Globally, we witnessed major volatility last week in the markets as a result of the OPEC meeting outcome and US employment report. This week Investors will likely keep a look at the Central bank meetings and US inflations report.
On the earnings front, companies due to release their results will be Video game retailer Gamestop, Online pet care retailer Chewy and premier mountain resort company Vail Resorts will be among those reporting earnings this week.
Last week the precious metal dropped more than 0.5% but it rebounded on Friday after the metal found support near the trend line of the Ascending Channel.
This week resistance for the metal appears to be around 1920 and 1930. On the downside, any meaningful pullback now seems to find some support near the $1850, below which the slide could further get extended towards the $1840 region.
US dollar index hit a 3-week high of 90.60 last week. Meanwhile, the Index retreats back to near the psychological support 90.00 area on Friday following the release of a weaker-than-expected US jobs report.
For this week, the pair supported at 89.60 level, any break below this level will open the doors to 89.40 and 89.20. On the other upper side, the immediate resistance around 90.45 any break and close above this level will open 90.63 (previous week high) then 91.00.
The currency pair trading slightly lower on Monday after the release of weaker-than-expected German Factory orders. This week, the Euro traders and investors are waiting for the European Central bank meeting on Thursday. The market participants anticipating the central bank will keep their monetary policy on hold at Thursday’s meeting.
This week the resistance for Euro is around 1.2280, any break over targets 1.2310/50. On the other side, the immediate support is at 1.2080 and any break will drag the gold to 1.2040/00 levels.
Dow Jones ended higher on Friday despite weak NFP data but it failed to break above last month highs. The main important events watch for DOW traders this week, US inflation data for last month, set to be released on Thursday.
In the short term, if the bullish momentum continues the next upside levels to watch 34,850 and 35,000. On the downside, any meaningful pullback now seems to find some support near the 34,500 zones, below which the slide could further get extended towards the 34,350/200 region.
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