The U.S. Dollar Index is forming a converging pattern on the weekly chart, suggesting a potential breakout could happen soon. This pattern is known as a symmetrical triangle, and it often leads to significant price movements after a period of consolidation following an upward move. Weekly Looking at the weekly chart, the DXY is in Read More…
Examining the weekly chart, the index has firmly established support within the 36,000 region, demonstrated by the green box marking previous resistance now turned support. The Relative Strength Index on the weekly timeframe reflects strong buying interest with a reading above 74. While this indicates a powerful bullish push, traders should be cautious of the Read More…
Gold has always held a special allure, and in the financial markets, it is no different. Currently, Gold Futures are exhibiting strength, as indicated by the recent push towards and beyond the $2,089 level as it broke above all-time highs. On the weekly chart, the precious metal has overcome significant resistance, marked by the ‘Previous Read More…
Currency futures reached new heights on Friday as the dollar weakened after a mixed jobs report. Notably, the US employment report revealed some weakness in the labor market, supporting the view that rate cuts will come later in the year. As a result, most currency futures rose to new highs before pulling back as Friday’s Read More…
Interest futures rallied on Thursday after Powell confirmed that the Fed will likely cut interest rates later in the year. Consequently, short-term Treasury yields declined, reflecting an increase in rate-cut bets. At the same time, investors positioned themselves ahead of the crucial nonfarm payrolls report that could further influence the Fed’s policy outlook. On Wednesday Read More…
Oil prices rose on Wednesday after Powell confirmed expectations of rate cuts this year in the US. Additionally, support for oil came from supply and demand worries. While supply continues to tighten, there are demand worries as China’s economy struggles. During his testimony to Congress, Fed Chair Powell confirmed that there will be rate cuts Read More…
