The recent consolidation phase in Brent crude oil prices, dropping slightly to 81.80 USD per barrel, can be attributed to renewed concerns over global oil demand. OPEC’s downward adjustment of demand forecasts for 2024 and 2025 has played a significant role in shaping market sentiment. With weaker-than-expected economic data from China and reduced regional demand
Technical Analysis
The New Zealand dollar has been steadily gaining ground against the US dollar, with the NZD/USD pair reaching 0.6014 as of the latest report. This uptrend is largely attributed to the upcoming Reserve Bank of New Zealand (RBNZ) meeting, where analysts widely expect the official cash rate to be maintained at 5.5%. This decision reflects
Gold prices are on the rise once again, as the precious metal continues to show strength in early trading on Monday. This upward momentum marks the third consecutive day of recovery for gold, following a significant drop last week. The optimistic outlook for gold comes as the Federal Reserve considers a 50 basis points rate
China’s recent consumer inflation data has been lacklustre, indicating that the current stimulus measures might not be enough to combat deflationary pressures. The Hang Seng Index has also been affected by weak Chinese data and global economic factors. This article will provide a detailed analysis of the situation and its implications. The latest consumer inflation
Gold prices have been experiencing significant volatility over the past week, with a 4.4% drop followed by a 2.5% rise. This rollercoaster ride can be attributed to various factors, including the global economic situation and market sentiment. One interesting aspect to note is that gold found support at its 50-day moving average during this period
The Bank of Japan (BoJ) released their summary of opinions, which included some bearish comments from BoJ policymakers. While Deputy Governor Shinichi Uchida helped stabilize the market with his softer tone compared to Governor Ueda, the overall sentiment is cautious. The BoJ mentioned that the probability of reaching the inflation target has increased, but also
The USDJPY pair witnessed a significant surge of more than 2% following the announcement made by the Bank of Japan’s deputy governor. The statement indicated a decrease in the likelihood of immediate policy tightening due to market instability concerns. This shift in sentiment attracted buyers back to the Japanese markets, leading to a 4% rebound
The JP 225 stock index has experienced a significant drop to a 10-month low of 30,361, marking a 21% decline at the start of the month. This plunge has been attributed to recession fears in the US and a bullish cycle of the yen, creating a pessimistic outlook for investors. The index has seen its
The current Elliott Wave analysis in the oil market suggests that the cycle from the 4.12.2024 high is currently in progress as a 5-wave impulse Elliott Wave structure. This analysis provides valuable insights into the potential future movements of oil prices based on historical patterns and wave counts. Breaking down the wave analysis further, we
The crypto market experienced a loss of 0.75% in just 24 hours, bringing the total market value down to $2.29 trillion. This decline followed a trend of negativity in cryptocurrencies compared to the positive movement in equities the day before. The market sentiment index is currently at 57, indicating a sense of greed among traders.
The gold price has been on the rise, surpassing the $2,440 resistance level. The technical analysis shows that there is a key bullish trend line forming with support near $2,440. However, the price is currently consolidating losses after testing the $2,455 zone. The support levels are near $2,440 and $2,415, with a potential downside towards
Gold prices have been on a continuous upward trajectory, with a new peak of 2460 USD per troy ounce reached on Friday. This surge is primarily fueled by the growing anticipation that the US Federal Reserve will soon lower interest rates. The signals from the Fed’s July meeting, along with weaker-than-expected US economic data, have