The Weekly Economic News: The US labour market data was generally negative, with unemployment rising to 3.9% from 3.7%
and a decline in average hourly wages to 0.1% from 0.6%, contributing to a decline in the US dollar index and a clear strength in gold prices.

Topics

Economic Events

Gold

Oil

Economic Events

Tuesday, March 12

USD Consumer Price Index (CPI) YoY

Wednesday, March 13

GBP Gross Domestic Product (GDP) YoY

U.S. Crude Oil Inventories

Thursday, March 14

US unemployment claims rates

U.S. Producer Price Index (PPI) YoY

Gold

The US labour market data was generally negative, with unemployment rising to 3.9% from 3.7%
and a decline in average hourly wages to 0.1% from 0.6%,
contributing to a decline in the US dollar index and a clear strength in gold prices.

As prices remain above the support level around $2150,
we are likely to rise again to target $2190 levels, and by breaking them we may witness $2205.

Oil

During last week’s trading, oil prices stabilized around $77 per barrel, closing with losses of more than 3%.
It is noted that prices closed below the sub-resistance level,
which in the event of a return and the consolidation of prices above
will make it more likely to rise to visit resistance 82.50 and then the resistance area 85.73 – 86.12.

As for the sellers’ control, when prices return below the pivotal levels of 76.05 – 75.50,
it will be possible to visit the support at 71.39, reaching the main support at $68.00.

Dow Jones Index

The Dow Jones Index fell during last week’s trading by approximately 1.50% before closing
with a decline of 0.8% after mixed US unemployment data.
So that the index remains below the broken ascending channel and the support levels of 38915
so it is expected to complete its decline to levels of 38330. At the same time,
awaiting important data this week from the Consumer Price Index and the Producer Price Index.

GBPUSD

The pound consolidated its gains to rise to $1.285 and broke through resistance levels,
after a cross range between support at 1.2500 and resistance at 1.2830. In the event of consolidation above these levels,
it will stimulate its rise to the next resistance level at 1.3000, reaching 1.3143.

The sellers’ control comes when breaking the last price bottom around 1.2600
will be a negative signal and the possibility of it falling to the 1.2500 – 1.2180 levels.

EURUSD

The euro/dollar pair rose nearly 1.3% during last week’s trading before
closing with a 0.9% rise after mixed US unemployment data.
The pair is moving within an ascending price channel from the bottom of last month,
the highest support levels 1.0890-1.0900, so it is expected that after the end of the downward correction,
the pair will continue the rise to the levels 1.1015-1.1035.

USDJPY

The markets are pricing in the approaching exit of the Bank of Japan from the policy of monetary easing and negative interest rates,
and in return, they are pricing in the US Federal Reserve starting to reduce US interest rates early during the current year.

If prices continue to remain below the resistance around 148.25,
it is possible to decline and continue the decline to target 145.85 to 145.25.
Continuing the decline requires breaking the first price bottom below 145.85, at which time it is possible to decline to 143.55.

The Weekly Economic News

The Weekly Economic News

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