Nov 29, 2022
Daily Insight
Market Talk
*USD/JPY lower after Japan retail sales increase for the 8th month in a row
*Brent/WTI crude oil higher on positive supply/demand news; reports OPEC+ may cut output at its December meeting; brent finds support at $81 key, faces resistance near $87
*Gold rises on bets that risk appetite improves; precious metals looking more bullish as the US dollar index trades near multi-week lows
*Euro Stoxx 50 seems to be maintaining upside momentum; increased volatility expected around tomorrows EU inflation data release
Upcoming Key economic events
Euro area inflation data due on Wednesday; ECB president Lagarde said yesterday that it's unlikely that EU inflation has peaked and that the ECB would hike interest rates as “long and as high as needed”.
TODAY’S MARKET IDEA:
Gold price remains above last weeks lows; further upside potential remains provided US dollar weakness prevails
Technical conditions: Gold price (weekly chart) is above its 10 week moving average (bullish); the bullish outlook can be further supported by the fact that price has appeared to have found buyer support near the $1,730 area which intersects at the October 3rd and September 5th highs; the 40 week (200 day) moving average is spotted at $1,795 while short term resistance at $1,786 needs to be cleared in order to open up the prospects for a test of the key resistance at the August 10th high near the $1,808-10s.
Not investment advice. Past performance is not indicative of future results.
Daily Insight
Market Talk
*USD/JPY lower after Japan retail sales increase for the 8th month in a row
*Brent/WTI crude oil higher on positive supply/demand news; reports OPEC+ may cut output at its December meeting; brent finds support at $81 key, faces resistance near $87
*Gold rises on bets that risk appetite improves; precious metals looking more bullish as the US dollar index trades near multi-week lows
*Euro Stoxx 50 seems to be maintaining upside momentum; increased volatility expected around tomorrows EU inflation data release
Upcoming Key economic events
Euro area inflation data due on Wednesday; ECB president Lagarde said yesterday that it's unlikely that EU inflation has peaked and that the ECB would hike interest rates as “long and as high as needed”.
TODAY’S MARKET IDEA:
Gold price remains above last weeks lows; further upside potential remains provided US dollar weakness prevails
Technical conditions: Gold price (weekly chart) is above its 10 week moving average (bullish); the bullish outlook can be further supported by the fact that price has appeared to have found buyer support near the $1,730 area which intersects at the October 3rd and September 5th highs; the 40 week (200 day) moving average is spotted at $1,795 while short term resistance at $1,786 needs to be cleared in order to open up the prospects for a test of the key resistance at the August 10th high near the $1,808-10s.
Not investment advice. Past performance is not indicative of future results.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.