Gold 1693,50
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EURUSD 1,0799
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DJIA 24115
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OIL.WTI 25,095
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DAX 10609
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The third trading week of May is not impressive at all. Currencies have frozen almost in place, markets have gone into a sideways trend. It’s not at all clear when the markets will revive.
Gold
On Thursday, we saw that the number of initial US unemployment claims was lower than last week’s data, but higher than expected, which of course affected the markets. A drastic interview with Donald Trump, in which he said that he could completely break off all relations with China, which would save the U.S. $500 billion a year, struck traders. Disagreements during the difficult situation in the world are not at all in time. The DAX index has fallen by almost 2%, the S&P500 has fallen heavily at the beginning of trading, but by the end it has almost recovered to the opening level of 2830.
Euro
The Euro has absolutely no support left from investors to grow. Even the report on the consumer price index in Germany did not show up in any way. European economy is in stagnation and uncertainty, the US dollar is growing as tension between the US and China resumes. The Euro continues its downward trend on Thursday as well and the price approached a strong support at 1.0780. Next, the quotes are likely to try this level to go lower as there is no positive for the Euro.
Oil
On Thursday, oil traders were still optimistic as countries began to reduce production and even demand began to rise slightly. But there was little joy. Now WTI oil is unlikely to be able to overcome the $30 per barrel level in any way. So far, the goal for black gold is to at least consolidate its current positions and deal with supply and demand.
Gold
Finally, gold has shown that it can move in impulses. As soon as important news from the USA appeared in the market, as well as macroeconomic data, investors immediately used this moment and started buying the precious metal. The level of $1730 per ounce has almost passed and it is close to the highs. End of the week, and it is very interesting. Because either we will get a profit taking on Friday for some instruments and the price will fall, or we can storm new highs.
What’s waiting for us today?
04.00 Volume of industrial production in China since the beginning of the year
10.00 German GDP
14.30 US retail sales volume
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