Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2024

• 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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• 5 March 2024 9:32 pm

  Dow falls nearly 300 points on sell-off led by Apple

  

  With Apple as well as other big names in the tech industry retreating, US stocks dipped on Tuesday, headed for another down session. The average number of equities that traded in the red was almost two thirds. Conversely, the only two companies able to defy the general trend were 3M …

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• 5 March 2024 8:04 pm

  US dollar fails to benefit from upbeat S&P Global PMIs

  

  The DXY Index is 0.16% down, pointing to the 103.675 mark at the time of writing. The dollar is experiencing choppy trading due to China’s National People’s Congress, where markets were not impressed by the stimulus package to restore China’s growth and economy. This has triggered risk aversion and pushes …

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• 5 March 2024 2:45 pm

  European stocks open lower and markets await data

  

  At the start of trading on Tuesday, European stocks faced a downturn, echoing the performance of Asian stocks, as investors remained cautious amidst pledges from China that failed to bolster market sentiment. This cautious sentiment prevailed ahead of the release of key economic data from both the euro zone and …

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• 5 March 2024 2:05 pm

  Gold rises to $2,124 per ounce and is approaching historical levels

  

  During Tuesday’s trading session on March 5, gold experienced a 0.45% increase, reaching levels of $2,124 per ounce. This uptrend was supported by growing expectations of a potential interest rate cut by the Federal Reserve. According to Fedwatch, a service that monitors forecasts for the Federal Reserve’s decisions, there is …

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