Market Activity and Anticipated Economic Events for the Week: As markets keenly await the release of several significant American reports and data,
notable shifts have been observed in various sectors.
This week, gold prices have risen sharply while oil prices have declined.
This article will delve into the key economic events scheduled for the week and analyze the latest market movements.

Content

Anticipated Economic Events

Gold Volatility

Oil News

Dow Jones Industrial Average

GBPUSD

EURUSD

USDJPY

Anticipated Economic Events

Tuesday, May 14, 2024

EUR German Consumer Price Index (Monthly) (April)

USD Producer Price Index (Monthly) (April)

Wednesday, May 15

EUR Gross Domestic Product (Annual) (Q1)

USD Consumer Price Index (Monthly) (April)

USD U.S. Crude Oil Inventory

Thursday, May 16, 2024

JPY Gross Domestic Product (Quarterly) (Q1)

USD Unemployment Claims Rate

Friday, May 17, 2024

CNY Retail Sales (Yearly) (April)

EUR Consumer Price Index (Yearly) (April)

Gold Volatility

Gold prices surged by approximately 2.90% during this week’s trading.
The markets await important U.S. data from the Producer and Consumer Price Index on Tuesday and Wednesday.
Any developments in the Middle East will further increase gold prices.
Technically, the price has stabilized above the support levels at 2350
and above the 200-day moving average, targeting the 2400 levels.

Oil News:

West Texas Intermediate crude futures prices fell to $77 per barrel,
with a downward trend forming lower peaks and troughs than before,
breaking a support level and pivotal demand area around $80.
A continued decline to retest the support area around $75 – $76 is expected
unless prices rise and stabilize above the level of $80.75,
which would enhance the likelihood of reaching the main peak of around $87.60.

Dow Jones Industrial Average:

The Dow Jones Industrial Average rose by about 1.95% during this week’s trading.
The markets await important U.S. data from the Producer and Consumer Price Index on Tuesday and Wednesday.
The index has stabilized above the support levels at 39225-39295 and the 200-day moving average, targeting the 39800 levels.

GBPUSD

The pound stabilized around $1.25 levels, and prices are still downward.
If the resistance level around 1.2570 is breached or fails to break higher,
a retest of the support at 1.2423 and then 1.2300 is expected.
However, if it consolidates above the resistance, it will likely rise to the next resistance level around 1.2710 – 1.2895.

EURUSD

The Euro rose against the U.S. dollar by about 0.10% during last week’s trading.
The markets await important U.S. data from the Producer and Consumer Price Index on the upcoming Tuesday and Wednesday.
Technically, the pair has stabilized above the 200-day moving average and the support levels at 1.0755, targeting the 1.0850 levels.

USDJPY

The yen stabilized around the 155 level, forming a bottom at the support level of 151.95
and approaching a resistance level of around 156.28. It is expected to rise again to the 158 – 160 levels.
However, a clear break in the support level would signal a decline in the support area around the 146 levels.

Market Activity and Anticipated Economic Events for the Week

Market Activity and Anticipated Economic Events for the Week

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