Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Gold Skyrocketed, USD Dropped. What Drives The Market Today?
Information is not investment advice
What you need to know on Thursday
- US Inflation Rate came out greater than analysts expected: 0.4% vs the forecast of 0.3%). US Core Inflation Rate met the expectations of 0.2%.
- The Fed published the detailed record of its latest meeting. As expected, it revealed that officials are ready to start tapering on November 2-3 (a gradual cut of asset purchases). Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
- The 10-year Treasuries yields, boosting demand for non-interest-bearing gold. The yellow metal may start actually a long uptrend if high inflation persists.
- Oil closed lower as traders assessed OPEC’s skepticism around the strength of crude demand even after prices hit the highest since 2014.
- The Australian unemployment rate came out better than expected: 4.6% vs the expected 4.8%. However, the employment change came out worse. AUD/USD dropped immediately after the release but then continued rising.
- JP Morgan announced upbeat third-quarter earnings, reporting profits of $11.7 billion. Today, we expect earnings reports from BAC, Wells Fargo, Morgan Stanley, and Citigroup.
Tech outlook
EUR/USD has escaped the descending channel breaking above the 50-period moving average (MA) at 1.1570. However, it stopped ahead of the strong resistance level of 1.1600. The jump above it will open the doors to the high of October 4 at 1.1635. Support levels are the 50-period MA at 1.1570 and yesterday’s low of 1.1545.
Gold has skyrocketed! It has approached the 100- and 200-day MAs at $1800. It may struggle to cross this strong resistance level, but if it manages to break it, the doors to the next round number of $1815 will be open. Support levels are the 50-day MA at $1775 and the low of October 11 at $1730.
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Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
The US Labor Market And Real Estate Market Are In Focus This Week
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
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