Gold’s Freefall: $1,900 Support Shattered Amid Fed’s Mounting Worries.

CPI (YoY) (Jun), EUR – Analyzing the Influence on GBP and its Subsequent Pairs

What is the Consumer Price Index (CPI)?

The Consumer Price Index (CPI) is a crucial economic indicator that measures the changes in prices of goods and services included in a basket of consumer items. It provides valuable insights into the inflationary trends in an economy. The central bank closely monitors this figure as part of its role in maintaining price stability.

New Home Sales (May), U.S. – Impact on USD and its Subsequent Pairs

Understanding New Home Sales

New Home Sales is a metric that tracks the annualized number of new single-family homes sold during the previous month. This report carries significant influence, especially when released ahead of Existing Home Sales, due to the strong correlation between the two indicators.

USDZAR – Upside Potential in the Coming Week

Analyzing USDZAR in an Upward Channel

Currently, USDZAR is trending in an upward channel, indicating potential upside movement in the upcoming week. Traders and investors should closely monitor the market dynamics to make informed decisions.

Retail Sales (MoM) (May), AUD – How it Impacts AUD and its Subsequent Pairs

Understanding Retail Sales

Retail Sale is a crucial economic indicator that measures the change in the aggregate value of sales at the retail level across a country. This metric provides insights into consumer spending, which plays a significant role in overall economic activity.

AUDUSD – Possibility of Downside in the Coming Week

Analyzing AUDUSD in a Downward Channel

AUDUSD is currently trading in a downward channel, indicating potential downside movement in the coming week. Traders and investors should closely evaluate market conditions to navigate this dynamic market.

Gold Prices Amid Fed Fears – Possible Break Below $1,900 Support

Impact on Gold Amid Fed Fears

Gold prices experienced little movement on Friday, nursing steep losses for June. Strong U.S. economic data increased risk appetite and fueled concerns over potential interest rate hikes by the Federal Reserve.

Gold Futures Tumble to Three-Month Lows

Following a series of hawkish signals from Fed officials, particularly Chair Jerome Powell’s remarks about possible rate hikes, the yellow metal tumbled to three-month lows. This has raised concerns about the potential for further rate increases, creating pressure on gold prices.

Current Position and Future Outlook

Gold is currently trading in a downward channel, suggesting a possibility of further downside in the coming days. Traders and investors should closely monitor global economic developments and the Fed’s actions to gauge gold’s future trajectory.

Oil Rallies on Softer U.S. Inflation, But Half-Year Downward Trend Persists

Impact on Crude Oil Amid Inflation Data

Oil markets saw an increase of more than 1% on Friday as softer U.S. inflation data eased concerns about aggressive rate hikes by the Federal Reserve to curb price growth.

Half-Year Downward Trend Despite Short-Term Gains

Despite short-term gains, crude oil futures are on track to end the half-year down as much as 14%. Fears of a global recession, coupled with indications of rate hikes by major central banks, have weighed on oil prices.

Bitcoin (BTC) Price Analysis – Potential for $35,000 Move

The Importance of Bitcoin’s Trading Level

A crypto analyst emphasized the significance of Bitcoin’s trading level and suggested a potential move to $35,000 if certain conditions are met.

On-Chain Data Supporting the Possibility

Data from Into the Block shows that nearly 1.84 million addresses bought approximately 910,000 BTC in the price range between $29,930 and $30,800. This establishes the region as a key demand zone for Bitcoin, with the potential for an upward move.

Bitcoin Transaction Fees and Market Outlook

Bitcoin transaction fees have increased fourfold compared to the previous quarter, marking the highest increase since Q2 2021. This data from Into the Block highlights the growing transactional activity within the Bitcoin network.

Current Trends and Future Expectations

Bitcoin is currently trading in an upward channel, suggesting potential upside movement in the coming days. Traders and investors should closely monitor market developments and assess the resistance levels to make informed decisions.

5 Key Events to Watch Out

Retail Sales (MoM) (May) U.K.

WHEN: 06 JULY 2023

WHAT IT INFLUENCES: GBP and its subsequent pairs

What’s Happening: Retail Sales measure the change in the aggregate value of sales at the retail level across the country. It serves as a significant indicator of consumer spending, accounting for the majority of overall economic activity.

A reading that surpasses the forecast is generally supportive (bullish) for the EUR, while a reading weaker than forecast is typically negative (bearish) for the EUR.

Initial Jobless Claims, U.S.

WHEN: 06 JULY 2023

WHAT IT INFLUENCES: USD and its subsequent pairs

What’s Happening: Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This data is considered highly timely for the U.S. economy, but its market impact can vary from week to week.

A reading that exceeds the forecast is generally supportive (bullish) for the USD, while a reading weaker than the forecast is generally negative (bearish) for the USD.

RBA Interest Rate Decision (Jul), AUD

WHEN: 04 JULY 2023

WHAT IT INFLUENCES: AUD and its subsequent pairs

What’s Happening: The Reserve Bank of Australia (RBA) announces its decision on setting the benchmark interest rate. As short-term interest rates play a crucial role in currency valuation, traders closely monitor changes in interest rates.

A reading that exceeds the forecast is generally supportive (bullish) for the AUD, while a reading weaker than the forecast is generally negative (bearish) for the AUD.

Household Spending (MoM) (May), JPY

WHEN: 07 JULY 2023

WHAT IT INFLUENCES: JPY and its subsequent pairs

What’s Happening: Household Spending measures the change in consumer spending on an inflation-adjusted basis.

A reading that surpasses the forecast is generally supportive (bullish) for the JPY, while a reading weaker than the forecast is generally negative (bearish) for the JPY.

Trade Balance (May), CAD

WHEN: 06 JULY 2023

WHAT IT INFLUENCES: CAD and its subsequent pairs

What’s Happening: The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates a trade surplus, where more goods and services were exported than imported. Conversely, a negative number indicates a trade deficit, where fewer goods and services were exported than imported.

A reading that surpasses the forecast is generally supportive (bullish) for the CAD, while a reading weaker than the forecast is generally negative (bearish) for the CAD.

Equities in the Coming Week: Anticipated Quarterly Results of Leading Companies

Introduction

In the forthcoming week, investors and analysts are eagerly awaiting the announcement of quarterly results from several prominent companies. These reports will provide valuable insights into the financial performance of these organizations, allowing stakeholders to assess their growth and make informed investment decisions. Below, we outline the key details of five companies set to release their earnings reports in the coming week, highlighting estimated earnings per share (EPS) and revenue figures.

1. LEVI STRAUSS & CO (LEVI) – July 6, 2023

EPS Estimate: $0.03 per share

Revenue Estimate: $1.337 billion

On July 6, 2023, LEVI STRAUSS & CO (LEVI) is scheduled to announce its quarterly results. Market analysts have estimated the earnings per share (EPS) for this quarter to be $0.03 per share. Additionally, the revenue is expected to reach $1.337 billion. These figures will be closely scrutinized by investors, who will assess the company’s financial performance and evaluate its growth prospects.

2. AZZ INC. (AZZ) – July 7, 2023

EPS Estimate: $1.16 per share

Revenue Estimate: $396.654 million

AZZ INC. (AZZ) is slated to reveal its quarterly results on July 7, 2023. Analysts predict that the company will report an EPS of $1.16 per share. Furthermore, the revenue for this quarter is projected to be approximately $396.654 million. Investors and stakeholders eagerly await this announcement to gauge AZZ INC.’s financial health and determine its potential for profitability.

3. SIMULATIONS PLUS, INC. (SLP) – July 6, 2023

EPS Estimate: $0.20 per share

Revenue Estimate: $16.322 million

On July 6, 2023, SIMULATIONS PLUS, INC. (SLP) will disclose its quarterly results. Analysts have forecasted an EPS of $0.20 per share for this period. The estimated revenue for the quarter stands at $16.322 million. This announcement will be of significant interest to industry experts and investors, who will analyze the results to assess SIMULATIONS PLUS, INC.’s financial performance and competitiveness within its sector.

4. KURA SUSHI USA, INC. (KRUS) – July 6, 2023

EPS Estimate: $0.04 per share

Revenue Estimate: $49.561 million

KURA SUSHI USA, INC. (KRUS) has scheduled the announcement of its quarterly results for July 6, 2023. The anticipated EPS for this quarter is $0.04 per share, while the revenue estimate stands at $49.561 million. The market eagerly awaits these results to gain insights into KURA SUSHI USA, INC.’s financial performance and its ability to navigate the dynamic restaurant industry.

5. HELEN OF TROY LIMITED (HELE) – July 7, 2023

EPS Estimate: $1.69 per share

Revenue Estimate: $465.361 million

HELEN OF TROY LIMITED (HELE) will declare its quarterly results on July 7, 2023. The projected EPS for this quarter is $1.69 per share, with an estimated revenue of $465.361 million. Investors and industry observers will closely analyze these figures to understand HELEN OF TROY LIMITED’s financial standing and growth potential.

Top Commodities in the Coming Week

Gold

Gold Shows Downward Trend, Potential Sell-off Looming

Gold is currently trading in a downward channel, indicating a potential downside in the coming days. The Relative Strength Index (RSI) stands at 41.18, placing it in the neutral zone. Moreover, the Moving Average Convergence Divergence (MACD) line and the signal line are intersecting, further reflecting the neutral sentiment. The Bollinger Bands are currently at $1,867.65, also indicating a neutral market.

On the daily chart, gold is positioned just below the 200-day moving average, which could act as a support level if the market experiences a decline. However, breaking below the 200-day moving average may pave the way for a more significant sell-off.

Here are the key levels to watch for in the near term:

• Support: $1906.71
• Resistance: $1,919.02

Trade Suggestion: Consider selling at $1908.61, with a take-profit level at $1884.94 and a stop loss at $1930.38.

Silver

Silver Anticipates Downside Momentum

Silver is currently trading in a down channel, suggesting a potential downside in the coming days. The RSI is at 41.29, indicating a bearish sentiment. The MACD is exhibiting a bearish crossover, further confirming the bearish signal. The wide Bollinger Bands imply a high level of market volatility.

Both the 50-day and 200-day moving averages are sloping downward, indicating a bearish trend. Meanwhile, the 100-day moving average remains relatively flat, suggesting a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: $22.47 per ounce
• Resistance: $22.73 per ounce

Trade Suggestion: Consider selling at $22.45, with a take-profit level of $21.99 and a stop loss at $22.90.

Brent Crude Oil

Brent Crude Oil Signals Downward Movement

Brent Crude Oil is currently trading in a downward channel, indicating a potential downside in the coming days. The RSI stands at 49.99, reflecting a bullish sentiment. The MACD shows a neutral crossover, representing a neutral signal. The wide Bollinger Bands suggest high market volatility.

Both the 50-day and 200-day moving averages are sloping downward, indicating a bearish trend. Additionally, the 100-day moving average is relatively flat, suggesting a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: $74.33
• Resistance: $75.11

Trade Suggestion: Consider selling at $74.47, with a take-profit level of $72.91 and a stop loss at $75.82.

Top Cryptocurrencies in the Coming Week

BTCUSD

BTCUSD Poised for Upside Momentum

BTCUSD is currently trading in an upward channel, indicating potential upside movement in the coming days. The RSI stands at 65.5, reflecting a bullish sentiment. The MACD exhibits a bullish crossover, signaling a bullish trend. The wide Bollinger Bands suggest high market volatility.

Both the 50-day and 200-day moving averages are sloping upward, indicating a bullish trend. Meanwhile, the 100-day moving average remains relatively flat, suggesting a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: 30325.50
• Resistance: 30450.68

Trade Suggestion: Consider buying at 30527, with a take-profit level at 30814 and a stop loss at 30283.

Litecoin

Litecoin Poised for Upside Movement

Litecoin is currently trading in an upward channel, suggesting a potential upside in the coming days. The RSI stands at 71.34, reflecting a bullish sentiment. The MACD exhibits a bullish crossover, indicating a bullish trend. The wide Bollinger Bands imply high market volatility.

Both the 50-day and 200-day moving averages are sloping upward, signaling a bullish trend. The 100-day moving average remains relatively flat, indicating a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: 108.10
• Resistance: 111.00

Trade Suggestion: Consider buying at 110.77, with a take-profit level of 114.83 and a stop loss at 108.15.

Top Currencies in the Coming Week

EURUSD

EURUSD Aims for Upside Momentum

EURUSD is currently trading in an upward channel, indicating a potential upside in the coming days. The RSI stands at 53.99, reflecting a bullish sentiment. The MACD exhibits a bullish crossover, signaling a bullish trend. The narrow Bollinger Bands suggest decreased market volatility.

Both the 50-day and 200-day moving averages are sloping upward, indicating a bullish trend. Meanwhile, the 100-day moving average remains relatively flat, suggesting a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: 1.0879
• Resistance: 1.0908

Trade Suggestion: Consider buying at 1.0911, with a take-profit level at 1.0949 and a stop loss at 1.0884.

GBPUSD

GBPUSD Set to Experience Upside Momentum

GBPUSD is currently trading in an upward channel, suggesting potential upside movement in the coming days. The RSI stands at 55.89, reflecting a bullish sentiment. The MACD exhibits a bullish crossover, signaling a bullish trend. The wide Bollinger Bands imply high market volatility.

Both the 50-day and 200-day moving averages are sloping upward, indicating a bullish trend. Additionally, the 100-day moving average is also sloping upward, suggesting an upward trend.

Here are the key levels to watch for in the near term:

• Support: 1.2661
• Resistance: 1.2695

Trade Suggestion: Consider buying at 1.2702, with a take-profit level at 1.2756 and a stop loss at 1.2663.

AUDUSD

AUDUSD Predicted to Move Downward

AUDUSD is currently trading in a downward channel, suggesting a potential downside in the coming days. The RSI stands at 46.3, indicating a neutral sentiment. The MACD exhibits a neutral crossover, signaling a neutral trend. The wide Bollinger Bands suggest high market volatility.

Both the 50-day and 200-day moving averages are sloping downward, indicating a bearish trend. Meanwhile, the 100-day moving average remains relatively flat, suggesting a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: 0.6640
• Resistance: 0.6662

Trade Suggestion: Consider selling at 0.6640, with a take-profit level at 0.6592 and a stop loss at 0.6676.

Top Indices in the Coming Week

Dow Jones

Dow Jones Anticipates Upside Movement

Dow Jones is currently trading in an upward channel, indicating a potential upside in the coming days. The RSI stands at 63.38, reflecting a bullish sentiment. The MACD exhibits a neutral crossover, signaling a neutral trend. The wide Bollinger Bands imply high market volatility.

Both the 50-day and 200-day moving averages are sloping downward, indicating a bearish trend. However, the 100-day moving average remains relatively flat, suggesting a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: 34457.62
• Resistance: 34620.04

Trade Suggestion: Consider buying at 34610.48, with a take-profit level at 34807.93 and a stop loss at 34476.73.

FTSE 100

FTSE 100 Poised for Downside Movement

FTSE 100 is currently trading in a downward channel, suggesting a potential downside in the coming days. The RSI stands at 47.27, reflecting a bullish sentiment. The MACD exhibits a neutral crossover, signaling a neutral trend. The wide Bollinger Bands imply high market volatility.

Both the 50-day and 200-day moving averages are sloping downward, indicating a bearish trend. Meanwhile, the 100-day moving average remains relatively flat, suggesting a period of consolidation.

Here are the key levels to watch for in the near term:

• Support: 7524.8
• Resistance: 7560.2

Trade Suggestion: Consider selling at 7557.9, with a take-profit level at 7531.0 and a stop loss at 7577.5.