Brad Alexander
FX Large Limited
How will this week’s economic events affect Gold?
I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at the S&P 500 (US500), the NASDAQ (US100), Gold (XAUUSD), GBPCAD, AUDUSD, and EURUSD.
We can all see that the USD is consolidating as the market is waiting for Wednesday’s US Interest Rate Decision.
This, and the FOMC Press Conference 30 minutes later, will be market-moving events.
Last week’s Inflation figures were better than expected which was great news for the US Federal Reserve and, to be honest, most of the planet, as we are trying to avoid a big recession.
Last week’s Inflation figures were better than expected which was great news for the US Federal Reserve and,
The week will end with US Non-farm Payrolls and a PMI so expect volatility.
Of course, all Central Banks are trying to fight inflation with Interest Rate rises as the Bank of England and the European Central Bank will announce these on Thursday.
On the contrary, the Bank of Canada indicated that it will pause for a while and we hope that other Central Banks follow suit.
We will look at a technical opportunity tomorrow on GBPCAD.
If the US Fed talks about pausing or pivoting we may see the US Indices continue further into this bull market.
Keep in mind that the S&P 500 and the NASDAQ have a long way to go to reach the levels of one year ago.
Also, the news this week will affect Gold and a weaker USD will drive XAUUSD higher.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
Australian Dollar appreciates despite stronger US Dollar, PMI awaited
The Australian Dollar (AUD) continues to strengthen against the US Dollar (USD) following the release of mixed Judo Bank Purchasing Managers' Index (PMI) data from Australia on Friday. The AUD also benefits from a hawkish outlook by the Reserve Bank of Australia (RBA) regarding future interest rate decisions.
Japanese Yen remains on the front foot against USD, bulls seem non-committed
The Japanese Yen (JPY) attracts some buyers for the second straight day on Friday amid reviving bets for more interest rate hikes by the Bank of Japan (BoJ), though it lacks any follow-through.
Gold advances to near two-week high, eyes $2,700 on geopolitical tensions
Gold price (XAU/USD) prolongs its uptrend for the fifth consecutive day on Friday and climbs to a nearly two-week top, around the $2,690-2,691 area during the Asian session. Intensifying Russia-Ukraine tensions force investors to take refuge in traditional safe-haven assets and turn out to be a key factor underpinning the precious metal.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.