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UK budget deficit in February exceeds $20 billionPublic spending in the UK has exceeded government revenue by 16.7 billion pounds ($20 billion), aggravating the financial woes of the British government. Later today, Mitrade expects the UK year-on-year inflation rate to increase by 9.9%, slightly lower than 10.1% last month. GBP/USD then declined 62 pips to 1.2214, and AUD/USD fell 50 pips to 0.6668. EUR/USD increased 48 pips to 1.0767. USD/JPY climbed 118 pips to 132.49, and USD/CAD added 49 pips to 1.3713. Canada's month-on-month core inflation rate slowed to 0.5% in February, lower than market estimates. Spot gold dropped $38.31 to $1,940.64 an ounce, and US WTI crude futures traded $1.85 higher to $69.67 a barrel. Bitcoin and Ethereum rose to $28,009.0 and $1,790.96 respectively. The Nasdaq 100 advanced 178 points to 12,741. The S&P 500 added 51 points to 4,002, and the Dow Jones Industrial Average surged 316 points to 32,560.
by Mitrade_official
Fed rate estimates falling weaken the greenbackRecent banking crises were partly caused by aggressive rate hikes, which lowered the value of long-term Treasury bonds. As a result, Mitrade expects the Federal Reserve to scale back on future rate hikes, with current market consensus aiming for a 25 basis point increase on Thursday. The news slowed the dollar, with EUR/USD advancing 53 pips to 1.0719. GBP/USD surged 101 pips to 1.2276 and AUD/USD added 23 pips to 0.6718. USD/CAD declined 63 pips to 1.3664, and USD/JPY dropped 48 pips to 131.31. The stock market continues to recover, as the Dow Jones Industrial Average increased 382 points to 32,244. The S&P 500 rose 34 points to 3,951, and the Nasdaq 100 edged up 42 points to 12,562. Spot gold fell $10.39 to $1,978.95 an ounce, and WTI oil futures closed $1.20 higher at $67.82 a barrel. Bitcoin climbed to $27,883.0, while Ethereum slipped to $1,750.83.
by Mitrade_official
Natural Gas - Bigger correction in this area?Hello traders, Today we will do an analysis for NATGAS. This commodity is in a big downtrend on the daily and weekly timeframe that started in August 2022. For now the higher probability move is a bigger correction in this area. On the 4h timeframe we expect the price to move to the upside and break the previous local high that it made on the 3rd of March. Once it reaches the area of the magenta rectangle marked on the chart we must see if we will have a continuation to the downside or it will continue making a bigger correction (upside). Another possible scenario is a move to the downside that coincides with the 70,5% Fibonacci retracement and then a move to the upside to break the local high. Please don't jump in, wait for your setups, no matter what, and don't risk more than 1% of your capital.
NLong
by financialflagship
UBS bails out Credit SuisseOn Sunday, the market was relieved as Swiss bank UBS agreed to acquire Credit Suisse for over $3 billion, backed by the Swiss central bank. Last Friday, the Eurozone's year-on-year inflation rate increased by 8.5% as expected by Mitrade, and EUR/USD increased 61 pips to 1.0666. Before the bailout announcement Sunday, the Dow Jones Industrial Average plunged 384 points to 31,861, the S&P 500 fell 43 points to 3,916, and the Nasdaq 100 dropped 61 points to 12,519. GBP/USD rose 68 pips to 1.2175, and AUD/USD advanced 41 pips to 0.6695. USD/CAD edged up 9 pips to 1.3727 but USD/JPY declined 193 pips to 131.79. Spot gold prices surged almost $70 to $1,989.34 an ounce, reaching their strongest level in 11 months. WTI crude futures slid $2.10 to $66.22 a barrel. Bitcoin climbed to $27,786.0, after climbing to $28,300, the highest level since June 2022. Ethereum rose more than $100 to $1,776.59.
by Mitrade_official
European Central Bank raises rates by 50 basis pointsThe European Central Bank has decided to raise its interest rate by 50 basis points to 3.00% - the highest level since 2008. The ECB President remained confident in the continent's banking sector despite recent doubts raised within Credit Suisse. As a result, EUR/USD added 30 pips to 1.0605. Later tonight, Mitrade expects the Eurozone's year-on-year inflation rate to remain at 8.5%. GBP/USD increased 42 pips to 1.2107, and AUD/USD added 39 pips to 0.6654. USD/CAD declined 49 pips to 1.3718, as USD/JPY advanced 32 pips to 133.72. Yesterday, the US stock market closed higher, with the Nasdaq 100 climbing 330 points to 12,581. The S&P 500 also gained 68 points to 3,960, while the Dow Jones Industrial Average rose 371 points to 32,246. Spot gold increased $1.55 to $1,919.55 an ounce, and WTI crude futures edged up $0.10 to $68.35 a barrel. Bitcoin surged past the key level of $25,000 to $25,114.0, and Ethereum recovered to $1,671.99.
by Mitrade_official
Credit Suisse jitters worries investorsCredit Suisse just announced borrowing plans from the Swiss Central Bank, once again raising concerns in the banking sector. As previous issues remain unresolved in the investment bank, its share price plunged over 10%, currently at $2.16. As for the major US indices, the Nasdaq 100 managed to add 51 points to 12,251. On the other hand, the Dow Jones Industrial Average fell 280 points to 31,874, and the S&P 500 declined 27 points to 3,891. In February, US retail sales contracted by 0.4% on the month, higher than Mitrade's estimates. USD/CAD then advanced 83 pips to 1.3767, but USD/JPY dropped 82 pips to 133.40. The greenback strengthened against other major currencies, with EUR/USD plunging 157 pips to 1.0575. GBP/USD decreased 93 pips to 1.2065, and AUD/USD slid 64 pips to 0.6615. Spot gold rose $14.22 to $1,918 an ounce, and WTI oil futures closed $3.08 higher to $68.25. Bitcoin and Ethereum slowed to $24,292.0 and $1,642.61 respectively.
by Mitrade_official
Gold - Bearish Sentiment1900 has been broken successfully. Remember, EVERY BREAK EXPERIENCES A RETEST!! Now price will be breaking the second 1m BA zone for the second time at 1896.43. Market-makers are done taking out liquidity and have mitigated the 1912.00 order block. All we need now is HOLD our positions all the way down to 1821!! Gold is FALLING! ---------------------------------------------------------------------------------------------------------------------------------- Proper risk management, trading psychology and patience PAY in the markets.
FOREXCOM:XAUUSDShort
by SMCSmartSniper1
US dollar and stocks recover as inflation coolsThe market rebounded as most US inflation readings met estimates, with a 6.0% year-on-year increase, though monthly core inflation was slightly higher at 0.5%. US stocks also closed higher as the aftershock of Silicon Valley Bank’s collapse subsided, with the Nasdaq 100 surging 276 points (+2.32%) to 12,199. The S&P 500 added 64 points (+1.68%) to 3,920, and the Dow Jones Industrial Average climbed 336 points (+1.06%) to 32,155. The EUR/USD rate edged up 3 pips to 1.0732. Mitrade expects the European Central Bank to raise rates by 50 basis points early Friday morning. AUD/USD increased 15 pips to 0.6679. A slow drop in the UK Claimant Count Change saw GBP/USD falling 23 pips to 1.2158. USD/CAD slipped 40 pips to 1.3684, and USD/JPY rebounded 104 pips to 134.22. Spot gold declined $9 to $1,904.01 an ounce, and WTI oil futures slid $3.47 to $71.33 a barrel. Bitcoin and Ethereum extended their rally to $24,947.0 and $1,706.92 respectively.
by Mitrade_official
Market expects US inflation to drop furtherLater today, the US inflation data for February will be released, with Mitrade anticipating the annual reading to slow from 6.4% to 6.0%. With the SVB collapse in mind, the projection for next week’s Fed interest rate decision is swaying towards a more moderate target. USD/CAD then fell 41 pips to 1.3724, and USD/JPY plunged 180 pips to 133.18. GBP/USD surged 153 pips to 1.2181. EUR/USD climbed 86 pips to 1.0729, and AUD/USD increased 23 pips to 0.6664. As the market favors traditional safe-haven assets, spot gold gained $46.3 to $1,913.54 an ounce. WTI oil futures dropped $1.88 to $74.80 a barrel. Bitcoin and Ethereum continue to climb to $24,344.0 and $1,671.19 respectively. The Nasdaq 100 rose 92 points (+0.79%) to 11,923. The Dow Jones Industrial Average declined 90 points (-0.28%) to 31,819, and the S&P 500 slid 5 points (-0.15%) to 3,855.
by Mitrade_official
GOLD (XAU/USD): a multi-timeframe perspective. Correction time?Firstly, let's take a look at the Weekly timeframe graph as illustrated on the left-hand side of the screen. We may observe that the price has been consecutively printing massive bullish candles after having rejected a crucial level of support (1802 - 1810) highlighted on the graphic. Zooming into the Daily timeframe chart, it can be inferred that the price has been rocketing to the upside, and that it needs for some correctional moves to happen before being able to continue its bullish impulses. Hence, we are anticipating for the price to consolidate around the area circled on the chart before initiating a drop and POTENTIALLY reaching the zone of resistance aligning with the 50% Fibonacci retracement zone.
OANDA:XAUUSDShort
by Investroy
6
SVB crash shocks marketThe Silicon Valley Bank collapse marked the second biggest bank failure in the US, after the 2008 financial crisis. Although bank deposits remain intact, shareholders are not protected. Shares of the parent company’s SVB Financial Group have plummeted over 70%, currently at $106.04. The S&P 500 slid 56 points to 3,861. The Nasdaq 100 traded 165 points lower at 11,830, and the Dow Jones Industrial Average declined 345 points to 31,909. Meanwhile, US nonfarm payrolls in February increased by 311,000, against Mitrade's estimates of 205,000. On the other hand, the unemployment rate also climbed to 3.6%, higher than the expected 3.4%. Mixed signals in the labor market and a shell-shocked financial market drove up safe-haven demand, with spot gold adding $36 to $1,867.24 an ounce. The dollar then weakened against its peers. EUR/USD increased 63 pips to 1.0643, and AUD/USD rose 51 pips to 0.6641. GBP/USD surged 103 pips to 1.2028, as UK GDP recorded 0.3% month-on-month growth in January, which rose past the market consensus of 0.1%. USD/CAD slipped 62 pips to 1.3765, and USD/JPY fell 116 pips to 134.98. WTI oil futures moved up $0.90 to $76.68 a barrel. Bitcoin and Ethereum recovered to $22,476.0 and $1,606.70 respectively.
by Mitrade_official
High US Initial Jobless Claims readings caused market jittersThe US initial jobless claims rose to 211,000, higher than the expected figure of 195,000. Investors then worry about February’s Nonfarm Payrolls report, which will be released later today with Mitrade estimating a reading of 205,000. USD/CAD added 23 pips to 1.3827, and USD/JPY dropped 120 pips to 136.14. As UK GDP is expected to grow by 0.1% in the month, GBP/USD gained 83 pips to 1.1925. EUR/USD increased 36 pips to 1.0580, and AUD/USD rose 4 pips to 0.6590. Spot gold climbed $17 to $1,830.88 an ounce, and WTI oil futures slid $0.94 to $75.72 a barrel. After Silvergate announced plans for “Voluntary Liquidation” were disclosed, its stock price plunged 42.16%, and Bitcoin and Ethereum plummeted to $19,892.0 and $1,418.36 respectively. The stock market ended lower. The S&P 500 declined 73 points (-1.85%) to 3,918. The Nasdaq 100 dropped 219 points (-1.80%) to 11,995, and the Dow Jones Industrial Average lost 543 points (-1.66%) to 32,254.
by Mitrade_official
Bank of Canada halts rate hikesThe Bank of Canada just announced its interest rate decision - leaving as it is at 4.50%. While the decision has been expected by Mitrade, it is also the first major central bank to put an end to months of rate hikes. USD/CAD then added 50 pips to 1.3804, and USD/JPY added over 20 pips to 137.34. Though EUR/USD slipped 6 pips to 1.0544, GBP/USD managed to add 12 pips to 1.1842, and AUD/USD closed 5 pips higher to 0.6586. Bitcoin and Ethereum just fell to $21,743.0 and $1,537.22 respectively. As investors await the US Nonfarm Payrolls report on Friday, spot gold declined slightly to $1,813.86 an ounce. Despite a drop in crude oil inventories by 1.69 million barrels, WTI oil futures dropped $1.2 to $76.66 a barrel. The Nasdaq 100 climbed 63 points (+0.52%) to 12,215, and the S&P 500 edged up 5 points (+0.14%) to 3,992. The Dow Jones Industrial Average decreased 58 points (-0.18%) to 32,798.
by Mitrade_official
NEXT BIG MOVE ON GOLD Hello traders Its been a while since i posted any charts because im too busy most of the time and i keep them on my pc or in my head anyway here i am with a chart on gold for a potential long . this chart/analysis is on a 3day htf and i anticipate the usd to continue its move to the upside up to 1.07 in which case we will get the move down on gold to the drawn redion on my chart . as i have labelled we have many confluences so i would expect a strong reaction in this zone anchored vwap from sept 22 lows 200 ema 0.5 fib 0.618 fib pull from ath - sept low htf value area low 0.382 speed fan which cuts straight through all of the above which i think is beautiful . set alerts and wait for the reaction and know where you are invalidated ! i have marked out a channel which could give us an insight into further price movement after the move down . you know the drill ..like follow share ..thankyou for stopping by
OANDA:XAUUSDLong
by SJTRADESFUTURES
XAUUSD on February's Support ZoneXAUUSD after its biggest daily drop in recent months, it reached the Support Zone of February. The MA50 (1D) has entered this Support Zone and can support as it is intact since November 10th 2022. Legitimate short term buy opportunity. Trading Plan: 1. Buy on the current market price. 2. Buy if the price breaks over Fibonacci 0.382 and retests the Pivot. Targets: 1. 1280 (MA50 (4H) and Pivot). 2. 1856 (Fibonacci 0.618 and Resistance 1). Tips: 1. The RSI (4H) is rebounding after breaking deep into the oversold level. It has been a strong buy signal before. Please like, follow and comment!!
FX_IDC:XAUUSDLong
by TradingBrokersView
3
Market sentiment muted in advance of Powell testimonyFederal Reserve Chairman Powell will testify in the US Congress's Joint Economic Committee, explaining recent policy decisions and providing the central bank’s economic outlook. The uncertainty raised risk-aversion sentiment in the market, leading USD/CAD to add 19 pips to 1.3612, USD/JPY also moved up 5 pips to 135.91. EUR/USD increased 46 pips to 1.0678, Eurozone's retail sales in January grew 0.3% on the month, lower than Mitrade's estimate of 1.0%. But GBP/USD fell 19 pips to 1.2021, and AUD/USD dropped 41 pips to 0.6727. Spot gold slid $9.7 to $1846.72 an ounce, and WTI oil futures gained $0.78 to $80.46. Bitcoin and Ethereum just recovered to $22,455.0 and $1,570.80 respectively. The stock market closed slightly higher yesterday, with The Dow Jones Industrial Average advancing 40.47 points (+0.12%) to 33,431. The Nasdaq 100 rose 11.67 points (+0.09%) to 12,302, and the S&P 500 added 2.78 points (+0.07%) to 4,048.
by Mitrade_official
WTI CRUDE OIL Sell SignalWTI Crude Oil reached Resistance Zone (1). Breaking above the Declining Resistance resembles late January. Limited upside to Resistance Zone (2) based on the past 4 months. Trading Plan: 1. Sell on the current market price. Targets: 1. 74.00 (over Support Zone 1). Tips: 1. The MACD is also inside its 3 month Resistance Zone. The next Bear Cross will confirm the downtrend. Please like, follow and comment!! Notes: This is an extension of this trading plan:
TVC:USOILShort
by TradingBrokersView