August 2024 - Page 117 of 238 -

Gold Mining & Junior Gold Stocks Approaching Major Resistance

Aug 16, 2024 Jeremy Parkinson Finance 0

The recent sharp decline in the stock market pulled gold stocks lower. GDX declined 14%, and GDXJ declined 18% in only three weeks. However, they have started to recover as Gold is now trying to pull away from its correction, which turned into a bullish consolidation. GDX closed Thursday at $37.29, just below weekly resistance at $38 […]

Industrial Production Declines 0.6 Percent On Top Of Big Negative Revisions

Aug 16, 2024 Jeremy Parkinson Finance 0

Industrial production fell 0.6 percent in July on top of a negative 0.3 percentage point revision to June. Motor vehicle production was down 7.8 percent. The Federal Reserve Industrial Production and Capacity Utilization report for July was a disaster. Industrial production fell 0.6 percent in July after increasing 0.3 percent in June. Early July shutdowns concentrated […]

WTI Price Prediction: Slides Back Below Mid-$76.00s, Not Out Of The Woods Yet

Aug 16, 2024 Jeremy Parkinson Finance 0

West Texas Intermediate (WTI) US crude Oil prices attract fresh sellers on Friday and erode a part of the previous day’s modest recovery gains from the vicinity of the weekly low. The commodity remains depressed through the first half of the European session and currently trades below mid-$76.00s, down over 0.70% for the day. From a technical perspective, Crude […]

Gold And Silver: Gold Enters A Certain Consolidation Zone

Aug 16, 2024 Jeremy Parkinson Finance 0

Gold chart analysisDuring this morning’s Asian trading session, the gold price moved in the $2450-$2460 range. We are now at the $2452 level and are leaning towards the $2450 support level. On the upside, we have pressure from the EMA 50 moving average, which could add to the bearish momentum. With the break below, we go to […]

What Steel Prices Crashing Means For The Global Economy

Aug 16, 2024 Jeremy Parkinson Finance, No picture 0

Image Source: Pexels Steel prices are plunging, down a quarter since May at lows not seen since 2016. The chairman of the world’s largest producer just said he expects it to get much worse in terms of prices and for industry. The implications are far broader than steel or China.Video Length: 00:16:36More By This Author:The Entire […]

Sensex Today Rallies 800 Points; Nifty Above 24,400

Aug 16, 2024 Jeremy Parkinson Finance 0

Stocks in Asia rose Friday after robust US jobs and spending data eased recession concerns, fueling a rally in stocks and sending bonds tumbling.Equity benchmarks in Japan climbed over 2% at the open, while shares in Australia increased alongside those in South Korea.US stock market ended higher on Thursday, with the Nasdaq rising more than […]

EUR/JPY Price Forecast: The First Upside Barrier Emerges Near 164.00

Aug 16, 2024 Jeremy Parkinson Finance 0

EUR/JPY trades on a softer note near 163.55 in Friday’s early Asian session. The cross resumes its uptrend above the 100-period EMA with a bullish RSI indicator. The immediate resistance level emerges at 164.00; the 163.10-163.00 region acts as an initial support level. The EUR/JPY cross trades weaker around 163.55, snapping the four-day winning streak […]

EUR/USD Forecast: Continues To See Noisy Trading

Aug 16, 2024 Jeremy Parkinson Finance 0

In my daily analysis of the EUR/USD pair, it’s obvious that we have plunged quite drastically after breaking above the 1.10 level during the previous session. That being said, the market is likely to continue to see a lot of movement back and forth between the large, round, psychologically significant figures, such as the 1.09 […]

FX Daily: Holding Patterns

Aug 16, 2024 Jeremy Parkinson Finance, No picture 0

Image Source: Unsplash The dollar has found support in the better-than-expected July US retail sales number. Lower volatility and a firmer USD/JPY have also contributed to better risk appetite. Today’s data calendar looks quite bare, but what should be the start of the Fed easing cycle in September should limit dollar rallies. Look out for August consumer […]

Retail Sales Surge But GDPNow Forecast Declined, What Happened?

Aug 16, 2024 Jeremy Parkinson Finance, No picture 0

Image Source: PexelsThe economic reports on Thursday were strong except for industrial production. GDPNow creator, Pat Higgins, explains the decline.Please consider the GDPNow Nowcast for 2024 Q3. Latest estimate: 2.4 percent — August 15, 2024 The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 2.4 percent on […]