Today's Market Spotlight

Market Overview 

The overall S&P 500 earnings growth is now projected at 7.8% year-over-year, reflecting data from 424 of the S&P 500 companies as of Tuesday and estimates for the remainder, according to LSEG. This marks an increase from the previously estimated growth of 7.1% as of Friday.

Next week, reports on Walmart results will be released.

Israel and Hamas are engaged in ongoing indirect talks for a ceasefire deal.

Expectations for a ceasefire deal in the conflict between Israel and the Hamas militant group are rising. This comes after Israel rejected an Egyptian ceasefire proposal accepted by Hamas on Monday. However, Israel has agreed to send a representative for further indirect negotiations in Cairo, despite escalating attacks in the crowded city of Rafah in southern Gaza. It's crucial to monitor these developments closely and respond accordingly. Attempting to predict GOLD and Oil momentum by each day's close would only add confusion, as these conflicts may escalate or de-escalate based on political discussions or intervention.

“Gold has entered consolidation mode and is currently testing the hypothesis that a correction can be moderate if the Fed avoids suggesting the need for further hikes in this cycle,” stated Deutsche Bank in a Monday note. “This will hinge on economic data, with the US April employment report serving as a crucial point of reassurance.”

Regarding inflation in the US economy, the Fed remains quiet as it awaits data releases.

“It's a quiet day, with major averages flat and some profit-taking,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. “The focus remains on the Fed, but it's clear that little is happening anytime soon.”

Analysts maintain confidence that inflation will decrease but question the possibility of a rate cut this year.

Market Insight:

GOLD: Gold closed negatively yesterday, fluctuating between 2332.174 and 2295.536. We await a price breakout before making any market calls, but current price placements suggest a gathering of orders.

SILVER: Silver is at a favorable level, with a potential SHS formation visible on a larger timeframe. While more orders are being collected, a break beyond 27.552 is needed to signal continuation.

DXY: The dollar is undergoing a corrective pullback from an aggressive downward push. Market calls are withheld until significant structural breaks occur. Presently, the price range is between 105.840 and 105.071, with another break below potentially testing 104.607.

GBPUSD: GBPUSD continues to be supported by its daily range and respects its top-side structure. Further action awaits, as little has occurred aside from a negative candle print on the daily chart.

AUDUSD: AUDUSD is undergoing a corrective pullback from 0.66145 following its aggressive push. Bullish structures remain respected, and we await price movements accordingly.

NZDUSD: The price remains above 0.59796, signaling the potential for order collection to continue the upward price push.

EURUSD: EUR remains respectful of its bullish structure, currently undergoing a corrective move. Waiting for price movements to align accordingly.

USDJPY: There are minor upward movements for USDJPY overnight. Caution is advised as government intervention may occur unexpectedly.

USDCHF: USDCHF has gained some strength, with the potential for price testing the bottom of the range or a sudden downward push. Waiting for price movements.

USDCAD: While USDCAD maintains its bearish structure, the unexpected upside push has caught many off guard. Waiting for price movements beyond 1.37881 or below 1.36563 before determining a general direction. However, the market is still perceived as bearish.

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