SUMMARY

  • Traders continue to take profits in gold. Yesterday, the metal closed down -0.92%. At the moment, the price is trying to recover some points, rising +0.57% to trade at USD 2.375 per troy ounce.
  • Analysts continue to analyze the impact of rising US inflation on stock markets.
  • UK inflation came in at 3.2%, two percentage points better than the previous month.

 

KEY EVENTS:

  • New U.S. jobless claims.
  • Philadelphia Fed manufacturing index
  • U.S. used home sales
  • Japanese consumer price index (CPI)

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2368,37
  • Support 2: 2363,55
  • Resistance 1: 2376,49
  • Resistance 2: 2379,79

Fundamental Analysis

  • Traders continue to take profits in gold. Yesterday, the metal closed down -0.92%. At the moment, the price is trying to recover some points, rising +0.57% and trading at USD 2.375 per troy ounce.
  • The UK CPI came in at 3.2%, an improvement of 2 basis points from the previous month’s result. In the euro zone, CPI came in at 2.4%, an improvement of 2 basis points.
  • In Europe, the Eurogroup meeting continues today, with the two main topics on the agenda, the war in Ukraine and rising tensions in the Middle East.
  • New U.S. jobless claims are expected to reach 215,000.
  • Japan’s consumer price index is expected to rise 2.7% year-on-year.
  • Gold prices remain above the 40-day moving average, but are close to entering a support zone.

NASDAQ 100

Specifications

  • Leverage: 100
  • Units: 1
  • Margin requirement: USD$180
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 17.705,91
  • Support 2: 17.692,83
  • Resistance 1: 17.727,91
  • Resistance 2: 17.736,83

Fundamental Analysis

  • Analysts continue to analyze the impact of rising U.S. inflation on stock markets. Traders believe that the Fed is still far from initiating interest rate cuts. Wall Street believes that there may not be a rate cut in 2024.
  • Apple continues to look for alliances and strategic moves in Asia, following its interest in exiting China. The company is looking to increase the capacity of its factories in India.
  • Amazon is increasing sales of its cashierless payment technology in retail stores.
  • Tesla, meanwhile, is seeking investor approval for a $56 billion severance payment to Elon Musk.
  • The index bounces from the 17,640 level to the lower Bollinger band at 17,726, which could provide a continuation of the upward move.

GBPUSD

Specifications

  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$623
  • Example: 100 pips change in GBPUSD price = USD1,000 potential PL.
  • Support 1: 1,2458
  • Support 2: 1,2450
  • Resistance 1: 1,2472
  • Resistance 2: 1,2478

Fundamental Analysis

  • British inflation stood at 3.2%, two percentage points higher than the previous month. However, it fell short of market expectations of 3.1%. GBPUSD is currently up +0.18% at 1.2468.
  • Today we will have statements from the Governor of the Bank of England, who will provide his analysis of the inflation results. The BoE rate cut is now expected in September, when inflation could reach 2%.
  • Meanwhile, the Fed continues to tighten policy, so it may not cut interest rates during 2024. US inflation remains far from the 2% target.
  • GBPUSD is back near resistance, where it is looking to move back up to the 1.2500 and 1.2538 levels. For now, the price remains below the 200-day moving average, but open buying interest is increasing.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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