Fundamental analysis for May 04, 2016

4 May, 2016

The USA published some minor reports: ISM New York and IBD/TIPP Economic Optimism indices (48,7 against the forecasted 46,6). We single out only one news that might be interesting: Dennis Lockhart’s speech (the Fed representative). According to Lockhart the price strengthening can be seen right now, but it is too early to decide whether this is sufficient to hike the rate. The decision regarding the rate hike will be taken at the next meeting in June.

Producer Price Index in Eurozone for March showed -4.2% (the forecast was -4.3%, the previous value was -4.2%). The index rose for the first time this the year. That is a signal that the inflation is unlikely to fall in the coming months.

On Tuesday, the pound decreased from its four months high when the UK manufacturing activity fell in April for the first time over the past three years (49.2 from 51.0 in March, vs the forecasted 51.2). The published index increased concerns about the prospects for growth in the second quarter.

Bank of Japan did not work on Tuesday amid the celebration of the Constitution Day.


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Gold price reached important target

The prices have reached their important target of 1260 and this was only a bounce and a correction of the downtrend...

Dollar setback due to recent PCE date

Today is last day of the month and FED's members speeches are to be announced therefore the market volatility growth is expected...

Gold has jumped to 1265 level

The resistance holds at 1280, support comes in at 1245.9. Major resistance is highlighted at 1295.4. Next target is set at 1350...


Gold prices bounced off

The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers....

Golld turned around and reversed

The bullish trend remained intact on Tuesday. The price bounced from the upper limit...

Gold prices remained in a consolidation phase

Sellers led the spot to 1250 the other day but failed to break below the level. The price remained sandwiched between 1250 - 1255...


DAX grew amid a fresh buying interest

European stocks opened in green when markets recovered from Trump’s failure in Congress. Investors focused on Brexit...

Pound reached its monthly high

The pound remained in an upward channel on Tuesday. The price pulled back from its upper limit...

Brent maintained its ask tone

Sellers continued driving the benchmark lower after a brief pause at 50.80 dollars per barrel...

  


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