates in May, June, and July. That would take the deposit rate to 3.75%, where it would stay through the rest of the year.
- For the first time in over a year, hedge funds go all in on the USD.
- Following the closing of the last nuclear plant in Germany, the biggest energy company E.ON announced a 45% price increase.
Is gold in the uptrend?
The lower trendline held the price for the third time and helped gold to rise. Currently, the metal is still in the uptrend with a high probability of reaching resistances of $2020 and $2031.
However, the uptrend momentum is getting weaker. Therefore, we would recommend you lower your risks in gold and move your stop losses to a breakeven. The breakout of the blue support line will open a way to the closest support of $1986.
Have an amazing day!
Similar
Inflation Is in Focus Again
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Latest news
The US Dollar Is Correcting
Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?
Bearish Signal For The USD
XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!
Current Risks for Developed Economies
Oil prices are rising while the US government is on the verge of shutting down. How will it affect the market?
