Daily Market outlook

Jul 09 at 05:28
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Member Since Mar 04, 2024   4 posts
Jul 09 at 05:28
Gold prices yesterday fell to a low of $2350 from a high of $2390 today. However, gold prices failed to continue their upward trend and returned to their range.

Gold prices on Friday post-NFP, gold prices surprisingly fell to a low level of $2350 but immediately rolled up and then jumped to $2392.

The price is now back to the $2350 range which may be the current support zone.

Important news today Jerome Powell will testify in Washington DC on the Semi-Annual Monetary Policy Report before the Senate Banking Committee. Next, there is Yellen Speaks and FOMC member Bowman Speaks.

Jerome Powell's testimony would normally be of interest to markets and may benefit markets because of his important role as head of the central bank, which controls short-term interest rates, he has more influence over the value of the nation's currency than anyone else.

Powell will provide 2 testimonies reading prepared, unscripted statements in which he will answer unknown questions. This moment may provide subtle clues regarding future monetary policy.

XAUUSD D1

Gold prices were pulled back into the Bollinger band after breaking through the upper band line at the weekend. Bollinger bands appear to draw a flat channel with narrow bands that reflect the price and may move within a certain range.

VB high points to a value of 56 and VB low points to a value of 42, there is a narrowing of the Bollinger band according to TDI which reflects a decrease in volatility.
Market Base Line (MBS) shows a value of 49 with a Trend Signal Line

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Member Since Jul 05, 2024   7 posts
Jul 10 at 12:32
Thank you for the analysis. Do you only trade gold? or do you have Forex analysis as well?
Member Since Mar 04, 2024   4 posts
Jul 12 at 13:48
SolSol9 posted:
Thank you for the analysis. Do you only trade gold? or do you have Forex analysis as well?
Sometimes I trade on gold but rarely, I just share opinion
Member Since Mar 04, 2024   4 posts
Jul 12 at 23:06
This week the British pound sterling seems to be one of the stronger currencies. This can be seen from GBPUSD soaring and EURGBP falling.

EURGBP last Friday extended its downward streak and drew a long body bearish candlestick with a small shadow on the top candle. Price reached a low of 0.83911 from a high of 0.84210.

The strengthening of the Pound Sterling is thought to be due to the stable political conditions in England. the direct victory of Keir Starmer's Labor Party in the parliamentary elections, which resulted in the most stable political conditions in the United Kingdom (UK).

UK GDP data also shows the country's economic performance experiencing unexpected growth which reduces the possibility of a BoE interest rate cut in August.
According to Forexfactory data, UK GDP rose 0.4% from a forecast of 0.2% and the previous 0.0%. Rising GDP growth provided fuel for the strengthening of the GBP. However, there are other concerns about high service prices and rising wages,


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