Today's Economic Spotlight

GOLD -Despite rising tensions in the Middle East and the US stating that an attack on Israel is imminent until the attack occurs, investors will take advantage of the gold sell-off, booking profits, and waiting for a better position before purchasing this asset. In this manner, they will have more funds to buy at a lower price. Currently, the price is closing at 2365.443.

SILVER -The silver market is currently consolidating at a low price between 27.725 and 26.494. With our bias and insight for this market similar to gold, we expect strength to come into the market soon. However, we will react with our system based on how the price moves.

DXY - The dollar has gained, finding comfort above 102.775. While we maintain our outlook on a lower dollar, we will wait for further price action to determine the best time to re-enter. When everyone anticipates a lower dollar, some investors will take advantage of this expectation by buying the currency and bringing it up before dumping it as September cuts come into play.

GBPUSD - The dollar's strength coming into the market caused the pound to lose further, also influenced by riots and uncertainty in the economy. We continue to expect the price to drop as economic weakness persists.

AUDUSD - The AUD gained after the RBA decided to maintain rates and prices in a cut for December 2024. Currently, prices are at 0.65250 and are expected to break above 0.65618.

NZDUSD -The Kiwi gained after better-than-expected forecasted numbers were released. Employment Change q/q was at 0.4%, with a forecast of -0.2%. The unemployment rate was released at 4.6%, better than the expected 4.7%. This shifted market expectations to a more hawkish rate.

EURUSD -The EUR gained considerable strength but is currently consolidated at 1.08950. While the price broke through, it failed to reach 1.10361. We will react to price movement. However, we still anticipate a possible sell-off in this market as soon as regional tensions escalate.

USDJPY -The Yen gained considerably after a few days of trading and is currently at 146.512 after what seems to be a technical correction following a long drop. We continue to price in a sell-off for this market but will re-evaluate prices and react accordingly depending on market expectations.

USDCHF -The market is currently in a technical correction after a large drop from the structure under 0.87041. We continue to see a continuation of the drop, but there is a possibility that the price may return to 0.87041. Our analysis remains the same—a weaker dollar.

USDCAD - The CAD has gained as we expected, considerably so against the dollar. We can see the price fall under 1.37881. While bullish structures have not been fully broken through, we still look for market opportunities to sell.

COT Report Analysis

CAD - WEAK (5/5)

CHF - STRONG (1/5)

GBP - WEAK (1/5)

JPY - STRONG (3/5)

EUR - WEAK (2/5)

AUD - WEAK (5/5)

NZD - WEAK (5/5)

USD - WEAK (1/5)

SILVER - STRONG (3/5)

GOLD - STRONG (3/5)