Gold, EUR/USD, Nasdaq 100 Soar as US Yields Sink, Oil Tanks

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MARKET WEEK AHEAD FORECAST: GOLD, US DOLLAR, EUR/USD, OIL

  • U.S. Treasury yields retreated over the previous few days, weighing on the broader U.S. greenback
  • Meanwhile, gold costs, the Nasdaq 100 and EUR/USD rallied, breaching key technical ranges throughout their transfer greater
  • Few high-impact occasions are anticipated within the coming days, with a shorter buying and selling week within the U.S. due to the Thanksgiving vacation

Most Read: Gold Price Forecast – XAU/USD Breaks Out as Yields Sink, Fed Pivot Hopes Build

U.S. Treasury yields fell sharply final week after lower-than-expected U.S. inflation information coupled with rising U.S. jobless claims all however eradicated the probability of additional financial tightening by the U.S. central financial institution, giving merchants the inexperienced mild to start pricing in additional aggressive fee cuts for subsequent 12 months.

The downturn in yields boosted shares throughout the board, propelling the Nasdaq 100 in the direction of its July excessive and inside placing distance of breaking out to the topside- a technical occasion that might have bullish implications for the tech benchmark upon affirmation.

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The broader U.S. greenback, for its previous, plunged virtually 2%, with the DXY index sliding in the direction of its lowest stage since early September. Against this backdrop, EUR/USD blasted previous its 200-day easy transferring common, closing at its highest level in almost three months.

Benefiting from declining charges and a battered U.S. greenback, gold (XAU/USD) surged over 2.0% for the week, edging nearer to reclaiming the psychological $2000 threshold. Meanwhile, silver costs jumped 7%, however was finally unable to breach a key ceiling close to the $24.00 mark.

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Change in Longs Shorts OI
Daily 3% 0% 2%
Weekly -6% 11% 0%

In the power house, oil (WTI) dropped for the fourth straight week, settling at its lowest level since mid-July. Traders ought to preserve a detailed eye on near-term crude worth developments, as pronounced weak point may recommend subdued demand progress linked to fears of a potential recession.

Looking forward, the U.S. financial calendar can be devoid of main releases within the coming days, with a shorter buying and selling week as a result of Thanksgiving vacation. The absence of high-profile occasions may imply consolidation of current market strikes, paving the best way for a deeper pullback in yields and the U.S. greenback. This, in flip, may translate into additional upside for treasured metals and threat property.

For a deeper dive into the catalysts that might information markets and create volatility within the close to time period, remember to take a look at chosen forecasts put collectively by the DailyFX crew.

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US ECONOMIC CALENDAR

Source: DailyFX Economic Calendar

For an in depth evaluation of the euro’s medium-term outlook, be sure that to obtain our This autumn technical and basic forecast!

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FUNDAMENTAL AND TECHNICAL FORECASTS

British Pound (GBP) Weekly Forecast: Vulnerable, Reliant On US Dollar Weakness

Sterling has completed effectively towards the greenback in current days, however hardly by itself deserves.

JPY Weekly Forecast: Cautious Ueda Leaves Yen Exposed

USD/JPY continues to hover across the 150 mark forward of Japanese CPI subsequent week.

Euro (EUR) Weekly Forecast: Will EUR/USD and EUR/GBP Continue to Rally?

EUR/USD has racked up some hefty positive factors this week on the again of a US greenback sell-off. Can the euro preserve the transfer going by itself subsequent week?

Indices Forecast: S&P 500, Nasdaq Surge While FTSE Lags Behind

The rise in US equities has been quick and sharp, spurred on by weaker US information. Few scheduled threat occasions subsequent week depart the door open for additional positive factors.

Gold (XAU/USD), Silver (XAG/USD) Forecast: Technical Hurdles to Halt Rally?

Gold and silver loved a superb week however now face technical hurdles to begin the brand new week. Will US information assist the metals overcome their challenges and preserve the bullish rally alive?

US Dollar on Breakdown Watch – Setups on EUR/USD, USD/JPY, GBP/USD, AUD/USD

This article focuses on the U.S. greenback, exploring the technical outlook for key FX pairs equivalent to EUR/USD, USD/JPY, GBP/USD, and AUD/USD. The piece additionally analyzes essential worth ranges to watch within the upcoming buying and selling classes.

Article Body Written by Diego Colman, Contributing Strategist for DailyFX.com

— Individual Articles Composed by DailyFX Team Members

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