Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2024

• 6 March 2024 9:32 pm

  Gold stabilizes after soaring to all-time high ever, post Powell’s testimony

  

  Spot Gold prices reached a new record high on Wednesday, with XAU/USD reaching a tentative all-time high ever at $2,150.00. the precious metal is trading at $2143.64, and is still up 0.74% at the time of writing.This comes after Federal Reserve Chair Jerome Powell’s two-day appearance, where he clarified the …

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• 6 March 2024 7:23 pm

  Fed’s Powell reiterates need for more data before rate cut

  

  US Federal Reserve Chair Jerome Powell has assured the members of Congress that upcoming decisions on when and how fast to cut interest rates will be based solely on economic data. Powell stated that rate cuts “really will depend on the path of the economy. Powell stressed that Fed’s focus …

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• 6 March 2024 6:01 pm

  US ADP private sector employment rises in February

  

  Private sector employment in the US increased by 140,000 in February, according to the Automatic Data Processing (ADP) report released on Wednesday. This figure represented a rise from the revised January number of 111,000 (previously reported as 107,000), but fell short of market expectations, which had anticipated a gain of …

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• 6 March 2024 3:36 pm

  European Stocks Find Stability Ahead of Key Economic Data and Powell’s Testimony

  

  In early trading on Wednesday, European stocks stabilized, with positive gains offsetting losses, ahead of the release of key economic data for the euro zone and Federal Reserve Chairman Jerome Powell’s testimony before Congress. The European STOXX 600 index remained steady at 0809 GMT, showing signs of stability. The basic …

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• 6 March 2024 2:18 pm

  Gold gives up record peak but remains above $2,100 ahead of Powell’s testimony

  

  On Wednesday, gold prices experienced a slight decline but remained above the $2,100 per ounce mark, following a surge driven by increased expectations of a US interest rate cut in June, which pushed the precious metal to a record high in the previous session ahead of Federal Reserve Chairman Jerome …

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• 6 March 2024 1:17 pm

  Steady Currency Markets Precede Powell’s Speech; Bitcoin Shows Resilient Rebound

  

  On Wednesday, the dollar maintained stability as traders adopted a cautious approach ahead of key events such as Federal Reserve Chairman Jerome Powell’s testimony, the European Central Bank’s interest rate decision, and US jobs data later in the week. Bitcoin showed renewed strength but remained below its recent record high …

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• 6 March 2024 12:33 pm

  Oil Prices Surge Amid Concerns Over Tight Supply

  

  Oil prices rebounded during Wednesday’s trading session following previous declines, with indicators pointing towards tight supply amidst production cuts by major oil producers. Brent crude reached $82.35 per barrel, up from the opening price of $81.99, while West Texas Intermediate crude rose to $78.54 per barrel compared to $78.13 per …

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• 6 March 2024 5:33 am

  BoC’s March Meeting: Potential for its Inaugural Rate Cut?”

  

  Since its January meeting, the Bank of Canada has refrained from using the phrase “the bank is still ready to raise interest rates if necessary,” which was previously a frequent mention in its statements. This adjustment comes at a time when the market anticipates rate cuts by other central banks. …

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• 6 March 2024 4:40 am

  Gold leaps as traders shift focus to Powell testimony

  

  Gold prices reached a new record of $2141.59 earlier on Tuesday, driven by expectations of forthcoming Fed policy easing. Reports of slowing business activity in the US services sector contributed to the rally, with XAU/USD now trading at $2126.85.A decline in US Treasury yields supports the surge in gold prices. …

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• 6 March 2024 3:59 am

  Will BoC’s March meeting decide first rate cut in 2024?

  

  The Bank of Canada is expected to maintain a 5% interest rate at its upcoming meeting, with a possible first rate cut in June. This approach will allow the Bank to monitor GDP figures and their impact on the interest rate’s outlook, as economic analysts believe the Canadian economy is …

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• 6 March 2024 3:28 am

  Could other cryptocurrencies benefit from Bitcoin’s recent surge?

  

  As of this writing, Bitcoin is down 7.17% from its previous daily closing price of $68359, primarily due to profit-taking and risk aversion. However, as Bitcoin and Ethereum take centre stage in the market, altcoin season is picking up steam. The market is gaining further excitement and confidence right now, …

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• 5 March 2024 11:47 pm

  What can markets expect from Powell’s semiannual testimony?

  

  Fed Chair Jerome Powell is expected to reiterate his stance that interest rate cuts are not necessary right now, particularly in light of recent inflation-linked data that indicated price pressures are still persisting.The Fed will release its Beige Book poll, which is a nationwide study of regional business contacts, on …

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• 5 March 2024 10:21 pm

  China’s Premier sees foundation of economic recovery not solid yet

  

  China’s Premier Li Qiang addressed the National People’s Congress annual meeting, acknowledging that achieving 5% economic growth this year will be challenging due to difficult times. Li Qiang outlined plans to boost spending on advanced technology, fortify China’s military, and support the economy. However, no big package of stimulus was …

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