On Wednesday, oil prices increased by approximately 1%, driven by a larger-than-expected decline in US crude inventories. Other factors that supported the rally include a decline in US crude output, Chinese economic stimulus, geopolitical tensions, and a weakening dollar. China’s central bank plans to reduce the reserve requirements for banks starting from February 5, aiming Read More…
On Tuesday, gold prices rose slightly as investors awaited a series of US economic data releases this week. The data is expected to provide insights into the Federal Reserve’s plans for interest rate cuts. Daniel Pavilonis, senior market strategist at RJO Futures, commented that the gold market is hovering just above the $2,000 mark, with Read More…
Weekly Chart Analysis: Price has formed a large rounding bottom pattern and parabolic curve, typically considered a bullish reversal signal. The price was approaching the all-time high (ATH) resistance zone, near $69,435, before swiftly pulling back after greyscale started dumping on the market. We should monitor this level closely; a decisive weekly close above the Read More…
On Monday, equities rallied as the S&P 500 set another record high, driven by gains in tech stocks. Meanwhile, investors awaited corporate reports for insights into this year’s profit outlook. Additionally, on Friday, the S&P 500 confirmed its bull market status since its low on October 12. Top tech companies like Microsoft and Apple will Read More…
Weekly Chart Analysis: Looking at the weekly chart, we observe that Light Crude Oil Futures have recently bounced off a consolidation zone around the $74.88 level, indicating a potential bullish breakout. Last week’s candlestick closed above this zone, and this week’s candle is turning green already. A sustained hold above $74.00 could see us targeting Read More…
Currency futures were mixed on Friday amid varied economic reports. At the same time, the dollar ended its recent winning streak. Still, it was a bullish week for the dollar because Fed rate cut bets went down with more positive data and hawkish remarks from Fed officials. US consumer sentiment (Source: University of Michigan) The Read More…
