Markets subdued after the news, catalyst needed
Important news for the day
Fri, 07th, 14:30 CET CA Employment change/unemployment rate.
Precious metals
The precious metals markets remain subdued. Gold prices continue to trade sideways while Silver remains rather shaky. However, XAGUSD might remain at current levels unless the Dollar loses substantial more steam. Furthermore another bigger uptick in industrial demand is needed to cause prices to rise. Technically the strong bearish pattern on the monthly chart might still inhibit substantial upside. The supply side in silver remains stable.
Market talk
After some initial strength of the Dollar the market looks stretched for now. The EURUSD, GBPUSD and AUDUSD currency pairs remain in a sideways range without further momentum to the downside for now. The Bank of England left their interest rate decision as previously expected. Stock markets weakened but also might offer slight upside momentum towards the end of the week. The risk sentiment was also lower as the expectation of setbacks in the AI sector weighed of investor sentiment. Crypto markets went lower but also settled at current levels. The general uptrend got a dent but might still continue if equities might rise as well.
Tendencies in the markets
- Equities sideways, USD sideways, crypto sideways, oil positive, Silver positive, Gold sideways.
Author
Frank Walbaum
FX Strategies.Asia
Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.
