• Traders are preparing for the continuation of the May 2024 corporate earnings season.
  • The current oil price has not convinced the Biden administration to start increasing the country’s strategic oil reserves.
  • The US NFP results generated a quick upward move for the GBPUSD, which managed to climb towards the 1.2633 level, to finally close at 1.2545 on Friday.

Main events:

  • PMI services Spain
  • Eurozone services PMI
  • Germany services PMI
  • Japan services PMI
  • Australian interest rate decision



  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2297.86
  • Support 2: 2294.25
  • Resistance 1: 2303.32
  • Resistance 2: 2305.17

Fundamental Analysis

  • Traders are preparing for the continuation of the corporate earnings season for calendar May 2024. Gold prices closed Friday with a slight correction of -0.06%, following the announcement of NFP of 175K versus 238K.
  • The gold price started the week holding above the USD$2310 per troy ounce area. This week will see a number of monetary policy decisions as well as several macroeconomic reports of major market importance, such as UK GDP.
  • Traders continue to anticipate the corporate earnings season, so long positions in gold may be trending lower.
  • The price of the metal is re-entering a resistance zone. At the moment, it remains below its 200-day moving average. The price managed a significant rebound after falling to support and the lower Bollinger band at 2,284 USD.



  • Leverage: 100
  • Units: 1,000
  • Margin requirement: USD$782
  • Example: movement of USD$1 = $1,000 potential PL.
  • Support 1: 78,05
  • Support 2: 77,95
  • Resistance 1: 78,20
  • Resistance 2: 72,25

Fundamental Analysis

  • Exxon Mobil has successfully completed the acquisition of Pioneer. The transaction was closed for US$60 billion.
  • The British government grants 31 new oil and gas exploration licenses in the North Sea.
  • Glencore takes steps to buy Anglo American. Anglo American rejected a $38.8 billion takeover offer from BHP.
  • The current price of oil has not convinced the Biden administration to begin increasing the country’s strategic oil reserves.
  • The 7.3 million barrel increase in U.S. crude inventories has led to a correction in the price of WTI. The price is now just below the lower Bollinger band, which could trigger a price rebound.



  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$499
  • Example: 100 pips change in USDJPY price = USD1,000 potential PL.
  • Support 1: 1.2545
  • Support 2: 1.2541
  • Resistance 1: 1.2554
  • Resistance 2: 1.2559

Fundamental Analysis

  • The NFP results in the U.S. generated a rapid upward movement of the currency, which managed to climb towards the 1.2633 level, to finally close at 1.2545 on Friday.
  • Traders are eagerly awaiting the Bank of England meeting on May 9. Last week was marked by the Bank of Japan’s abrupt intervention in the yen’s uptrend, which triggered a correction of the currency.
  • UK GDP data will set the tone for sterling this week. In addition, rising costs for UK importers due to Brexit are also starting to put pressure on GBPUSD.
  • GBPUSD is above the 200-day moving average, indicating increased buying volume. The price is at the 1.2545 resistance. Bulls are looking for a bounce towards 1.2650.
  • Traders are looking to take positions ahead of this week’s Bank of England interest rate decision.


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