Market Week Ahead: Gold, EUR/USD, Nasdaq 100 Soar as US Yields Sink, Oil Tanks

2023-11-19 17:52:11

Weekly Market Forecasts: Gold, US Dollar, EUR/USD, Oil

US bond yields It has dropped in the past few days. More Broadly Impacting the US Dollar Meanwhile, the NASDAQ 100 gold price and Euro/USD combination breached key technical levels during the move higher. in the next few days High impact events are expected to occur. By trading week in the US It will be shortened due to the Thanksgiving holiday.

Most Read: Gold Price Forecast – XAU/USD Breaks As Yield Sink, Fed Pivot Hopes Build

US bond yields It dropped significantly last week. After US inflation data lower than expected Coupled with rising U.S. jobless claims, all of this has eliminated the possibility that the Federal Reserve will be more stringent financially That gives traders the green light to start pricing in more aggressive interest rate cuts for next year.

A slump in yields weighed on stocks across the board, driving the Nasdaq 100 to July highs and within range of a breakout. This is a technical event that may have a positive impact on the technology benchmark once confirmed.

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The broader US dollar has historically fallen nearly 2%, with the DXY index falling to its lowest level since early September. Against this backdrop, EUR/USD broke above the 200-day simple moving average, closing at its highest level in nearly three months.

Gold (XAU/USD) benefits from lower interest rates and a weaker US dollar. surged more than 2.0% this week, closing in on reclaiming the psychological $2,000 threshold. Silver rose 7% but ultimately failed to break through the key ceiling near the $24.00 level.

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On the energy front, oil (WTI) fell for the fourth week in a row. It fell to its lowest point since mid-July. Traders should keep a close eye on short-term developments in crude oil prices. This is because the apparent weakness might indicate weaker demand growth linked to fears of a recession.

Looking ahead US Economic Calendar There will be no important announcements. in the next few days with a shortened trading week due to the Thanksgiving holiday. the absence of important events This might mean a confluence of recent market moves paves the way for yields and the US dollar. A deeper recession, in turn, might result in additional upside for precious metals and risky assets.

Want to dive deeper into the catalysts that may guide the market and create near-term volatility? Don’t forget to check out the selected forecasts compiled by the DailyFX team.

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US Economic Calendar

Source: DailyFX Economic Calendar

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Fundamental and technical forecasts

British Pound (GBP) Weekly Forecast: Weak, Reliant on US Dollar Weakness

Sterling has performed well once morest the dollar in recent days. But it is hardly beneficial in itself.

JPY Weekly Forecast: Cautious Ueda Leaves Yen Exposure

USD/JPY remains hovering around the 150 level ahead of next week’s Japan CPI.

Euro (EUR) Weekly Forecast: Will EUR/USD and EUR/GBP continue to rise?

EUR/USD surged sharply this week on the US Dollar sell-off. Can the Euro continue to move on its own next week?

Index forecast: S&P 500, Nasdaq rise while FTSE lags

The rise in U.S. stocks has been swift and intense. It was supported by weakening US data. Few scheduled risk events next week leave the door open for additional profits.

Gold (XAU/USD), Silver (XAG/USD) Forecast: Technical Barriers to Stop the Rally?

Gold and Silver Have a Great Week But now it faces technical obstacles to the start of the new week. US information Will it help the metal overcome its challenges and sustain its bull run?

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

This article focuses on the US dollar. It explores the technical trends for major FX pairs such as EUR/USD, USD/JPY, GBP/USD and AUD/USD. The piece also analyzes key price levels to follow in the upcoming trading session.

Article content written by Diego Colman, Co-Strategist for DailyFX.com.

— Personal articles written by DailyFX team members.

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