Key Events and Market Movements: This week brings key economic data and market developments that could significantly impact trading.
From economic releases in Europe and the U.S. to movements in gold, oil, and major currency pairs,
staying updated is crucial for navigating the market effectively. Here’s a quick overview of what to watch.

Content

Economic Calendar
Gold

Oil

USDJPY

EURUSD

Nasdaq

Economic Calendar

Tuesday, August 27, 2024

09:00 EUR: German GDP (Quarterly) (Q2)

17:00 USD: CB Consumer Confidence Index (August)

Wednesday, August 28, 2024

17:30 USD: U.S. Crude Oil Inventories

Thursday, August 29, 2024

11:00 EUR: CPI (Monthly) (August)

11:00 EUR: CPI (Yearly) (August)

15:30 USD: GDP (Quarterly) (Q2)

Friday, August 30, 2024

12:00 EUR: CPI (Yearly) (August)

15:30 USD: Core PCE Price Index (Monthly) (July)

15:30 USD: Core PCE Price Index (Yearly) (July)

Gold

Gold is trading around levels of 5,224, close to its historical peak of 2,531.
The strong upward movement in gold continues during the current period,
with an anticipated interest rate cut in September, expected to be by 25 basis points.
Gold is expected to achieve new historical highs, potentially targeting the 2,531 level,
followed by a downward correction to retest the 2,484 level before rising again to target the 2,553 level.

Oil

Oil has returned to positive trading; however, concerns about reduced demand from China continue to heavily influence the markets.
Currently, oil is trading at 75.60, close to the resistance level of 75.69.
Breaching this resistance could lead to further gains, with targets at 77 dollars and 78.69. On the other hand,
if a reversal signal emerges near the current levels, a decline to retest the 72.5 level is more likely.

USDJPY

The USDJPY pair returned to downward trading after Jerome Powell’s speech at last week’s Jackson Hole conference.
Powell mentioned that a rate cut is now possible and hinted at the beginning of a rate cut in September.
This is expected to support the dollar-yen pair.
Technically, the USDJPY trades around 143.86 after breaking below the sideways range,
supporting continued downward trading toward the 140.21 level.

EURUSD

The euro remains strong against the U.S. dollar,
the EUR/USD pair is achieving a new high near the 1.1200 level for the year.
The upward movement is expected to continue,
targeting the 1.1279 level as long as trading remains above the 1.1150 level,
especially with the continued weakness of the U.S. dollar.

Nasdaq

U.S. stock indices continue to rise strongly, with the anticipated rate cut expected to support U.S. companies.

Nasdaq is trading at levels of 19,720
after fully absorbing the recent downward wave and closing above the resistance level of 19,472,
retesting it, which supports the continued upward movement towards the peak of around 20,686.

Key Events and Market Movements

Key Events and Market Movements

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