Oil prices fell on Wednesday despite a draw in crude inventories and the Fed maintaining its rate-cut outlook. Moreover, investors remained worried about supply disruptions in Russia as the war continued. Oil prices rallied in the previous two sessions due to these supply concerns. Therefore, the pause on Wednesday could have been due to profit-taking. Read More…
Daily Chart:A potential reversal candle is forming after the recent downturn we have seen in Bitcoin. The Awesome Oscillator shows a decrease in momentum, highlighted by the shrinking green bars turning red. BTC has been on a tear, up over 50% for the year. A pullback was going to come eventually but the question is Read More…
Gold prices dropped on Tuesday amid a stronger dollar as markets awaited the Fed monetary policy meeting. A stronger dollar makes gold expensive for foreign buyers, hurting demand. The dollar strengthened amid speculation that the Fed would revert to its hawkish tone after inflation beat forecasts. Initially, gold had rallied to record highs after Powell Read More…
Equities closed Monday in the green after a rally in mega-cap stocks like Alphabet and Tesla. However, there was caution as investors looked forward to the FOMC policy meeting, which will affect rate cut expectations. The rally in mega-cap stocks came due to several factors. However, the main one was AI optimism. Notably, Nvidia soared Read More…
Weekly Chart Analysis:ES is trading above its weekly pivot point, with immediate support at 4492.00 USD. The RSI is in the overbought territory, showing strong bullish momentum. The next resistance levels are R1 at 5169.50 USD and R2 at 5519.00 USD. Daily Chart Analysis:A potential bearish divergence is creating some worry for bulls as the Read More…
Currency futures closed lower on Friday as the dollar strengthened on more signs the US economy was resilient. Data released on Friday on the manufacturing sector revealed a strong economy that could allow the Federal Reserve to hold higher interest rates for longer. US factory production (Source: Federal Reserve) Data revealed a recovery in factory Read More…
