Forex Signals Brief July 26: US PCE Inflation Closes the Week

Posted on July 26, 2024July 26, 2024 by Skerdian Meta

Yesterday it started with the German IFO Business Climate index, which showed another slowdown, against expectations for an improvement this month. However, the Euro held its ground well against most major currencies yesterday, despite private loans also missing expectations.

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Oil Prices Stabilize Below $80 and the 200 Daily SMA

Posted on July 25, 2024July 24, 2024 by Skerdian Meta

In June, crude oil prices experienced a bullish trend, but this shifted in July as prices turned bearish and dropped below $80 where it is consolidating. The significant drop below the 200-day SMA, which was previously a resistance level at $80, suggests that this may establish a new trading range lower for crude oil.

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Gold Price Returns Below $2,400 After Failed Reversal Attempt

Posted on July 25, 2024July 24, 2024 by Skerdian Meta

The Gold price has seen immense volatility in July, initially surging to a new record high of $2,483, but then tumbling down below $2,400. The surge was pretty strong, but the bearish reversal has been quite steep as well, and after a pause on Tuesday, XAU has resumed the decline.

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Forex Signals Brief July 25: Eyes on USD GDP and Jobless Claims

Posted on July 25, 2024July 25, 2024 by Skerdian Meta

The U.S. stock market experienced a negative start yesterday which ended even worse, impacted by disappointing earnings reports from Alphabet and Tesla released after the market close on Tuesday. Former Fed Governor Dudley expressed concerns that the negative unemployment cycle was beginning and cautioned that the Fed should not delay rate cuts, suggesting it might already be too late to prevent rising unemployment. These remarks, alongside the earnings reports, contributed to the S&P and Nasdaq having their worst trading days since late 2022. In the Forex market, the JPY and CHF benefited as investors sought safer assets.

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USD Down, Silver Up As US Manufacturing Falls in Contraction

Posted on July 24, 2024 by Skerdian Meta

Silver crashed lower last week, but the support zone below $28 held and today buyers remain in control as USD dips following the soft manufacturing PMI. However, the climb has been slow, indicating that buyers are weak and considering that in the next two days we have the Q2 US GDP and the PCE price index, which is the main inflation report for the FED, then it’s understandable that buyers are not running away with anything. Continue reading “USD Down, Silver Up As US Manufacturing Falls in Contraction” →

Forex Signals Brief July 24: BOC Expected to Cut Rates Again by 25 bps

Posted on July 24, 2024July 24, 2024 by Skerdian Meta

With the exception of the JPY, the USD continued its upward trajectory against all major currencies yesterday as safe havens gained traction amid a general decline in risk appetite. The USDJPY is still trending lower and is set to challenge its key 100-day moving average, as well as its low from last Friday at 155.350. Despite trading up for most of the day, the market closed slightly lower. The S&P, Nasdaq, and Dow all experienced declines of -0.15%, -0.15%, and -0.06%, respectively.

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Crude Oil Crashes Below the 200 Daily SMA

Posted on July 23, 2024 by Skerdian Meta

Crude Oil was bullish in June, but have turned bearish in July, falling below $77 after consolidating above $80 for several weeks. The price fell below the 200 daily SMA yesterday, which had been acting as resistance before, so it might turn into resistance once again and a good place to sell Oil.

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One Last Short in Silver As Safe Haven Sentiment Remains Bearish

Posted on July 23, 2024 by Skerdian Meta

The Silver value has been falling fast since Wednesday, losing more than 10% of the value, after experiencing a notable rise in the first few months of 2024, touching $32.50 in May. So, we decided to open as sell Silver signals amidst a buoyant trading environment and a strengthening U.S. Dollar. Continue reading “One Last Short in Silver As Safe Haven Sentiment Remains Bearish” →

Is the Retreat in Gold Coming to An End?

Posted on July 23, 2024July 22, 2024 by Skerdian Meta

Gold made a new record high on Wednesday last week, but it made a reversal and has been falling for four straight days. Yesterday the price fell below $2,400 where it closed the day, which opens the door for further declines toward June’s lows, below $2,300, however the 50 daily SMA might stop the decline.

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Forex Signals Brief July 23: US Home Sales to Resume the Decline

Posted on July 23, 2024July 22, 2024 by Skerdian Meta

The weekend’s headline event was Joe Biden’s withdrawal from the Democratic presidential race and the subsequent endorsement of Vice President Kamala Harris. Yesterday’s markets saw no major economic data releases. Harris is now almost certain to secure the nomination, as other party officials have also voiced their support. This opened the door for her to receive the nomination.

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