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Liz Truss, Rishi Sunak, Starmer - Lessons for India from UKIndian Budget will be presented in Jul 2024. This will be a coalition government budget, hence there is a chance of the government going populist and yielding to coalition partners demands. Indian government has done a fabulous job in the last decade of maintaining the public finances in a strong position. This video tries to highlight where we stand due to our correct economic policies of the last decade - including a once in a century pandemic - against the global backdrop
TVC:GB10Y
by MBIPL
Gold braces for biggest weekly loss of 2024, focus on $2,270Gold licks its wounds at the lowest level in a fortnight after falling in the last three consecutive days. With this, the precious metal becomes vulnerable to post the biggest weekly fall since late September 2023. The downside bias takes clues from a clear break of a nine-week-old support line, now immediate resistance near $2,340, as well as the bearish MACD signals and steady RSI. With this, the spot Gold price (XAUUSD) is likely to drop toward the 50-SMA support of $2,309. However, an ascending trend line from early April, close to $2,294 at the latest, will challenge the bullion bears afterward. It’s worth noting that a 3.5-month-old rising support line near $2,270 acts as the final defense of the buyers, a break of which will not hesitate to welcome the bears targeting the $2,200 threshold. On the contrary, the Gold buyers need validation from the $2,340 support-turned-resistance to retake control. Even so, the 10-SMA hurdle of $2,375 and the $2,400 psychological magent will challenge the XAUUSD bulls afterward. In a case where the precious metal remains firmer past $2,400, the $2,430 and the $2,450 should allow the bulls to take a breather before pushing them toward the $2,500 round figure. Overall, the Gold price is likely to witness a short-term downside but remains in the bullish trend unless declining below $2,270.
OANDA:XAUUSD
by MTradingGlobal
Gold stays bullish despite recent pullback, focus on $2,400 Gold price lacks clear directions after retreating from the highest level in a month while snapping a two-day winning streak. In doing so, the XAUUSD eased from a one-month-old horizontal resistance zone surrounding the $2,400 threshold. The pullback also gained strength from the US Dollar’s rebound. However, the bullion still carries an early-week breakout of a descending resistance line from April 12, now immediate support around $2,365. Additionally, keeping the buyers hopeful are the bullish MACD signals and the upbeat RSI (14) line. With this, the quote is likely to prevail on the bull’s radar and can gain more upside strength on crossing the $2,400 hurdle. In that case, the $2,418 and $2,431 will lure the bulls before directing them towards refreshing the all-time high by targeting the $2,500 threshold. It’s worth noting that the Gold price weakness past the resistance-turned-support line of $2,365 won’t open the doors for the sellers as the 21-SMA and an upward-sloping trend line from mid-March, respectively near $2,336 and $2,318, will challenge the commodity’s south-run. Should the precious metal remain bearish past $2,318, the $2,300 round figure and the monthly low of nearly $2,277 will be the final defense of the buyers. Following that, the XAUUSD’s fall toward the late March swing high of $2,222 can’t be ruled out.
OANDA:XAUUSD
by MTradingGlobal
Bullish pennant teases Gold buyers despite latest inactionGold price remains lackluster within a three-week-old trading range, struggling to extend the weekly rebound by the press time. However, a gradually firming RSI (14) line joins the bullish MACD signals and a one-week-long bull pennant to keep the XAUUSD buyers hopeful. That said, the aforementioned trading range’s top surrounding $2,188 guards the immediate upside of the bullion ahead of the stated pennant’s peak of near $2,195, quickly followed by the $2,200 threshold. In a case where the precious metal remains firmer past $2,200, the odds of witnessing a new all-time high, currently around $2,222, can’t be ruled out. In that case, $2,265 could gain the buyer’s attention ahead of the $2,300 round figure. Alternatively, a downside break of $2,165 will defy the bullish pennant chart formation and could quickly fetch the Gold price toward the previously mentioned trading range’s bottom of near $2,146-42. In a case where the XAUUSD drops beneath the $2,142 support, an ascending support line stretched from mid-February, close to the $2,100 psychological magnet at the latest, will be crucial to watch. Should the bullion remain weak past $2,100, the late December 2023 peak surrounding $2,090 will be the last defense of the Gold buyers before giving control to the sellers. Overall, Gold price remains bullish unless breaking $2,090 support even if the upside room appears limited ahead of the key US data, namely the US GDP and Core PCE Price Index.
OANDA:XAUUSD
by MTradingGlobal
200-SMA tests AUDUSD rebound from six-week-old supportAUDUSD struggles to defend the week-start recovery from an ascending support line stretched from early February as traders await the key US Durable Goods Orders and the Aussie inflation data, scheduled for Tuesday and Wednesday respectively. In doing so, the risk-barometer pair jostles with the 200-SMA hurdle surrounding 0.6555. It’s worth noting that the market’s cautious mood joins the sluggish MACD and steady RSI (14) line to raise doubts about the quote’s further upside. Even if the buyers manage to cross the key SMA hurdle, an 11-week-old horizontal resistance surrounding 0.6635-40 will be a tough nut to crack for them before retaking control. Meanwhile, AUDUSD sellers should wait for the aforementioned data, as well as the pair’s daily closing beneath the multi-day-old support line, close to 0.6515 by the press time, before entering. Even so, the monthly low of 0.6477 and February’s bottom of 0.6442 will challenge the quote’s downside. Following that, the bears could gain a free hand in targeting the 0.6400 round figure and the late 2023 swing low of near 0.6270. Overall, AUDUSD pares recent losses ahead of the key data/events but the recovery appears less convincing.
by MTradingGlobal
GBPUSD rebound appears elusive below 1.2510GBPUSD seesaws at a three-week high ahead of the UK data dump, probing a six-day winning streak. However, the RSI (14) line steadies near the overbought region and joins a looming bear cross on the MACD to suggest that the bulls are running out of steam. With this, a pullback towards the late September swing high of around 1.2270 becomes imminent but a convergence of the 100-SMA and 23.6% Fibonacci retracement of the pair’s August-October downturn, near 1.2215, appears a tough nut to crack for the Cable bears afterward. Even if the quote drops below 1.2215, the previous resistance line stretched from late August, close to 1.2090 by the press time, will precede the monthly low of around 1.2035 and the 1.2000 threshold to act as final defenses of the Pound Sterling buyers. Meanwhile, the 38.2% Fibonacci ratio of nearly 1.2320 guards the immediate recovery of the GBPUSD pair ahead of the 200-SMA hurdle of 1.2375. Following that, the 50% Fibonacci retracement surrounding 1.2415 can lure the Cable bulls. Above all, the 1.2510 resistance confluence comprising a convergence of the seven-week-long descending trend line and the 61.8% Fibonacci retracement, also known as the Golden Ratio, will challenge the Pound Sterling buyers before giving them control. In a case where the pair remains firmer past 1.2510, the odds of witnessing a run-up towards the August 30 peak of around 1.2750 can’t be ruled out. To sum up, the bullish momentum fades but the road toward the south is long and bumpy while the upside needs validation from 1.2510.
by MTradingGlobal