SUMMARY

  • The price of gold continues to rise as global stock markets continue their turbulence. Yesterday, the price rose by 0.74%. Currently, gold is up 0.96% and stands at USD 2,402.16 per troy ounce.
  • Second consecutive negative day for the Nasdaq 100, which closed yesterday down -0.63%.
  • An increase in domestic demand is expected in the United Kingdom. On the other hand, according to statements by Atlanta Fed President Raphael Bostic, inflation in the US is far from the 2% target, so the decision to cut rates will take longer than initially thought.

 

Main events:

  • UK e-commerce awards
  • Eurogroup meeting
  • Bundesbank statements
  • Bitcoin halves in value
  • Netflix has outperformed investors’ financial expectations.

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2386.21
  • Support 2: 2363.07
  • Resistance 1: 2425.14
  • Resistance 2: 2440.93

Fundamental Analysis

  • The price of gold continues to rise as global stock markets continue their turbulence. Yesterday, the price rose by 0.74%. Currently, gold is up 0.96% and stands at USD 2,402.16 per troy ounce.
  • US jobless claims remained at last month’s level (212,000), indicating a better-than-market-expected result.
  • Japan’s consumer price index came in at 2.6%, up two basis points from the previous month. The country remains on track to reach its 2% inflation target.
  • UK retail sales are expected to have increased by 0.3% in March. The Eurogroup meeting ends today.
  • The gold price is back within a few points of the USD 2,417 level. Despite this, the price remains above its 200-day moving average.

NASDAQ 100

Specifications

  • Leverage: 100
  • Units: 1
  • Margin requirement: USD$180
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 17216.34
  • Support 2: 17149.67
  • Resistance 1: 17316.34
  • Resistance 2: 17349.67

Fundamental Analysis

  • The Nasdaq 100 posted its second consecutive negative close, closing down -0.63% yesterday. The index is currently down 1.35% to 17,308 points. Rising inflation in the U.S. continues to impact the markets.
  • Netflix beat investor expectations, reporting earnings per share of USD 5.28, versus expectations of USD 4.51, and sales of USD 9.37 billion, versus expectations of USD 9.27 billion. The company’s market capitalization is USD 264.48 billion. Despite the company’s good results, the bearish market trend led to a -0.41% correction in the share price. After the close, the selling volume continued, so that the share price fell -4.85%, which could arouse buying interest.
  • The index is below the 40-day moving average, and below the lower Bollinger band, which could generate significant buying volume. If a rebound is generated, the price would look for the 17,800 area.

GBPUSD

Specifications

  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$623
  • Example: 100 pips change in GBPUSD price = USD1,000 potential PL.
  • Support 1: 1,2389
  • Support 2: 1,2382
  • Resistance 1: 1,2403
  • Resistance 2: 1,2410

Fundamental Analysis

  • Domestic demand in the UK is expected to increase. On the other hand, according to Atlanta Fed President Raphael Bostic, inflation in the US is nowhere near the 2% target, so the decision to cut rates will take longer than initially thought.
  • New York Fed President John Williams has stated that the Fed is open to raising interest rates if inflation continues to rise.
  • The most optimistic analysts expect two Fed rate cuts this year. By the end of 2023, analysts expect 6 rate cuts.
  • GBPUSD is trying to break free from the 1.2416 support level. At the moment, it remains below the 40-day moving average line. Yesterday, the currency closed slightly lower by -0.09%. It is currently correcting -0.14% and trades at 1.2418.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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