Analyzing the past performance of the 4H Hour Elliott Wave chart of VanEck Gold Miners ETF ($GDX) reveals an interesting pattern. The rally from 2.28.2024 low at $25.64 unfolded as a 5 waves impulse, indicating a strong bullish momentum. This suggested that a pullback would occur in 3 swings before finding buyers again. The 4H
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Jerome Powell’s recent visit to the House Financial Services Committee stirred up some uncertainty in the markets. Despite his reluctance towards immediate rate cuts, investors are eagerly awaiting the release of June’s Consumer Price Index (CPI) data on Thursday for clearer guidance. Powell’s hints at ongoing data assessment have kept the markets on edge, with
The recent comments made by Federal Reserve Chairman Jerome Powell have had a significant impact on the US Dollar. While the market expected a more dovish stance from Powell, his remarks during the congressional testimony suggested a more patient approach towards rate cuts. Powell reiterated the importance of strong economic data before considering any policy
Despite the initial surprise from France’s election results, the EUR/USD pair continues to rise for the sixth day in a row, reaching around 1.0830 during the Asian trading session on Tuesday. The unexpected victory of a leftist alliance in France has prevented Marine Le Pen’s far-right party from dominating the leadership race, leading to a
The US Dollar faced a challenging week, dropping by 0.80% and reaching its lowest level since mid-June. Investors are closely watching the upcoming release of the June inflation figures and Federal Reserve talks. The market is currently pricing in less than a 10% probability of a rate cut in July and approximately 80% odds in
The Gold price has lost momentum below the $2,400 barrier on Monday due to the Chinese central bank halting its gold buying for the second month in June. China, being the world’s biggest bullion consumer, plays a significant role in influencing the price of gold. This pause in gold buying could weigh on the price
The article discusses how the Labour Party’s victory in the UK parliamentary election is impacting the EUR/GBP pair. The party won 337 seats, giving it a majority in the House of Commons. This news seems to have a positive effect on the Pound Sterling as it edges higher. It is noted that a Labour victory
The gold price is making a comeback, heading closer to a two-week high after attracting fresh buyers during the Asian session. The US Dollar remains subdued for the fourth consecutive day, hovering near a multi-week low as speculation mounts over an upcoming rate cut by the Federal Reserve in September. This anticipation has been fueled
The UK’s Labour Party, under the leadership of Keir Starmer, is projected to secure a significant majority in the upcoming 2024 UK election, according to an exit poll. The poll forecasts that Labour is poised to claim approximately 410 seats out of the 650-seat House of Commons, while the Conservative Party is expected to win
As the US celebrates its independence from a monarch, there is widespread speculation in the media about whether President Biden will run for re-election. However, experts suggest that the markets are unlikely to react significantly to such speculation at this point. Instead, the focus remains on the potential impact of economic policy changes on the
The EUR/JPY cross is currently trading around 173.80 in the European session, showing a 0.20% increase for the day. This positive momentum can be attributed to the weakening of the Japanese Yen (JPY) against the Euro (EUR) as Japanese business activity turned contractionary in June. The final reading of Japan’s Services PMI fell to 49.4
Federal Reserve (Fed) Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde recently shared their insights on the monetary policy outlook during the ECB Forum on Central Banking in Sintra. Powell emphasized that “Services inflation is usually stickier,” indicating that the inflation in the services sector tends to be more persistent. Lagarde pointed