Daily Broad Market Recap – August 22, 2024

Profit-taking was the name of the game on Thursday as the major assets reversed their intraweek trends ahead of Powell’s keynote speech on Friday. Spot gold and the S&P 500 index continued to trade lower near their record high levels, while U.S. bond yields and the U.S. dollar saw recoveries despite mixed U.S. data releases. Which themes dominated the…

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Chart Art: Is Spot Gold (XAU/USD) Ready To Extend Its Uptrend?

Spot gold prices took a breather after making new record highs earlier this week. Is the commodity ready to extend its uptrend after falling to a technical support zone? Today’s 4-hour chart may give us some clues! Gold (XAU/USD) 4-hour Chart by TradingView If you missed yesterday’s market price action, you should know that the U.S. dollar saw buying…

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ForexLive Asia-Pacific FX news wrap: USD/JPY fell back under 145.50 as BoJ Gov Ueda spoke

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you…

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Australian Dollar remains solid as US Dollar depreciates ahead of Fed Powell’s speech

The Australian Dollar gains ground due to an improved risk-on mood on Friday. The AUD may appreciate further due to the hawkish sentiment surrounding the RBA’s stance on its policy outlook. The US Composite PMI indicated that business activity continues to grow, marking 19 consecutive months of expansion. The Australian Dollar (AUD) retraces its recent gains against the US…

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EURUSD Bulls Buy Rumors. Forecast as of 22.08.2024

2024.08.22 2024.08.22 EURUSD Bulls Buy Rumors. Forecast as of 22.08.2024 Dmitri Demidenkohttps://www.litefinance.org/blog/authors/dmitri-demidenko/ If the US labor market is not as robust as anticipated, the optimal time for the Fed to reduce rates is now. In fact, some FOMC officials were prepared to do so as early as July. Let’s discuss this topic and make a trading plan for the…

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Gold falls overriding dovish Fed signals ahead Powell speech

Gold retreats from a record high of $2,531 as US Treasury yields rise, with the 10-year note up 6.5 bps to 3.865%. US data shows mixed signals, with higher jobless claims and solid business activity despite ongoing manufacturing contraction. Fed Minutes hint at potential rate cut in September, but stronger US Dollar pressures Gold lower. Gold price retreats on…

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