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Gold and silver forecast: Metals continue bullish consolidation – Technical Tuesday

Election uncertainty in France and upcoming key US data are some of the risk factors keeping a lid on gold (XAUUSD) and silver (XAGUSD) prices. Still, both of our gold and silver forecast remains bullish. Their ongoing consolidation phase should not be mistaken for a sign of weakness.

Close-up of Union Jack flag

GBP/USD, FTSE Forecast: How could the UK election impact the markets?

The countdown to 4th July, election day is on, and the polls have broadly continued to show the same pattern we've seen across the course of the election campaign: Labour retaining their lead of around 20 points above the Conservatives. Here, we take a look at what a Labour win could mean for the pound and FTSE index.

Oil extraction

EUR/USD, Oil Forecast: Two trades to watch

EUR/USD struggles with French elections and US data in focus. Oil steadies ahead of API stockpile data.

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Silver’s bullish break under threat with aggressive sellers parked above

It could be an important day for silver, threatening to break the uptrend that kicked off the bullish run back in February. Given the importance of this level, it comes across as an ideal level to build a trade around, regardless of how the price action evolves from here.

Wall Street sign with a building in background

Dow Jones futures eyeing bullish breakout?

Sitting in a bullish pennant pattern with RSI and MACD pointing to building bullish momentum, it looks like we may soon see a test of topside resistance in Dow Jones futures, pointing to the potential for a bullish break or bearish reversal that may see the price coil up even further.

Research

Dow Jones forecast: Bulls eye DJIA 40K as tech takes a breather

The US stock markets were trading mixed today. The Dow was up more than 1% at the time of writing, boosted by IBM and JPMorgan shares. On the flipside, this year’s best performing index, the Nasdaq 100, had an off day, down about 0.9% as shares in Nvidia fell by 6%, down for the third consecutive day.

Forex trading

EUR/USD forecast in sharp focus as French election nears

One big risk event is taking place next Sunday, on June 30. This will mark the first round of the French parliamentary election. But it is likely that the extent of Marine Le Pen party's progress will only be known after the run-offs on July 7.

Day trader looking at trading screens

EUR/USD, NZD/USD: Abundant fuel to spark a squeeze

EUR/USD and NZD/USD have returned to territory where they’ve attracted buying in the past. Given this week is likely to confirm ebbing inflationary pressures in the United States, adding to the case for Fed rate cuts, and with French election uncertainty now arguably priced in, there’s fuel around to spark some form of squeeze in the days ahead.

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Yesterday 06:37 AM
Close-up of Union Jack flag

GBP/USD: Cable dangles above support as bears seek downside break

This week comes across as a pivotal one for GBP/USD, teetering above technical support ahead of arguably the most important data release worldwide when it comes to the global interest rate outlook, the US core PCE deflator. If the recent price action is any indication, risks look to be building to the downside.

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Yesterday 03:24 AM
Market trader analysing data

Gold, silver forecast: Metals drop to test key support levels

In the months ahead, our gold and silver outlook remains positive. Inflation continues to rise in the US, and although it has significantly decreased in Europe and other regions, the risk of deflation is minimal, particularly with the recent surge in oil prices.

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June 21, 2024 05:10 PM
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EUR/USD, GBP/USD outlook undermined as US dollar extends rise – Forex Friday

The dollar has strengthened thanks to weakness in European PMI data released earlier today and ongoing concerns about the upcoming elections in France and the UK, both holding back the euro and pound. Meanwhile a surprise rate cut by the SNB hurt the franc on Thursday, which was followed by a marginally more dovish Bank of England rate decision than expected.

gold_02

Gold consolidating bullish break, tailwinds to strengthen next week?

Gold has been on a nice run recently, breaking out of the pennant it had been coiling in before doing away with the downtrend dating back to the highs set in May. Considering the drift higher in US bond yields, along with a stronger US dollar, the move has been doubly impressive.

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June 21, 2024 07:25 AM
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Nasdaq 100 Forecast: Tech Rally Pauses for Breather as Index Hits Resistance

Today, the Nasdaq 100 reached a new milestone, climbing above 20K for the first time ever before retreating.

banks_01

GBP/USD forecast: Pound drops as BoE hints at rate cuts

The MPC voted 7-2 to hold rates, with Dhingra and Ramadan again voting to cut rates. But the fact that this decision was "finely" balanced means the balance could shift towards a cut should economic conditions deteriorate, or inflation does not accelerate again.

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June 20, 2024 02:07 PM
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GBP/USD, FTSE Forecast: Two trades to watch

GBP/USD awaits the BoE rate decision. FTSE 100 rises ahead of the BoE rate decision.

commodities trading

Silver leads the breakout for gold, but resistance looms

Silver broke above $30 to reach a 9-day high today, before gold tried to mimic its move with limited success. And with silver stalling around resistance, I remain suspicious of the move higher on gold.

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June 20, 2024 07:05 AM
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USD/CNH hits 2024 highs as PBOC loosens grip on yuan

The People’s Bank of China (PBOC) continues to loosen its grip on the Chinese yuan, sending USD/CNH highs not seen since late 2023 on Thursday. Given the influence the yuan has on emerging market and other Asian currencies, the technical break may have global ramifications if it sticks.

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June 20, 2024 06:17 AM

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USD/CHF traders are nervous of being ‘caught short’ ahead of SNB

Futures traders may be heavily net-short Swiss Francs, but the rapid rise of the currency this week ahead of the SNB meeting suggests some are wary of being caught short a less-dovish central bank.

Research

Hang Seng leads the way, ASX and China A50 set to follow?

The Hang Seng enjoyed its best day in three months. And with key support levels for the China A50 and ASX 200 holding, perhaps they can try to close the gap this week.

NZD/USD: New Zealand exits recession as the Kiwi contemplates upside

New Zealand is no longer in recession with economic activity expanding 0.2% in the first quarter, leaving it 0.3% higher than a year earlier. Markets has been looking for slightly softer numbers at 0.1% and 0.2% respectively. NZD/USD is pushing higher.

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June 20, 2024 12:17 AM
Forex trading

EUR/USD outlook remains as clear as mud

FX investors will look ahead to two major central bank decisions on Thursday and US weekly jobless claims figures, building permits and the Philly Fed Manufacturing Index, which could impact the short-term EUR/USD outlook. But the main focus will be on France’s snap election taking place on June 30.

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June 19, 2024 05:31 PM
Research

FTSE 100 Forecast Boosted by CPI and Crude Rally Ahead of Elections

The FTSE moved moderately higher after the UK’s inflation rate fell to the Bank of England’s 2% target ahead of for the central bank’s rate section on Thursday.

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June 19, 2024 01:00 PM
Molten metal

Hang Seng, copper rout reverses course, turning point in the making?

Hang Seng's strong correlation with COMEX copper and SGX iron ore futures over the past month suggests many traders are using it as a mechanism to speculate on the outlook for Chinese industrial activity, especially the housing market.

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June 19, 2024 06:27 AM