Major Economic Events and Market Trends to Monitor This Week: This week will be eventful for traders and investors,

with several important economic indicators and reports scheduled for release.
These events will likely influence market movements from the ISM Non-Manufacturing PMI
in the U.S. to the Reserve Bank of Australia’s interest rate decision and crucial crude oil inventories and trade balance updates.
Additionally, we’ll look at the latest gold and crude oil price trends and analyze key currency pairs like EUR/USD and GBP/USD.
Stay informed to navigate the potential market shifts this week.

Content
Economic Calendar
Gold
Oil
EURUSD
GBPUSD

Economic Calendar

Monday, August 5, 2024

17:00 USD: ISM Non-Manufacturing PMI (July)

Tuesday, August 6, 2024

07:30 AUD: Reserve Bank of Australia Interest Rate Decision (August)

Wednesday, August 7, 2024

17:30 USD: Crude Oil Inventories

18:06 CNY: Trade Balance (USD) (July)

Thursday, August 8, 2024

15:30 USD: Initial Jobless Claims

Friday, August 9, 2024

09:00 EUR: German Consumer Price Index (MoM) (July)

Gold

Gold surged strongly during last week’s trading, rising about 2.35% after the Federal Reserve kept interest rates unchanged
and Jerome Powell hinted at a possible rate cut.
Additionally, the adverse employment data from last Friday contributed to the rise.
This week is relatively quiet regarding economic data, with the markets awaiting the jobless claims on Thursday.
Technically, gold has reached the support level of 2427 and is expected to retest the resistance levels of 2476-2483.

Oil

West Texas Intermediate (WTI) crude oil futures prices fell sharply to $74 per barrel
after harmful U.S. labor market data increased fears of an economic recession.
Technically, prices bounced near the support level of 72.50,
and with the volatility index reaching the overbought area, it allows for a price correction before continuing to fall.
If prices are above the support level, they are expected to rise to 78.25.

EURUSD

The EURUSD pair rose by about 0.50% during last week’s trading
after the Federal Reserve kept interest rates unchanged and Jerome Powell hinted at a possible rate cut.
Additionally, negative employment data from last Friday
and positive European consumer price index data supported the rise.
This week is relatively quiet regarding economic data,
with the markets awaiting the jobless claims on Thursday.
Technically, the pair reached the key resistance levels of 1.0900-1.0915,
and if a bearish price behavior forms at these levels,
the pair may head towards 1.0850 as a corrective drop.

GBPUSD

The pound stabilized near 1.28 against the U.S. dollar after touching the psychological support level of 1.2700.
Prices have been in an uptrend since last April.
If prices remain above the support level of 1.2780, it is expected to rise again to 1.2945 and then 1.3044.
However, if the support level is broken,
it is likely to fall to the support levels of 1.2700 and then 1.2615.

Major Economic Events and Market Trends to Monitor This Week

Major Economic Events and Market Trends to Monitor This Week

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