Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 17 November 2023 9:30 pm

  GBP/USD Struggles for gains despite risk-on pulse

  

  The GBP/USD is trading flat but but erratic as it attempts to stay above the 1.2400 handle. The midweek rally in the Pound Sterling remains vulnerable as markets pare back gains. The GBP is consolidating due to weak UK data.As the pair struggles to break above the upper end of …

  Read More »
• 17 November 2023 8:27 pm

  Gold’s gains pared after Fed speakers’ hawkish comments

  

  The Gold Index, XAU/USD, advanced to $1,980 after hitting $1,995 earlier in the North American session.US housing data for October surprised to the positive side. Notably, the most recent spike in the price of precious metal was suppressed by hawkish Fed speakers and rising US yields.Gold saw a minor increase …

  Read More »
• 17 November 2023 7:51 pm

  UK’s Hunt: The British economy has passed a dangerous turning point

  

  Jeremy Hunt, the British Finance Minister, pledged on Friday not to take any action that would “hinder the battle against inflation” amid calls for more significant tax cuts from the right wing of the Conservative Party.“The UK economy has crossed a dangerous turning point in the recent period after the …

  Read More »
• 17 November 2023 6:12 pm

  Oil prices react to EU sanctions and global demand fears

  

  Crude oil prices experienced an uptick on Friday, fueled by speculations of impending European Union sanctions against Russia. Meanwhile, the US dollar faced a decline, displaying a form of correlation. While Friday’s trading witnessed a marginal increase, oil prices are on course for their fourth consecutive weekly downturn after touching …

  Read More »
• 17 November 2023 5:12 pm

  Gold’s weekly outlook: stability amid Fed speculation and Dollar dynamics

  

  Gold exhibited stability during Friday’s trading on the seventeenth of November, poised to secure weekly gains amid heightened investor speculation surrounding the conclusion of the US Federal Reserve’s monetary tightening cycle. Continuing its upward trajectory, the price of gold tested its highest point in eight days, nearing the $1990 mark. …

  Read More »
• 17 November 2023 11:33 am

  Oil prices are heading for the fourth consecutive week of decline

  

  Oil prices are heading for a fourth consecutive week of decline, and remained little changed in early Asian trading after falling by about five percent to the lowest level in four months yesterday, Thursday, amid concerns about global demand. Brent crude futures rose ten cents, equivalent to 0.1 percent, to …

  Read More »
• 17 November 2023 3:55 am

  Market Drivers – US Session, Nov. 16

  

  The US Dollar Index rose marginally on Thursday, finishing around 104.40, despite weak economic data and the decline in US yields. Economic DataUS Continuing Jobless Claims reached the highest level since 2022, with Initial Claims rising to 231,000. Industrial Production declined by 0.6% in October, exceeding the expected contraction. The …

  Read More »
• 17 November 2023 3:09 am

  Is Bitcoin price paving the way for next halving?

  

  Bitcoin as well as other cryptocurrencies rallied on Thursday. The most famous cryptocurrency has reached 18-month highs, with analysts expecting more upside if digital assets continue their momentum. At the time of writing, Bitcoin is trading at $36090.The next bitcoin halving in April is expected to reduce the issuance rate …

  Read More »
• 17 November 2023 12:18 am

  USD/JPY struggles on softer US dollar

  

  The USD/JPY pair retraces some of Wednesday’s gains due to US Dollar weakness and a shift to safe-haven assets favoring the Japanese Yen. A short-term bearish bias with a potential deeper pullback if the pair falls below 150.92, with key support levels targeted at 150.32 and 150.00. A recovery above …

  Read More »
• 16 November 2023 11:47 pm

  US stocks mixed on US data, surprise earnings

  

  US stocks closed mixed on Thursday, with Walmart falling 8% after earnings disappointing. The Dow Jones Industrial Average dropped about 0.1%, while the Nasdaq Composite and the S&P 500 gained near 0.1%. Walmart reported quarterly earnings that topped estimates and raised its annual outlook, but by slightly less than expected. …

  Read More »
• 16 November 2023 10:18 pm

  Bleak demand outlook drags WTI down to four-month lows

  

  WTI is trading at $73.055 per barrel as US oil stocks rise more than anticipated. Earlier on the day, the American crude touched four month lows at $72.55.Concerns about declining oil demand are fueled by weak US economic indicators, such as an increase in unemployment claims and a decline in …

  Read More »
• 16 November 2023 9:36 pm

  Gold surges as soft data trigger bets on Fed

  

  Gold price surged to a peak of $1,987, up 1.35%, earlier in the North American trading session. The Gold Index (XAU/USD) rose to $1,985, indicating a bullish bias. The US Industrial Production figures were below forecast, and the number of jobless claims reached a three-month high. The precious metal is …

  Read More »
• 16 November 2023 8:34 pm

  US dollar back in red territory after Jobless Claims report

  

  The US Dollar has retreated to the red territory as weekly Jobless Claims contribute to dampen mood for quick recovery of the American currency. Traders are concerned about their future positioning as the US Dollar Index is nearing a break below 104. This suggests that the Fed is not fully …

  Read More »