FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
Libertex information and reviews
Libertex
91%
HFM information and reviews
HFM
89%

US inflation data due and Bitcoin rises from 2 year low


11 November 2022

Gold is holding over 1700 paring modest losses from the previous session, as the USD heads southwards and as attention turns to today’s inflation report. Expectations are for consumer prices to cool further in October. Core CPI, which had continued climbing until September, is expected to ease slightly in October to 6.5%, down from 6.6%, a 40-year high. A cooler core inflation print could support the view that the Fed will hike by 50 basis points in December rather than 75bps. Speculation of a smaller rate hike could support gold prices ahead of the December interest rate meeting on 14th of next month. However, any signs of inflation still rising could see the Fed stick with a more aggressive approach.

Powell said in the November meeting that it was still very premature to talk about pausing hikes. A stronger inflation print could see gold fall.

Where might the Gold price head to?

Sellers defended the 2022 low of 1616 and Gold rebounded above the 20 & 50 sma and the falling trendline dating back to March. This and the RSI over 50 could keep buyers hopeful of further upside. A rise over 1730, the October higher, could open the door to 1735, the September high, and 1765 the August 26 high. Sellers could look for a move below 1674, the 50 sma and 1658 the 20 sma to open the door to 1616.

BTC/USD rises from the brink

BTC/USD rebounds from a two-year low after several days of hard selling. After hitting a low of 15574 yesterday, Bitcoin trades 5% higher as attention remains on the FTX saga. FTT trades around $2 after trading at $25 a week earlier. The sell-off came amid liquidity concerns in the market and as Binance pulled out of the FTX emergency deal to rescue the FTX exchange. Fears that FTX’s troubles could spread across the crypto space sent cryptocurrencies across the board significantly lower, and the mood certainly remains fragile even as prices rise today. 

NIO Q3 earnings preview

NIO delivered 31,607 vehicles in Q3, up around 30% from the same period a year earlier and a record high for the EV maker. This was also up sequentially from 25,000 in Q2. Margins are expected to be a key focus as the inflationary environment has meant costs are rising and margins are being squeezed. Expectations are for margins to tighten to 14.9% from 20% a year earlier. Wall Street is expecting a 35% increase in revenue to RMB13.06 billion, and the adjusted loss per ADR is expected to be RMB1.11, down from RMB0.36 a year earlier. Outlook will be key, particularly as COVID cases are rising in China and the zero-COVID policy looks like it could be here to stay.

  1. Support can be found at 8.00 (round number) and 6.70 (July’20 low)
  2. Resistance for the pair can be seen at 10.70 (November high) and 16.75 (October high).
#source

Share: Tweet this or Share on Facebook


Related

Santa Rally: Your Christmas Gift From The Stock Market
Santa Rally: Your Christmas Gift From The Stock Market

Christmas is a religious holiday that has evolved into a cultural and commercial celebration with tales of Santa Claus delivering presents on a reindeer-pulled sleigh through the night sky...

7 Dec 2022

Citigroup heading for UAE
Citigroup heading for UAE

One of the largest and most famous banks in the world is Citigroup, headquartered in New York City… at least, for now. There have been some employee movements...

6 Dec 2022

XAU/USD upside appears more compelling ahead of US NFP
XAU/USD upside appears more compelling ahead of US NFP

Gold price consolidates recent gains around four-month high after crossing the key resistances. Cautious mood, US Dollar rebound allows XAU/USD bulls to take a breather...

2 Dec 2022

Oil’s correction in rumors about further production cuts by OPEC
Oil’s correction in rumors about further production cuts by OPEC

The price of Crude oil resumed the downward movement after failing to cross above the daily trendline which was valid since late June.The price only rebounded to the upside...

1 Dec 2022

The Downfall of Euro in 2022: the Analysis of its Reasons, the Current Situation, and the Objective Forecast
The Downfall of Euro in 2022: the Analysis of its Reasons, the Current Situation, and the Objective Forecast

Before getting down to analyzing why Euro reminds of a mafia victim in cement shoes falling off a Chicago bridge, allow us to open it up with a meme joke that best describes this whole ordeal...

30 Nov 2022

Is Boeing stock about to take off?
Is Boeing stock about to take off?

Boeing stock (BA) has been in free fall since March 2021, from $269 (USD) dropping to $121 at the end of September 2022. And then came a reversal, raising prices to over $175...

29 Nov 2022


Editors' Picks

FXCM information and reviews
FXCM
87%
ActivTrades information and reviews
ActivTrades
86%
RoboForex information and reviews
RoboForex
85%
MultiBank Group information and reviews
MultiBank Group
84%
FxPro information and reviews
FxPro
83%
Vantage information and reviews
Vantage
83%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.