Gold has been struggling to break through the $2525 resistance level on the spot market for the past couple of weeks. Despite several attempts to rally above this price point, it seems to have hit a glass ceiling that it cannot seem to break through. The increasing frequency of rallies and decreasing pullbacks indicate significant
Potential
In August, overall inflation took a step back, but services inflation stood out with an annual rate of 4.2%. This increase from the previous month’s 4.0% has raised concerns, especially due to a possible “Olympic effect” in France. The Paris Games may have led to a temporary boost in services costs, adding a new and
The recent rise in Wall Street stocks and the second consecutive all-time high for the Dow are largely attributed to fresh U.S. economic data that has raised expectations for Federal Reserve rate cuts. The anticipation of a modest rate cut in September has been bolstered by solid growth in U.S. consumer spending for the month
Gold has maintained a strong position, hovering near an all-time high as of Friday. The anticipation of the release of US PCE data later in the day is keeping traders on edge, awaiting fresh signals for market direction. The precious metal is currently fueled by robust demand, stemming from its safe-haven status, significant purchases by
In the early Asian session on Friday, EUR/USD was trading stronger near 1.1080 despite the release of positive US GDP data. The US Gross Domestic Product (GDP) growth rate for the second quarter (Q2) rose at an annual rate of 3.0%, surpassing expectations. The report indicated that the US economy could avoid a recession, reducing
China recently initiated an anti-subsidy probe into imported dairy products from the European Union, causing tensions to rise between the two entities. The probe, announced by China’s commerce ministry, focuses on various types of cheeses, milks, and creams intended for human consumption. Prompted by a complaint from the Dairy Association of China and the China
The euro has recently pulled back from its previous highs, encountering strong resistance at the 1.1200 level. After two unsuccessful attempts to break through, the price has corrected to around 1.1100. Currently, the pair is trading within a range of 1.1200-1.1090, with the potential for different scenarios to unfold in the upcoming trading sessions. If
The NZD/USD pair has been gaining momentum, reaching as high as 0.6280 in the early Asian session, marking its highest level since January 4. This uptick in the New Zealand Dollar (NZD) can be attributed to the recent surge in New Zealand’s Business confidence. According to the ANZ Business Outlook Survey, business confidence in New
In recent news, U.S. President Joe Biden and Chinese President Xi Jinping are scheduled to have a phone call in the “coming weeks,” according to the White House. This announcement comes as U.S. national security adviser Jake Sullivan visits Beijing to meet with Wang Yi, China’s top diplomat. Both countries have also agreed to have
Recently, the NZD/USD pair managed to break through key resistance levels at 0.6050 and 0.6120, signaling a bullish trend. This surge was supported by a major bullish trend line forming with a strong support level at 0.6120. The pair also successfully surpassed the 0.6200 mark and even tested 0.6235, showcasing its strength in the market.
Xpeng, a Chinese electric car company, recently introduced its new mass-market Mona brand with prices starting at $16,812, significantly lower than Tesla’s Model 3. The launch of the Mona M03 electric coupe garnered impressive reception, with orders exceeding 10,000 in just 52 minutes after the unveiling event in Beijing. This positive response from consumers resulted
The Indian Rupee has been under pressure in Wednesday’s early Asian session, driven by the weakening of Asian peers and increased demand for the US Dollar. However, positive sentiments in domestic markets and dovish comments from Federal Reserve Chair Jerome Powell at the Jackson Hole meeting may provide some support to the local currency. Investors
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