Image Source: Unsplash WTI Elliott Wave AnalysisFunction – Counter-trend Mode – Corrective Structure – Zigzag Position – Wave (b) of ‘y’Direction – Wave (c) of ‘y’Details – A pullback for (b) is now close to the 80 major level. A rebound is expected from
March 22, 2024
Image Source: Pexels Overview: The dollar’s post-FOMC sell-off has been completely reversed and the greenback has reached new highs for the week against most of the G10 currencies. Heightened intervention fears and softer US yields have helped steady the yen, which is
Gold and silver both had spectacular weeks, with gold peaking at a record $2222 overnight on Thursday and silver at $25.75, before profit-taking set in. In European trade this morning, gold was trading at $2166, up $4 on balance from
Photo by Colin Watts on Unsplash As of Friday, the GBP/USD pair hovered around 1.2642, following a substantial decline. The Bank of England (BoE) has yet to find reasons to lower the interest rate, indicating intentions to maintain high rates for an extended
Image source: Pixabay Few were expecting anything more than a few franc sales from the Swiss National Bank. Instead, the SNB boldly cut its ST rate specifically because it knows what’s coming from around the rest of the world. And that
Gold chart analysisOn Wednesday evening, the price of gold rose to a new all-time high at the $2222 level. After that, the price made a retreat to $2200, which it tried to consolidate yesterday. With the start of the US
Image Source: Pixabay This week’s Fed meeting offered little new information to investors, with yields hardly changed. However, the fact that the FOMC revised estimates for growth and inflation slightly higher in 2024 – although continued to signal three rate cuts
Post-Fed RallyDespite the Fed striking a more-dovish-than-expected tone at the FOMC this week, the US Dollar is trading higher into the end of the week with the DXY rising to a fresh one-month high. On Wednesday, the Fed stuck to
The Fed and BoE overall messages didn’t change, though offered enough dovish hints for market expectations to converge on June as the kick-off date for the easing cycles. June is still some months away, and potentially hot US PCE data next week could
Brent prices are hovering around $85/bbl after a volatile period accompanied by the Fed’s commentary and geopolitical developments in the Middle East.US’ stockpiles data showed an unexpected decline, indicating a potentially strong demand for fuel.The Federal Reserve’s decision to potentially
