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Friday’s jobless report from the US was strong. It could’ve gone both ways, but it went well. The US economy added nearly 200’000 new nonfarm jobs in November, average earnings were higher than expected on a monthly basis, but stable around the 4% level on a yearly basis. That’s twice the Federal Reserve’s (Fed) inflation […]

The post Strong US Jobless Report Sparks Optimism, But Challenges Loom Ahead appeared first on Action Forex.

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23/07/2024

Gold Outlook: Pullback from New Record High Runs Out of Steam Ahead of Key US Data

Gold price edges higher in European trading on Monday, after Monday’s Doji candle signaled that pullback from new record high ($2483) might be running out of steam. Pullback was contained by solid supports at $2390 zone (daily Kijun-sen / 50% retracement of $2293/$2483 upleg), with oversold conditions on daily chart and indicators predominantly in bullish […]
01/12/2023

Crude Oil Can Resume to 70-72 Support

On a daily chart, we see a drop in crude oil from 130 area as a five-wave move within wave A that bottomed at 62 – 57 support area. It was a strong drop and spike back in May, when energy bottomed, so we are tracking a higher degree correction from there; wave (B), which […]
08/03/2024

ECB Review: June Cut is Coming

Today, the ECB decided to keep policy rates unchanged, as unanimously expected by markets and analysts. The new staff projections saw a downward revision of the 2024 projection across growth, headline and core inflation. For 2025, the ECB revised down the projections for 2025 by 0.1pp and 0.2pp for headline and core respectively. Core inflation […]