Daily Market Analysis By FXOpen

Market Analysis: Gold Price Corrects Gains While Oil Price Regains Strength


Gold price rallied above $2,400 before correcting lower. Crude oil price is rising and it could climb further higher toward the $85.50 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price rallied significantly above $2,400 and recently corrected lower against the US Dollar.
• It cleared a key bearish trend line with resistance at $2,310 on the hourly chart of gold at FXOpen.
• Crude oil prices are moving higher above the $82.00 resistance zone.
• There was a break above a connecting bearish trend line with resistance at $82.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,350 resistance, as mentioned in the previous analysis. The price even broke the $2,400 level before the bears appeared.

The price traded close to the $2,420 zone before there was a downside correction. There was a move below the $2,355 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,290 zone.

The price is now correcting losses above the 23.6% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low. It surpassed a key bearish trend line with resistance at $2,310.

Immediate resistance on the upside is near the 50-hour simple moving average and $2,330. The next major resistance is near the 50% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low at $2,355.

An upside break above the $2,355 resistance could send Gold price toward $2,400. Any more gains may perhaps set the pace for an increase toward the $2,420 level. If there is no fresh increase, the price could continue to move down.

Initial support on the downside is near the $2,310 level. The first major support is $2,290. If there is a downside break below the $2,290 support, the price might decline further. In the stated case, the price might drop toward the $2,265 support.

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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

AUD/USD Rises Sharply on Inflation News


The Consumer Price Index for Australia was released this morning. According to ForexFactory:

→ CPI in quarterly terms: actual = 1.0%, expected = 0.8%, previous value = 0.6%;
→ CPI in annual terms: actual = 3.5%, expected = 3.4%, previous value = 3.4%.

Rising inflation figures suggest that the Reserve Bank of Australia's tight monetary policy may continue beyond expectations - which is why the Australian dollar has jumped higher relative to other currencies.

Thus, from the minimum of the year against the US dollar, recorded on April 19, the Ausssie rose in price by more than 2%.



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Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.

META Share Price Collapses after Publication of Quarterly Report


Just yesterday, META's stock price closed at USD 493.50, up approximately 40% since the start of 2024 and up nearly 300% since the start of 2023.

However, following the release of Meta's quarterly report, its shares plummeted to USD 400 in post-market trading, representing a decline of more than -15%.

It is noteworthy that the report exceeded expectations in some of the main indicators:
→ earnings per share: actual = USD 4.70, forecast = USD 4.32;
→ revenue: actual = USD 36.4 billion, forecast = USD 36.1 billion.

However, investors were disappointed by plans for the coming months, as Meta said second-quarter revenue would be between USD 36.5 billion and USD 39 billion, below the average estimate of USD 38.24 billion. This could be due to increased investment in developing AI-based products , which do not yet generate income.

At pre-market today, the META share price is around USD 418.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

S&P 500 Rebounds after Negative GDP News


Data released yesterday showed US GDP growth slowed to 1.6% in the first quarter of the year. According to ForexFactory: forecast = 2.2%, past value = 2.4%.

Reaction to the news sent the S&P 500 mini stock index (US SPX 500 mini on FXOpen) sharply lower as market participants may fear a period of stagflation ? a period when economic growth slows and inflation remains stubbornly high.

Speaking at the Economic Club of New York on Tuesday, JPMorgan Chase CEO Jamie Dimon warned investors: ?Stagflation has the negative effect of lack of growth and inflation. It hurts profits, consumers and jobs. And yes, I think there is a chance it could happen again,? he said.

However, this morning the 4-hour chart of the US SPX 500 mini shows that the stock market is recovering thanks to gains in Google and Microsoft, which reported strongly after the close of the main trading session.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

USD/JPY: Rate Falls Rapidly after Exceeding Psychological Mark of 160 Yen Per Dollar


Despite the fact that today is a holiday in Japan, the foreign exchange market is experiencing extreme volatility ? wide candles are forming on the USD/JPY chart, and the rate briefly exceeded the psychological level of 160 yen per dollar, reaching a new high in 34 years.

The weakening of the yen in the first hours of trading occurred against the background of the fact that:
→ On Friday, the Bank of Japan decided to leave interest rates at the same level = 0.1%.
→ At the same time, market participants did not hear clear signals from the Bank of Japan that the weakening yen would be supported.
→ On Wednesday, May 1, the Fed will announce its decision on the interest rate. It is also expected to remain unchanged at 5.5%, highlighting the difference in monetary policy between Japan and the United States.

However, shortly after the yen surpassed the psychological level of 160.00, USD/JPY fell sharply to 155.50 and below ? traders, according to Reuters, saw signs of intervention from Japanese financial authorities after a 13% increase since the beginning of the year.

Let us recall that Tokyo previously intervened in the foreign exchange market in September and October 2022, when the US dollar exchange rate was about 146.00 and 152.00 yen, respectively.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

CRON Stock Price Forms a Bullish Pattern ahead of the Report


The Cannabis Stocks market has experienced a significant decline since its peak in the spring of 2019. The share of the Canadian company Cronos (CRON) then formed a high above USD 24, and trading yesterday closed at USD 2.55.

However, even after the CRON share price fell 10 times, there are still reasons for optimism:

→ Cronos recently announced its first entry into the edible chocolate category with the introduction of Chocolate Fusions. Cronos' newest edible innovation was developed by an expert team of culinary experts, nutritional scientists and leaders in cannabis product development.

→ InvestorPlace named CRON to its list of top Cannabis Stocks to Consider Buying in Spring 2024. The argument is a reminder that Altria invested USD 1.8 billion in Cronos.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

The Dollar Is Losing Some of Its Gains While Awaiting a Verdict from the Fed


The American currency continues to trade in different directions relative to leading currencies. Thus, the yen paired with theUS  dollar fell in price to a 34-year low, and in pairs with European and commodity currencies we are seeing a corrective pullback in USD. Whether the main trends will continue, or whether it is worth preparing for a deeper corrective rollback, will be determined by the coming trading sessions:

• Today at 12.00 (GMT +3:00) inflation data in the eurozone for April will be published
• Today at 17.00 (GMT +3:00) the US consumer confidence index from CB will be released
• Tomorrow at 21.00 (GMT +3:00) a meeting of the Federal Reserve is scheduled, at which the base interest rate on the dollar and the regulator?s further plans for monetary policy will be announced

EUR/USD
The single European currency has been holding above the key range of 1.0700-1.0600 for the third week. Technical analysis for EUR/USD indicates the possibility of working out a piercing line combination on the weekly timeframe, which could lead to a test of 1.0900-1.0840. A price move below 1.0600 may contribute to updating last year?s low at 1.0450.

In addition to the already mentioned news, today at 13.00 (GMT +3:00) it is worth paying attention to the speech of the Vice President of the German Federal Bank Claudia Maria Buch.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.