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🗞️ NEWS:

📢 Lawmakers Push for Action on Binance Exec Detained in Nigeria 🇳🇬

Reps. French Hill and Rich McCormack have submitted a resolution to Congress, urging the US to treat the detention of Tigran Gambaryan as a hostage situation. They are calling for his immediate release from Nigerian custody.



source: Decrypt

📅 Upcoming Events for This Week

Stay ahead in the markets with these key events:

July 15, 2024
12:00 ET: Fed Chair Powell Speaks. As the head of the central bank, Powell's words can heavily influence USD pairs.

July 16, 2024
8:30 ET: Canada releases its CPI data, a critical measure of inflation affecting CAD pairs.
8:30 ET: The US releases its Retail Sales Report, impacting USD pairs.
18:45 ET: New Zealand releases its CPI data, impacting NZD pairs.

July 17, 2024
2:00 ET: England releases its CPI data, affecting GBP pairs.
21:30 ET: Australia releases its Unemployment Rate report, impacting AUD pairs.

July 18, 2024
2:00 ET: England releases its unemployment claims report, potentially causing volatility in GBP pairs.
8:15 ET: The Eurozone releases its Monetary Policy Statement, impacting EUR pairs.

July 19, 2024
2:00 ET: England releases its Retail Sales report, causing potential volatility in GBP pairs.
8:30 ET: Canada releases its Retail Sales report, affecting CAD pairs.

For a complete list of events, check out forexfactory.com and stay updated with the latest news on Yahoo Finance.

📈 Weekly Market Analysis: GBP/USD

The GBP/USD is trending upwards and currently testing the resistance level at 1.30000. Keep an eye on this crucial level! If the price breaks above, it could rally towards the next resistance around 1.32000. However, a pullback is also possible. Watch for breakout or reversal signals as we navigate this pivotal point. Stay updated for more insights! 💹

🗞 This week's most important events
🚩 High Impact news

🔖 Tuesday, 25th June
USD: CB Consumer Confidence (Jun)

🔖 Wednesday, 26th June
USD: New Home Sales (May)
USD: Crude Oil Inventories

🔖 Thursday, 27th June
USD: Durable Goods Orders (MoM) (May)
USD: GDP (QoQ) (Q1)
USD: Initial Jobless Claims

🔖 Friday, 28th June
GBP: GDP (YoY)
GBP: GDP (QoQ)
USD: Core PCE Price Index (YoY) (May)
USD: Core PCE Price Index (MoM) (May)
USD: Chicago PMI (Jun)
USD: Fed Monetary Policy Report

Anticipating a busy pipfull morning from the UK. Just copy our own trades.

📅 Thursday 2024.06.20
🚨 High Impact

CHF 🇨🇭🇨🇭
SNB Interest Rate Decision (Q2)
Will be released soon (08 : 30 Am Nigeria)

Prev: 1.50% | Fore: 1.50%

Why we are Long on Gold.

Fundamentals

During Monday's (June 17th) Asian session, spot gold oscillated downward, and it is now trading at $2322.
Last Friday, the U.S. consumer sentiment index fell to a 7-month low, which was another support for an early rate cut. In addition, gold rose slightly due to gold bears taking profits. The data last week were bullish for gold prices, but the confidence of gold bulls was weak, which limited the upside of gold prices. We need to keep an eye on the U.S. retail sales data and the situation in the Middle East this week. Talks failed to yield results several times, and this situation may continue.

Technical Analysis

Last week, gold rebounded after oscillating at low levels, which was a relatively strong trend. But the bullish momentum was not enough for the price to break above the oscillating pattern currently, and we will take time to judge if gold will form a new trend this week. If gold ascends further, it may touch $2342, $2365, and even $2388. In contrast, it may fall to $2295 or the previous support level of $2287. Technically, gold is more likely to rise. Just like last Friday, gold surged after oscillating at lows as the support level of $2287 was valid. It finally closed with a bull candle, confirming the bullish trend. At the same time, the Bollinger middle bands narrowed. As long as the gold price stabilizes above $2342, it can spike this week. We can target the high of $2388. In conclusion, gold is more likely to rise in the daily timeframe.

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