Gold has been facing a significant challenge at the $2525 per ounce mark on the spot market, struggling to break through this glass ceiling for the past couple of weeks. However, a pattern of smaller pullbacks and more frequent rallies towards this resistance level indicates the existence of impressive buying pressure in the market. This
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The recent US PCE report has had a significant impact on gold prices, causing them to fall below the $2,500 mark. This drop has raised the likelihood of a rate cut by the Federal Reserve in September. The Fed’s cautious approach to policy easing has created uncertainty in the markets, with many traders now expecting
As Brazil enters its dry season, the country is grappling with a drop in reservoir levels at hydroelectric plants. Despite the development and growth of wind and solar power sources, hydroelectric plants still provide more than half of Brazil’s power supply. The local power regulator, Aneel, has decided to introduce an additional charge on electricity
China’s manufacturing sector experienced a significant slowdown in August, reaching a six-month low according to an official factory survey. The official purchasing managers’ index (PMI) dropped to 49.1 in August from 49.4 in July, falling below the 50-mark that distinguishes growth from contraction. This decline was unexpected, as it missed the median forecast of 49.5
Wall Street stocks surged on Friday, with the Dow Jones Industrial Average reaching a new all-time high for the second consecutive day. This increase was attributed to positive U.S. economic data that hinted at a potential interest rate cut by the Federal Reserve in September. The news led to a rise in consumer spending in
Warren Buffett, acclaimed as the “Oracle of Omaha,” celebrated his 94th birthday with Berkshire Hathaway reaching new milestones in its market capitalization. The company’s shares surpassed $700,000 apiece, making it the first non-technology firm to achieve a $1 trillion market capitalization. Howard Marks, a respected investor and friend of Buffett, attributes the success of Berkshire
Gold has continued to display a firm tone, remaining near its all-time high on Friday as it awaits the release of US PCE data later today for potential fresh signals. The metal has been well supported by strong demand, serving as a safe haven asset and witnessing large purchases by central banks. Geopolitical tensions and
The EUR/USD pair has shown signs of strength, hovering near 1.1080 in the early Asian session. This can be attributed to the fact that US GDP exceeded expectations in the second quarter. With a growth rate of 3.0%, the US economy is performing well, which could dampen hopes for a larger rate cut by the
When it comes to making financial decisions, it is crucial to perform thorough due diligence checks. This includes researching and analyzing the information available to you before taking any action. It is not enough to simply rely on the opinions or analysis of others, as your financial situation and needs may differ from theirs. By
The euro has recently faced resistance at the 1.1200 level, resulting in a correction down to 1.1100. This correction has established a range-bound trading pattern between 1.1200 and 1.1090. If the price breaks below 1.1090, we could see a downward correction towards 1.1050-1.0980. Conversely, if the price consolidates above 1.1200, there is potential for the
China’s recent decision to open investigations into imported dairy products from the European Union has led to increased tensions between the two economic blocs. This move comes shortly after Brussels revealed its revised draft decision regarding tariffs on electric vehicles manufactured in China. The probe into EU dairy imports is just one of the many
The White House announced that President Joe Biden and Chinese President Xi Jinping are scheduled to have a phone call in the coming weeks. This announcement comes as U.S. national security adviser Jake Sullivan visits Beijing to meet with China’s top diplomat, Wang Yi. Both sides also mentioned that their military leaders would have a