After more than ten years of disappointment, Wynn Resorts (WYNN) has finally done something that seemed almost impossible—it broke above a descending resistance trendline that’s been capping rallies since 2014. For anyone who’s been watching this casino and resort operator struggle beneath this overhead ceiling, the recent breakout circled on the weekly chart represents a potential shift in the…
There are two things that the market considers with economic data: What the Fed will do What the Fed should do Now those two things are usually aligned but not always. The heavy politicization of the Fed has the market worried about unwise rate cuts now and into next year. Today’s UMich consumer sentiment and PCE data shows the…
The Australian Dollar (AUD) extends its advance against the US Dollar (USD) on Friday, with AUD/USD climbing to its highest level since September 18 as traders are almost certain the Reserve Bank of Australia (RBA) will leave interest rates unchanged on December 9. At the time of writing, AUD/USD is trading around 0.6637, on track for a second straight…
Oil prices will like this: The EU and G7 in talks on imposing a full ban on accessing maritime services by Russia to disrupt oil exports Would scrap oil price cap system The oil price cap system has been a failure and this would probably be a failure too but there’s a chance it could actually cut off some…
Gold (XAU/USD) advances during the North American session on Friday, poised to finish the week almost flat above the $4,200 figure as market participants brace for the Federal Reserve (Fed) monetary policy meeting next week. At the time of writing, XAU/USD trades at $4,216 after bouncing off daily highs of $4,259. XAU/USD trades flat; markets eye Federal Reserve’s expected…
The USDCAD continued its move to the downside today, extending the sharp reaction that followed the stronger-than-expected Canadian jobs report. The data gave traders a clear fundamental reason to sell the pair, and that sentiment has carried through the session. As a result, the currency is now down roughly -0.75% on the day, marking one of the more notable…
EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the…
Gold is one of several assets that have seen heavy selling in the past half-hour. Gold has quickly turned a $50 gain into a small loss in a near-vertical drop. Elsewhere, strong gains in US equities have faded as well with a 0.5% rally in the S&P 500 fading to 2%. Bitcoin is also being hit with selling as…
China Foreign Exchange Reserves (MoM) below expectations ($3.36T) in November: Actual ($3.346T)
Many traders and investors saw the seemingly aggressive bearish reversal for gold on Friday and are wondering if we have a double top. Perhaps a start of a major bearish reversal? Gold futures 4hr chart with 20EMA and RSI at the bottom Gold has been one of the most followed markets this quarter, and for two years now, actually,…
