DBG Markets: Market Report for Oct 29, 2024

Market Overview

GOLD - Gold has shown recovery after opening at a gap low, indicating continued upward momentum. No changes in our outlook for this asset.

SILVER - Silver remains above its current support levels, with buying prospects likely unless there is a de-escalation in West Asia. We continue to expect a bullish market.

DXY - Dollar is moving sideways despite tensions. While a downward shift is possible, technical and fundamental readings lean toward continued buying. Important news this week may influence rate cut expectations.

GBPUSD - Pound shows continued testing around 1.29966, with selling likely to resume soon. Rate cut expectations will clarify the direction.

AUDUSD - Aussie Dollar shows weakness ahead of an inflation update, with a potential rate cut in December. We await the data release for confirmation.

NZDUSD - Kiwi began the week weak, currently testing 0.59796. Further selling is expected.

EURUSD - Euro shows potential strength but remains at risk for selling due to S&D resistance around 1.08370. Further rate cut expectations could shift momentum.

USDJPY - Yen faces uncertainty amid Japanese political issues, reducing chances for a strong buy. U.S. data will help determine direction.

USDCHF - Franc is consolidating with signs of weakness. Selling may continue if momentum wanes.

USDCAD - CAD maintains an upward trend with possible corrections on the horizon. Further data will guide next steps.