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gold_01

Gold outlook remains positive despite drop ahead of FOMC minutes

More evidence is needed to confirm gold has peaked, for the latest pullback could just be driven by short-term profit-taking. My gold outlook remains bullish and expect an eventual rise to $2500.

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May 23, 2024 02:00 AM
Uptrend

AUD/USD outlook supported by rallying metals and Chinese markets

The recent upsurge in metals prices should keep the Australian dollar supported, more so now with Iron Ore prices hitting their highest levels since February. What’s more, the ongoing risk rally across asset classes argues against a significant drop in risk-sensitive commodity dollars anyway. So, my AUD/USD outlook remains bullish despite its struggles so far this week.

Congress building

S&P500 Forecast: SPX slips ahead of FOMC minutes, Nvidia earnings

US stocks are pointing to a weaker open as concerns over high interest rates for longer offset optimism surrounding Nvidia ahead of its Q1 earnings after the closing bell. Nvidia is expected to post a 242% rise in revenue and EPS of $5.17 vs $0.82 in the same period last year. The stock trades up 200% over 12 months, and strong earnings could power the next leg higher for the S&P 500. The minutes of the latest Fed meeting will also be in focus and could support the view rates must stay high for longer.

united_kingdom_04

GBP/USD, USD/JPY Forecast: Two trades to watch

GBP/USD jumps after hotter-than-expected CPI data. USD/JPY rises ahead of FOMC minutes.

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Yen, Euros and dollar currency bills and notes

USD/CHF looks set to lead the USD index higher, EUR/USD and AUD/USD lower

My bias for the US dollar index to rise to 105 remains in place, even if prices are grinding higher at a frustrating pace. But with USD/CHF hinting at a breakout, it could point to near-term weakness for EUR/USD and AUD/USD.

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Today 02:59 PM
Market chart showing uptrend

NZD/USD: RBNZ delivers hawkish surprise, Kiwi gains capped by amplified economic risks

The RBNZ is intent on defeating inflation even if it means sacrificing the economy, delivering a major surprise at its latest monetary policy meeting by flagging the likelihood that rates may need to increase again. The Zealand dollar surged on the unexpected hawkish pivot.

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Today 01:51 PM
gpbusd_06

GBP/USD forecast: Cable stands firm despite hopes of soft UK CPI

GBP/USD has rallied 3.5% since April's low despite favourable yield differentials with the US. Yet price action on the daily and H4 charts suggests a minor pullback may be due.

Research

AUD/NZD hints at swing low before RBNZ, ASX seeks breakout: Asian Open

AUD/NZD looks set to capitalise on its rise from Friday's, which could be helped by even a slightly dovish RBNZ meeting. SPI 200 futures were higher overnight to suggest the ASX 200 could break to the upside from its daily compression pattern.

canada_02

USD/CAD outlook: Canada’s CPI cements BOC June cut expectations

USD/CAD outlook: Despite softer Canadian CPI data, could the pair drop anyway? While Fed officials maintain a hawkish rhetoric amid sticky inflation signs, weakening data suggests US policy could be loosened sooner. Meanwhile, the USD/CAD remains inside a short-term bearish channel even if a key bull trend has been supported for now.

Gold bars article image for an article on Precious metals and Gold

Gold, Silver Forecast: “Perfect Storm” Drives Gold and Silver to Cycle Highs – Where Next?

Gold’s outlook remains constructive heading into resistance in the $2460-2500 zone, and Silver is in an even more bullish technical position, with a bullish bias in place above $30.

Oil refinery

Crude Oil Analysis: Rates and Inventories

Crude Oil Analysis: Crude oil has rebounded from its largest yearly correction twice, driven by negative U.S inventory results for the past two weeks. Will there be a third rebound on Wednesday?

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Dow Jones Forecast: DJIA muted on rate cut uncertainty

US stocks point to a modestly weaker open amid Fed rate cut uncertainty and ahead of Nvidia earnings tomorrow. Fed speakers have sounded cautious about cutting rates despite inflation cooling in April. The US economic calendar is quiet today. Attention will be on more Fed speakers ahead of tomorrow's FOMC minutes. Meanwhile, Macy's and Lowe's point to a stronger open after beating estimates.

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Yesterday 11:20 PM
Forex trading

EUR/USD forecast remains bullish amid recent US data weakness

Fed’s tone has remained hawkish, with officials arguing against premature rate cuts. This has helped to provide the greenback some support, even as the markets have brought forward their expectations over the first rate cut thanks to weakness in US data. All told, our EUR/USD forecast remains bullish in the short-term outlook.

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Yesterday 09:00 PM
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