Gold has been facing a glass ceiling at $2525 an ounce on the spot market, struggling to break through for the past two weeks. However, a series of smaller pullbacks and more frequent rallies towards the resistance point to impressive buying pressure in the market. Over the past two weeks, a triangle has formed on
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The decision by local power regulator Aneel to impose an additional charge on electricity bills in September has raised concerns among Brazilians. The drop in reservoir levels at hydroelectric plants during the dry season has prompted this increase in costs, impacting consumers across the country. Despite the growth of wind and solar power in Brazil,
Chinese President Xi Jinping expressed his desire for improved relations with the United States during a meeting with U.S. national security advisor Jake Sullivan. President Xi emphasized the importance of finding “a right way” for the two countries to get along, despite escalating tensions in recent years. Despite the challenges in the China-U.S. relationship, President
The gold market has recently experienced a drop below $2,500 following the release of the US PCE report, which has increased the likelihood of a rate cut by the Federal Reserve in September. Traders are currently expecting a 25 basis point cut rather than a more aggressive 50 basis point reduction. This cautious policy easing
China’s manufacturing sector experienced a slowdown in August, reaching a six-month low as indicated by the official factory survey. The purchasing managers’ index (PMI) fell to 49.1 from 49.4 in July, below the critical 50-mark that separates growth from contraction. This decline was unexpected, missing the median forecast of 49.5 in a Reuters poll. This
The recent U.S. economic data has had a significant impact on Wall Street stocks, leading to a rise in stock prices and the Dow scoring a second consecutive all-time closing high. This positive trend was fueled by findings that U.S. consumer spending increased solidly in July, indicating a strong economy with moderate price rises. As
Warren Buffett, at 94 years old, has defied all odds and led Berkshire Hathaway to new heights. His strategic brilliance, which has been executed with discipline, consistency, and unusual insight, has been credited for the success of his conglomerate. Howard Marks, a prominent investor and friend of Buffett, emphasized that it is not only the
Gold has been holding a firm tone, remaining near its new all-time high as it awaits the release of the US PCE data. The metal’s strong position is attributed to factors such as strong demand, geopolitical tensions, and expectations for the Fed’s first rate cut in September. With a gain of approximately 22% since the
The EUR/USD pair trades stronger near 1.1080 in Friday’s early Asian session after snapping a two-day losing streak. The recovery comes as US GDP expanded more than expected in Q2, with the growth rate rising at an annual rate of 3.0%. This second estimate released by the Department of Commerce surpassed both the forecast and
China has recently escalated tensions with the European Union by opening an anti-subsidy probe into imported dairy products. This move comes shortly after Brussels released a revised draft decision regarding tariffs on electric vehicles made in China. Let’s take a closer look at the various industries that are currently under investigation by China. DAIRY Industry
The euro has faced strong resistance at the 1.12000 level, leading to a correction down to 1.1100. This level has previously acted as support for the pair, creating a range-bound trading pattern between 1.1200-1.1090. The upcoming trading sessions hold the potential for different scenarios based on key technical and fundamental factors. If the price breaks
In the early Asian trading session on Thursday, the NZD/USD pair showed a significant increase, reaching 0.6280 – the highest level since January. This surge in the New Zealand Dollar was primarily driven by the results of the recent ANZ Business Outlook survey. The Business confidence in New Zealand soared to the highest level in