🏦 Early Friday, market activity remains subdued as traders anticipate the October US employment report, amid fears of weaker jobs data due to hurricanes and strikes. This sentiment puts downward pressure on the US Dollar Index (DXY), which is coming off a four-day losing streak and after experiencing its largest monthly gain since September 2022.

📊 Additionally, grim comments from the IMF regarding Asia and rising geopolitical tensions in the Middle East are contributing to pre-data caution, challenging optimists and providing some support for the US Dollar, while also helping recover after its biggest daily drop in 15 weeks.

🔈 The headline NFP is expected to drop to 113K from 254K, with the unemployment rate likely holding steady at 4.1%. If the data surprises positively, it could help the US Dollar consolidate its weekly losses, potentially challenging buyers while keeping from rising further.

💵 Thursday's stronger US Core PCE Price Index along with weaker jobless claims, didn't energize US dollar bulls despite significant monthly gains in 25 months. However, prevailing sour sentiment and positioning ahead of the NFP report have allowed the to halt its decline.

💶 The US Dollar's decline, coupled with positive Eurozone inflation, employment, and retail sales figures, has fueled a rebound in . This uptick is further supported by ECB officials emphasizing a data-driven approach for any future rate cuts.

🛢 Crude oil prices are rising, recovering from a gap down at the start of the week, fueled by declining inventories and an anticipated delay in the OPEC+ supply increase. Additionally, reports of Iran preparing for a strong response to Israeli attacks are contributing to the energy market's upward momentum.

📊 Market sentiment is cautious early Thursday after a wild day, despite efforts from Asia-Pacific data to attract momentum traders. This hesitation likely stems from anticipation surrounding the US Core PCE Price Index, also known as the Fed's favorite inflation measure, and Friday's October employment report, especially the NFP.

🔈 Market participants can expect increased volatility on Thursday and Friday with significant data from the Eurozone and the US set to be released. Concerns about disappointing US jobs and activity data have pressured US dollar bulls, but a positive surprise in the statistics could spark a recovery for the Greenback. Such a shift might also lead to a pullback in , especially as disinflation in the Eurozone receives limited support from ECB officials, hinting at potential rate cuts from the region's central banks.

🎖 Gold is on track for its fourth consecutive week of gains, consistently hitting all-time highs, even if early Thursday shows some lack of momentum. The latest report from the World Gold Council (WGC) reveals that gold investment demand soared to its highest level in 12 years during Q3 2024, further fueling bullish sentiment among buyers. is likely to stay firm, supported by China's stimulus and ongoing global market uncertainty. However, any rebound in the US dollar could challenge bullish momentum, making it tough for gold to break through the recent resistance level of $2,800.

💴 has been an interesting pair after starting the week with a gap-up due to political disappointment. However, it broke a three-day winning streak early Thursday after the BoJ kept rates unchanged, meeting market expectations. Additionally, the USD’s retreat and mostly weak data from Japan also challenge the Yen buyers.

💷 struggles to gain traction despite the softer US Dollar, as UK Chancellor's preliminary budget forecasts for growth and inflation did not impress the Pound buyers. Concerns over high taxes, a sluggish economy, and a lack of confidence in the new government are also weighing on the British currency.

🚀 EURUSD buyers entered the support zone for the first time in a long time. The price remains in a sideways condition.

📊 Four zones are provided today based on the two nearest support and resistance levels.

1️⃣ If the price successfully breaks the support, then that support becomes resistance.
2️⃣ If the price successfully breaks the resistance, then that resistance becomes support.
3️⃣ If the price still fails to break the support and resistance, then a sideways movement occurs.

The presented analysis is based on the D1 time frame for intraday investors. Have good trades!

🏦 Traders are now focused on a key economic data set to release this week, increasing demand for safer investments. This boosts gold prices and helps the Japanese Yen (JPY) recover. Meanwhile, the US Dollar struggles to gain traction as traders await important growth, inflation, and employment reports later in the week.

🔈 The preliminary Q3 2024 GDP readings from Germany, the Eurozone, and the US will be closely watched. Concerns about the economic impact of recent US hurricanes and strikes, coupled with the Fed policymakers’ blackout period, may lead to further declines in the US Dollar if the upcoming data fails to support a "soft landing" for the economy. This could push gold prices to new all-time highs.

🎖 Negative news from China and Iran is impacting market sentiment but hasn’t helped the US Dollar. This weakness allowed to make its biggest daily jump in 5 weeks, reaching an all-time high. However, disappointment over China's expected $1.4 trillion stimulus, lacking strong details, dampens the optimism of the gold buyers. Meanwhile, rising geopolitical tensions from Iran’s threats against Israel are adding to the uncertainty.

💱 The US Dollar’s struggle to rise, combined with positive German consumer confidence data for November, is helping the pair recover. This sentiment, along with a reassessment of the UK budget’s impact on the economy, is boosting prices. On the other hand, is lacking momentum as Japan’s consumer confidence for October fell to a five-month low.

🌐 Crypto buyers are pushing back against the US Treasury Department's National Strategy for Financial Inclusion, which labels crypto as risky. recently hit its highest point since March, fueled by concerns over relaxed industry regulations following the US elections. Similarly, has gained for 4 consecutive days.

🗓 This week, important releases include the initial readings of EU and US Q3 GDP data (on Wednesday), the US Core PCE Price Index, and Nonfarm Payrolls (NFP).

📌 Save this post to stay informed. Time: GMT+2, MetaTrader server time.

🏦 Strong US data, along with hawkish Fed signals and market uncertainty, support a four-week uptrend in . Positive results from September’s Durable Goods Orders and the University of Michigan's Consumer Sentiment Index bolster expectations for slower Fed rate cuts.

💱 Despite a positive German Ifo Sentiment Index, has declined for four consecutive weeks amid a dovish outlook for the ECB, despite President Lagarde's comments on disinflation. also faces pressure as the Bank of England counters market speculation about faster rate cuts amid a risky UK budget and mixed data.

💴 opened the week with an upside gap after Japan's ruling party lost its majority, raising concerns about the Bank of Japan's ability to raise rates and support wages, further weighing on the Yen.

🌐 and recorded weekly losses despite crypto traders remain optimistic about the potential impact of the US Presidential Election on the industry. This downturn may be related to discussions about the FBI's investigation into Tether and the US Treasury Department's consideration of sanctions against it.

📊 With ongoing risk aversion and a hawkish stance from the Fed contrasting with dovish expectations from other major central banks, the US Dollar is likely to stay strong. This could put pressure on major currencies and Antipodeans unless upcoming data challenges the Fed's readiness for slower rate cuts.

🚀 Gold buyers are pushing the price higher again, trying to break through the resistance zone. Gold remains in a sideways condition.

📊 Four zones are provided today based on the two nearest support and resistance levels.

1️⃣ If the price successfully breaks the support, then that support becomes resistance.
2️⃣ If the price successfully breaks the resistance, then that resistance becomes support.
3️⃣ If the price still fails to break the support and resistance, then a sideways movement occurs.

The presented analysis is based on the H1 time frame for intraday investors. Have good trades!

🚀 Gold renewed a two-week high to $2,375 while keeping Wednesday’s run-up. The precious metal defends the previous day’s gains while cheering the Greenback’s retreat early Thursday as tensions in the Middle East join the latest expectations suggesting the Fed’s rate cut in September and two more in 2024.

💵 US Dollar Index (DXY) marked the biggest daily gain in a week the previous day after the US ISM Services PMI rose to the highest level in nine months while the final readings of the S&P Global Composite PMI also improved. In doing so, the greenback ignored a softer print of the US ADP Employment Change, the early signal for Friday’s NFP, and the market’s risk-on mood.

💶 The EURUSD pair halts a two-day losing streak while expecting fewer rate cuts from the European Central Bank (ECB) after announcing a 0.25% reduction to the benchmark rates during today’s monetary policy meeting. Additionally helping the Euro to better prepare for the ECB is the improvement in the German Factory Orders and Producer Price Index (PPI) for April.

🔈 Although Eurozone Retail Sales and the US statistics about employment and trade also occupy Thursday’s economic calendar, major attention will be given to the ECB Monetary Policy Meeting announcements. While the ECB is almost certain to offer a 0.25% rate cut and will drown the EURUSD initially, any hawkish comments in the statement or the press conference by President Christine Lagarde, which pushes back further rate cuts, could bolster the Euro pair’s latest upside.

🔎 Read our for more information.

📌 The mixed US data joins upbeat China Caixin Services PMI to underpin cautious optimism early Wednesday, especially after mildly bid Wall Street. The same challenges the US Dollar Index’s (DXY) corrective bounce from a two-month low ahead of the key activity and employment clues from the US.

💰 EURUSD remains on the back foot while extending the previous day’s retreat from the 11-week high as traders expect more rate cuts from the ECB after unleashing the method on Thursday. Further, GBPUSD justifies the escalating political tensions in the UK ahead of July’s general elections. The Cable pair’s latest weakness could be linked to the recent polls suggesting a strong challenge for the ruling conservatives to defend the government. Additionally, doubts about the BoE’s capacity to defend the current rates also test the Cable pair buyers even as the British statistics have been slightly upbeat of late.

🌐 BTCUSD rises for the fifth consecutive day to refresh a two-week high (trades near $71,000) but ETHUSD pares the previous day’s gains with mild losses amid mixed sentiment in the crypto market (the price is around $3,800).

🔈 Later today the final readings of May’s PMIs from the Eurozone and the UK will be the first catalysts to entertain the momentum traders. Following that, the US ADP Employment Change and Bank of Canada Interest Rate Decision will be crucial to watch. At last, the US ISM Services PMI and the final readings of the S&P Global PMI for May could test the latest moves.

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🏦 Market sentiment remains mostly offbeat as traders await the US Federal Reserve’s (Fed) favorite inflation gauge, namely the US Core PCE Price Index. Apart from the pre-data anxiety, downbeat prints of China’s official PMI and geopolitical tensions in the Middle East also challenge the risk appetite. The US Dollar’s rebound joins the cautious mood ahead of Eurozone inflation data to challenge the EURUSD buyers.

💷 GBPUSD also fades the prior recovery and appears well-set for the first weekly loss in three. The pair recovered the previous day on a softer US Dollar but stays on the way to snapping a two-week uptrend as mixed UK data raise doubts about the BoE officials’ hawkish tone.

💴 USDJPY extends the previous day’s retreat on strong Japan inflation and Retail Trade data. A lack of confidence in the Bank of Japan’s (BoJ) next move fail to propel the USDJPY prices as Japan’s Tokyo CPI, Industrial Production and Retail Trade marked upbeat figures for April. Also exerting downside pressure on the Yen pair is a pullback in the yields.

🎖 Gold price remains firmer on a weekly basis, despite the latest failure to rise, as optimism in the equities’ front joins hopes of lower rates from major economies and China stimulus. Furthermore, the US Dollar’s struggle to defend the weekly gains and expectations of witnessing a steady weakness in the US inflation data also allow the spot Gold price (XAUUSD) to remain firmer.

🔈 Be it from the Eurozone or the US, the inflation numbers are today’s key catalysts as central bankers at the ECB and the Fed try to push back expectations of repeated rate cuts in 2024. Apart from that the Q1 GDP numbers from India and Canada, as well as the weekend meeting of the OPEC+, will also be important to watch looking forward.

🚀 Gold buyers are pushing the price up again but are unable to break through the resistance zone. Sellers are still willing to push the price down if buyers are unable to break through the resistance.

📊 Four zones are provided today based on the two nearest support and resistance levels.

1️⃣ If the price successfully breaks the support, then that support becomes resistance.
2️⃣ If the price successfully breaks the resistance, then that resistance becomes support.
3️⃣ If the price still fails to break the support and resistance, then a sideways movement occurs.

The presented analysis is based on the H4 time frame for intraday investors. Have good trades!

🌐 The US Dollar Index (DXY) drops for the third consecutive day, allowing the riskier assets to edge. That said, EURUSD benefits from the concerns that the European Central Bank (ECB) will struggle to extend the rate cuts after June whereas GBPUSD cheers hawkish comments from the Bank of England (BoE) officials. AUDUSD rose for the third consecutive day as Australia’s Retail Sales grew in April.

🎖 Gold remains dicey, struggling to extend the two-day recovery near $2,345 by the press time. It lacks upside momentum amid mixed headlines from Asia and the Middle East earlier in the day.

💴 USDJPY remains pressured for the second consecutive day as most of the BoJ officials challenge the market’s concerns about their capacity to lift rates again in 2024. Also helping the Yen pair sellers was the strongest Japan Producers Price Index (PPI) since May 2015. Furthermore, downbeat yields and the growing confidence in Japan’s ability to overcome the stagflation exerted additional downside pressure on the Yen pair.

🚀 The EURUSD buyers successfully pushed the price up, breaking through the resistance zone. The resistance zone has become a support zone, providing an opportunity for buyers to continue pushing the price up.

📊 Four zones are provided today based on the two nearest support and resistance levels.

1️⃣ If the price successfully breaks the support, then that support becomes resistance.
2️⃣ If the price successfully breaks the resistance, then that resistance becomes support.
3️⃣ If the price still fails to break the support and resistance, then a sideways movement occurs.

The presented analysis is based on the H4 time frame for intraday investors. Have good trades!

🚀 The Gold buyers successfully pushed the price down, breaking through the established resistance zone. Resistance has become support, providing one more opportunity for buyers.

📊 Four zones are provided today based on the two nearest support and resistance levels.

1️⃣ If the price successfully breaks the support, then that support becomes resistance.
2️⃣ If the price successfully breaks the resistance, then that resistance becomes support.
3️⃣ If the price still fails to break the support and resistance, then a sideways movement occurs.

The presented analysis is based on the H4 time frame for intraday investors. Have good trades!

🏦 Market sentiment remains slightly positive early Friday as downbeat US data and the Bank of Japan’s (BoJ) dovish halt joined upbeat earnings reports from Alphabet and Microsoft. Also contributing to the firmer risk appetite could be the absence of Sino-American tensions as US Secretary of State Antony Blinken visits China.

📉 Gold price fails to cheer the US Dollar’s weakness and prepares for the first weekly loss in six as the US Treasury bond yields remain on the front foot while expecting the Federal Reserve’s (Fed) hawkish halt in the next week’s FOMC. Also, mixed concerns about the US-China ties and the fears emanating from the Middle East allow the XAUUSD to better prepare for the Fed monetary policy meeting announcements.

💶 While the US Dollar dropped on downbeat data, the Euro managed to grind higher as cautious optimism prevails in the bloc. Also underpinning the EURUSD pair’s two-week recovery could be the recent firmer data from the “Old Continent” and the hawkish remarks from the European Central Bank (ECB) officials.

Our analysts :

🟢 Strong buy: USDCAD, USDJPY, US Dollar
🟢 Buy: ETHUSD, Nasdaq, Gold

🔴 Strong sell: AUDUSD, NZDUSD, GBPUSD
🔴 Sell: DAX, FTSE 100, EURUSD

What are your best trades this week? Share in the comments 👇

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🗞 A bunch of US data will entertain the market players later today. Among them, the first readings of the US first quarter (Q1) 2024 Gross Domestic Product (GDP) will gain major attention. Also important will be the weekly US Jobless Claims and monthly prints of the US Pending Home Sales and Kansas Fed Manufacturing Activity Index.

Following the aforementioned US data, the early Friday’s monetary policy meeting from the Bank of Japan (BoJ) and the US Core PCE Price Index, also known as the Fed’s preferred inflation gauge, will also be important to watch and can trigger notable USDJPY moves. That said, a likely hawkish BoJ could activate the much-awaited pullback in the Yen pair but firmer US inflation clues can put a floor under the USDJPY prices.

💹 USDJPY grabs attention by approaching 160.00. Be it the USDJPY pair’s run-up to the multi-year high or Japanese policymakers’ resistance to accept the Yen weakness, not to forget the cautious mood ahead of the US Q1 GDP, BoJ meeting and the Core PCE Price Index, the Yen pair is in the spotlight. It’s worth noting that the quote’s run-up to the 34-year high justifies multiple catalysts ranging from the US Dollar’s rebound to the market’s anxiety, as well as a likely longer gap between the monetary policies of the Fed and the BoJ.

🎖 Gold price remains side-lined around $2,318-20 after falling in the last three consecutive days, poking short-term key support by the press time, while the US Treasury bond yields edge higher and the Asia-Pacific shares drift lower.

What assets do you plan to trade today? Share with us in the comments 📝

💰 Gold sellers need validation from $2,298 and US GDP.

Gold price portrays a four-day losing streak as market players brace for the first readings of the US first quarter (Q1) 2024 Gross Domestic Product (GDP). In doing so, the XAUUSD justifies the previous day’s downside break of a $2,324 support confluence, now resistance, comprising the 21-SMA and a two-month-old upward-sloping trend line.

Downbeat prints of the US Q1 GDP could trigger the Gold Price recovery that will aim for the $2,324 support-turned-resistance confluence. In a case where the XAUUSD remains firmer past $2,324, the $2,350 and the $2,400 psychological magnets will lure the buyers.

👉 Overall, but the quote’s further downside needs validation.