Down nearly 4.0% this month, the US Dollar Index demonstrates scope to navigate deeper waters on the monthly chart towards the 50-month simple moving average (SMA) at 101.72. A similar vibe is evident on the daily chart. Following a test of support-turned-resistance at 103.94, a possible bearish scenario could unfold if price breaches the lower edge of the current...
Versus the US dollar, spot gold (XAU/USD) rallied strongly in the early hours of the US session and is now up 1.5% on the day. Currently trading at US$2,977 and refreshing record highs, the precious metal is on the cusp of bumping heads with the widely watched US$3,000 level.
Gold’s Uptrend Remains Intact
Although Gold’s multi-year uptrend is not ensured to...
As shown on the weekly chart of the S&P 500, the stock market index is on track to record a fourth consecutive week underwater. However, with price action welcoming support around 5,577, a rebound higher could be on the table. This support zone includes local descending support, extended from the high of 5,669, and a channel resistance-turned-support line, taken...
Several desks forecast that the Bank of Canada (BoC) will reduce the overnight rate by another 25 basis points (bps) to 2.75% (from 3.00%) today at 1:45 pm GMT. Since June (2024), the central bank has lowered rates by 200 bps over six consecutive meetings, bringing the overnight rate closer to the mid-point of the BoC’s neutral range of 3.25% - 2.25%.
The swaps...
Market participants will closely monitor February’s CPI inflation report (Consumer Price Index), scheduled to be released tomorrow at 12:30 pm GMT. The consensus anticipates that headline and core metrics will demonstrate signs of cooling.
Economists anticipate that year-on-year CPI inflation has eased to 2.9% (down from 3.0% in January) and that core inflation...
February has not been kind to Tesla (ticker: TSLA), settling the month down 28% and stirring levels not seen since November 2024.
I will keep the following analysis simple and concise. Despite the eye-watering drop in February, a daily support area entered the fray on Friday between US$264.82 and US$272.25, made up of the following technical...
