Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
The Uptrend in Gold is Near, USD Falls
Good Morning! This week is almost free of impactful events. However, we already see great trading opportunities on the charts. Here’s what you need to know.
The time zone is GMT+3. Check your time zone here.
- All day, Australian and Canadian bank holidays.
- 15:15, FOMC Member Harker Speaks
- 04:30, Australia NAB Business Confidence
- 04:30, China CPI
- 06:00, New Zealand Inflation Expectations
- 15:30, US CPI and Core CPI
- 15:30, US Unemployment Claims
- 23:15, FOMC Member Harker Speaks
- All day, Japan Bank Holiday
- 09:00, UK GDP
- 15:30, US PPI and Core PPI
- 17:00, US Prelim UoM Consumer Sentiment
News that we follow
Saudi Aramco SEO said that oil demand from China is stronger than expected. Oil is up 5.2% the last week, reaching $86.50 per UK Brent Barrel.
Analysts expect the next BRICS summit to be highly impactful. Leaders of five emerging economies will gather for the first time since COVID-19. The group may start the expansion and accept more countries into the bloc.
Dogecoin will likely be integrated into X (Twitter). DOGEUSD is moving sideways.
Chinese authorities are likely to implement further measures to ease refinancing pressure. The HK50 index may continue rising after the sideways movement is over.
Last week, the Nasdaq, S&P 500, and MSCI World Index registered their biggest weekly losses since March. The surge in global bond yields is driving the deterioration in risk appetite, especially in the US.
The US yield curve steepened by 20-30 basis points last week - the biggest fall since March.
Gold analysis for the week ahead
The metal is in the range after the decline, so we can look for both long and short trades. For example, last week, we recommended selling above $1945.
Take a look at the $1920-1925 area. Gold will reach the 70.2 Fibonacci level here and may start a downtrend correction. Thus, long trades will be quite a good idea. The target for a correction is $1935.
However, the uptrend will start if XAUUSD breaks the level of $1945. Then we will aim for the resistance of $1955.
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