Author: FX
OIL PRICE FORECAST:Oil Continues to Advance as Supply Concerns and Potential Rebound in Demand Keep Prices Elevated.Saudi Energy Minister to Provide a Further Update this Week on the Potential for Further Cuts or an Extension into 2024.IG Client Sentiment Shows Traders are 79% Net-Short on WTI at Present.To Learn More About Price Action, Chart Patterns and Moving Averages, Check out the DailyFX Education Section.Most Read: What is OPEC and What is Their Role in Global Markets?Oil prices are attempting a recovery today having breached the 200-day MA for the first time since July 24. This is a big milestone that…
SILVER, GOLD OUTLOOK:Gold and silver prices rebound, but their upside is capped by the move in bond yieldsPalladium sinks to its lowest level in more than 5 yearsThis article explores XAU/USD and XAG/USD’s key technical levels to monitor in the coming trading sessions Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Most Read: Gold, Silver Price Forecast: XAU/USD & XAG/USD May Get Boost from Macro TrendsGold and silver prices rebounded on Thursday after several Federal Reserve officials expressed caution about what the next steps should be…
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EUR/USD, PRICE FORECAST:WEEKLY FORECAST: Gold Price Forecast: $1950 Key Support Approaches as Bears Eye Further DownsideThe Euro appears to be gaining some traction against the Greenback of late. The 1.0700 handle however has proved stubborn with EURUSD unable to maintain gains once crossing the threshold. Markets continue to remain optimistic that the Fed are done with rate hikes despite mixed messages from Fed Policymakers. Recommended by Zain Vawda How to Trade EUR/USD ECB BULLETINThis morning brought the release of the ECB Economic Bulletin which weighed slightly on the Euro sending EURUSD below the 1.0700 handle. There was not a lot…
3/3 © Reuters. Healthcare workers strike in front of Kaiser Permanente Los Angeles Medical Center, as more than 75,000 Kaiser Permanente healthcare workers go on strike from October 4 to 7 across the United States, in Los Angeles, California, U.S. October 4, 2023. REUT 2/3 (Reuters) -Kaiser Permanente’s healthcare workers voted to ratify a new contract with the hospital chain, the union said on Thursday, ending a months-long negotiation that resulted in the largest recorded strike in the U.S. medical sector. The union of more than 85,000 healthcare workers approved the four-year contract, effective from Oct. 1 this year, by…
GBP/USD, EUR/GBP AnalysisCable struggles to build momentum ahead of UK GDP reportEUR/GBP threatens to breakout but faces stern level of resistanceUK GDP anticipated to reveal subdued growth in Q3The analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education libraryCable struggles to build momentum ahead of UK GDP ReportGBP/USD has failed to build on prior bullish momentum and instead has continued to pull back towards 1.2200 after breaching well above 1.2345 – a prior swing low. The FX market in general has struggled for direction recently as major…
initial jobless claimsPrior initial claims 217K (revised to 220K)Continuing claims 1.834m vs 1.820m expectedPrior continuing 1.818mIt’s tough to get excited about this report because even if claims were 50K higher, they still wouldn’t be some kind of recession red flag. There’s no pain in the economy until this gets to 300K. That said, the trend lately has been higher so maybe we’re on our way there.One school of thought on initial jobless claims is to pay closer attention to the revisions as well, as they reveal the underlying trend. Still, I’m not going to get excited about a 3K revision.…
Bitcoin (BTC) Prices, Charts, and Analysis:Bitcoin looking at $37.3k as the next level of resistance.Spot ETFs would change the landscape for Bitcoin. Recommended by Nick Cawley Get Your Free Bitcoin Forecast At the end of October, we identified a Bullish Pennant pattern forming on the daily Bitcoin chart, along with a Golden Cross, another positive technical set-up. Since then Bitcoin has rallied by around $3,000 and is currently eyeing the next level of resistance at $37.3k. This level looks vulnerable and a concerted push would open the way to the next level of interest at $40k.Bitcoin (BTC) Technical Outlook –…
Share: The Greenback trades flat and is looking for direction. Traders will be looking for clues and guidance from Fed Chairman Powell. The US Dollar Index is steady in the 105-area and looks to be awaiting a catalyst for a move in any direction. The US Dollar (USD) looks to be on a drift this week and is looking for direction, or a catalyst that might guide it in any way. The fact that the US Dollar Index is right in the middle of this week’s trading range, clearly points to some fatigue in the Greenback while traders are…
Article by IG Chief Market Analyst Chris BeauchampDow Jones, Nasdaq 100, Nikkei 225 Analysis and ChartsDow returns to trendline resistanceThe index has seen its momentum fade after the huge gains of the past week, though it continues to hold above the 200-day simple moving average (SMA). Wednesday saw the index touch trendline resistance from the July highs, for the first time since early September. A push above this line would be a clear bullish development, and open the way towards the highs of early September towards 35,000.For the moment there is no sign of any downside momentum, but a close…