Gold hits new high while Oil prices slump

Chris Beauchamp IG

Losses for oil contrast with a fresh surge in gold this afternoon, while Netflix’s earnings continue to bolster the overall market mood, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Netflix earnings give stocks reason to cheer

“When all else fails, tech earnings can usually be relied upon to deliver good news. Somehow, Netflix continues to find new subscribers, and while the pace of new subscriber growth has slowed markedly, it still beat expectations, which is of course the most important thing in earnings reports. While the Dow is struggling, the Nasdaq and S&P 500 are up again, although the latter remains shy of yesterday’s fresh record.”

Oil prices reverse course

“Oil came into Friday’s session looking like it was prepared to form a low after recent losses but the sellers took the opportunity to hit the commodity hard, driving it to a fresh two-week low. It was a different story for gold, which has hit yet another record high, driven by continued geopolitical worries, central bank buying and falling interest rates. 2024 continues to be a banner year for gold bugs, with no sign of the gains being reversed yet.”

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Chris Beauchamp

EUR/USD weakens to near 1.1900 as traders eye US data

The EUR/USD pair loses ground to around 1.1905, snapping the two-day winning streak during the early European trading hours on Tuesday. Markets might turn cautious ahead of the release of key US economic data, including US employment and inflation reports that were pushed back slightly due to the recently ended four-day government shutdown.

GBP/USD edges lower below 1.3700 on UK political risks, BoE rate cut bets

The GBP/USD pair trades on a weaker note around 1.3685 during the European session on Tuesday. The Pound Sterling edges lower against the US Dollar amid political risk in the United Kingdom and rising expectations of near-term Bank of England rate cuts.

Gold drifts lower as positive risk tone tempers safe-haven demand; downside seems limited

Gold drifts lower during the Asian session on Tuesday and snaps a two-day winning streak, though it lacks strong follow-through selling and shows some resilience below the $5,000 psychological mark amid mixed cues. The outcome of Japan's snap election on Sunday removes political uncertainty, which, along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.