Economic Spotlight Today

GOLD - Gold has risen from Monday to test 2431.705 after soft Empire State Manufacturing Index data, boosting precious metals and increasing gold prices. While it has not broken above this level, we expect the market to remain bullish.

SILVER - Silver has consolidated and is trading at 30.668. Yesterday's performance was underwhelming, but our expectations remain bullish for silver. Current market levels present a good entry point for bullish trades soon unless the market decides to go lower before the rise. Until the price shows a more secure path, we remain prudent about entering trades.

DXY - Despite the manufacturing index contracting to -6.6 from -6 last month, the dollar held steady at 104.084 in anticipation of retail sales data to be released later. This data will move markets significantly, and we suggest trading with caution until markets reach a consensus on expectations. However, our data suggests a dovish result, meaning lower retail sales data, indicating confidence toward a September rate cut.

GBPUSD -After an incredible win, the pound was resisted at 1.29966. We expect the pair to rise more after the markets release data later.

AUDUSD - The Aussie dollar remains consolidated between 0.67985 and 0.67531. We anticipate it to rise further after the data release. The market has respected bullish structures and is showing a stable rise.

NZDUSD -The Kiwi has kept itself at a bare minimum and has even shown weakness, trading below 0.60847. We expect the price to move lower from the current trading area despite weakness in the dollar, due to market expectations of an earlier rate cut by the RBNZ. We continue to monitor this pair as it suggests a continuation of a sideways movement.

EURUSD -The EURUSD has found itself trading above 1.08950 after yesterday's soft data release. We might see a continuation of this rise after the retail sales data release. We are waiting for further confirmation.

USDJPY -The yen has recovered from previous losses against the dollar, returning to trade below 160.224 and 158.255. We continue to watch for intervention in this market but anticipate further declines from what seems to be an all-time high. We will react to market conditions and trade this pair prudently.

USDCHF - There is a chance that USDCHF has found its quarterly high from the first week of trading. With that in mind, we anticipate the market to fall further after the retail sales data release. However, prices are consolidated between 0.90054 and 0.89431.

USDCAD - The CAD has slipped heavily against the dollar, trading above 1.36612. We expect the price to rise further due to CAD rate cut expectations and underwhelming economic performance.

COT Reports Analysis

CAD - Weak (2/5)

CHF - WEAK (5/5)

GBP - Strong (5/5)

JPY - Weak (5/5)

EUR - Strong (3/5)

AUD - Strong (5/5)

NZD - Weak (3/5)

USD - Strong (2/5)

Silver - Strong (5/5)

Gold - Strong (5/5)