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Read More »GBP attacks the resistance 2/2/2024
Oil, Crude, trading
Read More »Oil breaks support and negativity remains 2/2/2024
US crude oil futures witnessed mixed trading during the previous session, experiencing fluctuations between upward and downward movements. The price ranged from its lowest point at $73.74 to the highest near $79.00 per barrel. A detailed analysis of the 4-hour chart reveals the simple moving averages exerting downward pressure on …
Read More »Gold continues to rise 2/2/2024
Gold prices successfully reached the initial target mentioned in the previous technical report, hitting $2065 per ounce, marking the highest level in the current upward wave. The current technical analysis suggests a potential continuation of the upward trend, supported by positive signals from the simple moving averages. Intraday trading stability …
Read More »Euro is trying to recover 2/2/2024
The euro exhibited positive momentum against the US dollar, driven by the proximity to a robust support level at 1.0770, marked by the 38.20% Fibonacci retracement. Examining the 4-hour time frame chart from a technical standpoint, the mentioned support level prompted a retest of the formidable resistance at 1.0875, coinciding …
Read More »Market Drivers – US Session, February 1
The US Dollar Index retreated, putting the 103.00 support to the test, dropping back below the important 200-day SMA. On Friday, all eyes will be on January’s nonfarm payrolls, the unemployment rate, factory orders, and the final print of Michigan Consumer Sentiment.Renewed selling pressure in the dollar, combined with more …
Read More »What could January’s NFP Data bring about in financial markets?
The US Bureau of Labour Statistics will release its jobs report for January on Friday, February 2, and economists and researchers predict a 180,000 rise in Nonfarm Payrolls following the stronger-than-expected 216,000 recorded in December. Investors’ focus now shifts to Friday’s nonfarm payrolls for further clarity on the future of …
Read More »Middle East talks drag WTI lower after early surge on supply concerns
Crude oil prices were volatile on Thursday due to geopolitical concerns in the one direction towards calmer Middle East, and supply concerns in the other direction; triggering an earlier rally on the day. The likelihood of a negotiated ceasefire in Gaza is growing. The crude oil barrel counts from the …
Read More »Canadian dollar eases ahead of NFP data
The Canadian dollar was mixed against major currencies on Thursday, with some gains against the US dollar. Markets are settling following Wednesday’s Federal Reserve outing, which saw Chair Jerome Powell strike a more hawkish tone than expected, knocking equity markets lower and driving risk-off flows into the safe haven US …
Read More »Wall Street struggles to recover from post FOMC sell-off
The Dow Jones Industrial Average rose Thursday following a dismal day for the major averages after the Federal Reserve held steady on rates but signaled that a March cut is unlikely.The 30-stock Dow added market index climbed 211 points, or 0.5%, while S&P 500 added 0.7%. The Nasdaq Composite gained …
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