SUMMARY

  • The price of gold closed yesterday with an increase of +0.92% given global geopolitical tensions. Currently, the price maintains its upward trend, increasing by +0.74% and trading at $2,386 per troy ounce.
  • Due to growing global tensions, investors have chosen to increase their positions in fixed income securities, which is why the Nasdaq 100 index corrected -2% yesterday.
  • GBPUSD closed down -0.12% yesterday, placing it within the lower Bollinger band. Right now, the coin is down -0.14% and is trading at 1.2428.

 

Main events:

  • Unemployment rate in the United Kingdom
  • ZEW German Investment Confidence Index
  • ZEW Eurozone Investment Confidence Index
  • Canadian CPI
  • Statement by Federal Reserve Chairman Jerome Powell

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2381,25
  • Support 2: 2376,41
  • Resistance 1: 2389,33
  • Resistance 2: 2392,57

Fundamental Analysis

  • The price of gold closed yesterday with an increase of +0.92% given global geopolitical tensions. Currently, the price maintains its upward trend, increasing by +0.74% and trading at $2,386 per troy ounce.
  • China’s GDP grew 5.3% annually, exceeding expectations of 4.5%. The government’s economic stimulus measures have boosted demand in the domestic market.
  • Property prices in New Zealand have fallen due to increased supply. The country’s CPI is expected to be 4.7%.
  • Retail sales in the United States increased +0.7% month-on-month, exceeding expectations of +0.3%, confirming the increase in domestic demand in the country.
  • Canada’s CPI is expected to be 2.8%. Today we will have statements from the Governor of the BoE, Powell of the FED and the Governor of the Bank of Canada.

NASDAQ 100

Specifications

  • Leverage: 100
  • Units: 1
  • Margin requirement: USD$180
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 17.798,16
  • Support 2: 17.759,58
  • Resistance 1: 17.875,91
  • Resistance 2: 17.915,08

Fundamental Analysis

  • Due to growing global tensions, investors have chosen to increase their positions in fixed income securities, which is why the Nasdaq 100 index corrected -2% yesterday. Currently, the index is down -0.26% and is trading at 17,829.75 points.
  • Despite the good performance of Chinese GDP, Asian stock markets are in negative territory.
  • Traders are watching the outcome of the trial against former President Donald Trump. On the other hand, Tesla announced the elimination of 10% of its workforce.
  • Google plans to invest more than $100 billion in artificial intelligence.
  • iPhone sales are falling, indicating a reduction in Apple’s market share.

GBPUSD

Specifications

  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$623
  • Example: 100 pips change in GBPUSD price = USD1,000 potential PL.
  • Support 1: 1,2417
  • Support 2: 1,2410
  • Resistance 1: 1,2434
  • Resistance 2: 1,2444

Fundamental Analysis

  • GBPUSD closed down -0.12% yesterday, placing it within the lower Bollinger band. Right now, the coin is down -0.14% and is trading at 1.2428.
  • The good results of macroeconomic indicators in the United States showed solid economic prospects for the country. However, inflation in the United States is putting upward pressure due to increased domestic demand, mainly for fuel.
  • Due to the above, analysts are beginning to speculate that the Bank of England would launch the interest rate reduction program before the FED. Analysts estimate that the BoE could start its meeting in August, while the FED could meet in September.
  • UK GDP grew by +0.1% in February 2024. In January, GDP grew by +0.3%. Both results indicate that the country has emerged from recession.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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