Analysis

Basic OverviewLast week was a tough one for crude oil as the price fell more than 6% on renewed growth concerns amid weak US data. OPEC+’s delay in increasing production from October did not spark a rally but helped slow the downward…

Basic OverviewGold has been steadily rising this week since bouncing off the recent range low. Weak US job openings data on Wednesday gave it the support it needed to push towards key resistance at 2530. The move was driven by lower real…

Basic OverviewYesterday, we got the US ISM Manufacturing PMI, and although the headline number came in below expectations, the report was better than the previous month. The bad news was that new orders continued to fall to a contractionary…

Basic OverviewFinally, the US dollar got some respite from last week after suffering for weeks. The focus now turns to the key data this week with the ISM Manufacturing PMI due today and the Non-Farm Payrolls report due on Friday. The…

Basic OverviewGold continues to trade in a tight range as the market awaits key catalysts this week. As a reminder, the Fed is now very focused on the labor market as Fed Chair Powell said they will not welcome further weakness and will do…

Basic OverviewLast Friday, Fed Chairman Powell delivered a more dovish-than-expected speech at the Jackson Hole Symposium, leaving the door open to a 50 basis point rate cut at the September meeting. Saying that they will do everything they…

Basic OverviewThe US dollar remains under pressure amid positive risk sentiment and an impending rate cut by the Fed that should help global growth. These factors are generally bearish drivers for the US dollar.In fact, the recent strong…

Basic OverviewAfter breaking the 2480 resistance level, gold eventually managed to extend its gains to the 2532 level as buyers flocked in. In the big picture, gold is expected to remain supported as real yields decline as we head into the…

Basic Overview Finally, the Nasdaq managed to erase the entire decline in the Institute for Supply Management (ISM) manufacturing PMI as the market’s “growth concerns” faded. The first catalyst was the healthy US jobless claims on August…

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