Gold prices rose 1% on Tuesday and extended these gains on Wednesday as investors hoped for rate cut signals from the Fed meeting. The rally in gold came despite positive US data highlighting the economy’s resilience. Gold traders eagerly await Wednesday’s FOMC meeting for direction on when the Fed might start cutting rates. Lower interest Read More…
Introduction We looked at the break out in RTY two weeks back, and now, the daily chart is forming a pennant chart pattern. The penant formation is a high probability chart pattern that can lead to a big swift move initially which is why we think we could see RTY break its ATH next week or the Read More…
Equities rose slightly on Monday and Tuesday as investors mostly stayed on the sidelines ahead of major events. Markets await key US data, major US tech earnings reports, and the Federal Reserve policy meeting. US earnings index (Source: Citigroup, Bloomberg) Monday was a choppy session for US stocks because investors held off on big positions. Read More…
Market Overview As of July 30, 2024, the E-mini Dow Jones Futures are trading at 40,788. We’ve seen a consistent uptrend over the past few months, marked by higher highs and higher lows. The price action is currently hovering around a significant resistance level which is the previous ATH, testing the 40,800 zone. At the Read More…
Price Action and Trend NQ, like all other equity markets, has been in a strong uptrend since October 2023. However, we’ve recently seen a sharp pullback from the all-time high of around 20,983.00, and now could be the time to look to take long positions. Support and Resistance Moving Averages The price is currently between Read More…
Weekly Chart I have put a volume profile indicator onto last weeks trading which is shown in the weekly chart below. Price is sitting now just above the support where last weeks candle closed. The Point of control line is holding the price up for now and after the recent dip in the US equity Read More…
Currency futures edged higher on Friday as the dollar eased after inflation data met expectations. Consequently, the markets are continuing to anticipate that the Federal Reserve will commence reducing borrowing rates in September. However, the markets were in turmoil as the new week started. The looming BoJ and BoE policy meetings and poor risk appetite Read More…
Interest futures rose on Thursday but closed well below session highs after a mixed US GDP report. Moreover, investors were gearing up for the core PCE price index report due on Friday for more clues on the outlook for Fed rate cuts. US economic growth (Source: Bureau of Economic Analysis) Data on Thursday revealed that Read More…
Technical Analysis Trend and Moving Averages: The RSI is also at oversold territory adding further fuel to the possibility of a price pump from here. Technical Patterns Support and Resistance Levels: Trade Opportunities Long Position Given the RSI at oversold and the price at the lower Bollinger Band, a high-probability trade setup for a long Read More…
Oil prices rose on Wednesday, ending three sessions of declines. The increase came amid a bigger-than-expected draw in US crude and gasoline inventories. Prices remained close to a six-week low because of worries about global oil demand and a potential ceasefire in the Gaza conflict. Data on Wednesday revealed that crude stocks fell by 3.7 Read More…
