James Stanley

Gold prices melted down last week but so far this week, a different tone has taken over. But can this turn into anything more than a short squeeze?

EUR/USD has been mired in a steep sell-off as worries have built around French yields, but continued support around the 1.1100 level give hope for a bounce that could possibly turn into something more.

The US Dollar was up this week through a slew of Central Banks but next week sees the focus shift to mid-term elections and the week after brings inflation.

It’s been a rocky few weeks for stocks starting with a bearish engulf in NVDA a few weeks ago and then the same formation in the S&P 500 two weeks ago. Sellers have since chewed through supports and fear is starting to spread, but is this the beginning of the end for the AI rally?

We’ve heard from the Fed, ECB and BoC with the BoJ up next later tonight and DXY trajectory hangs in the balance depending on how hawkish the Bank of Japan might turn out to be.

USD/JPY has a theoretical cap after the intervention in July and then the verbal threats thereafter, but the big question now is whether a larger case of carry unwind lurks around the next corner.

Gold has so far bounced from the $4k level following last week’s sell-off but whether a low is in-place will highly depend on how the Central Bank meetings remaining on the calendar for the rest of this week roll out.

Tomorrow brings the Fed and then mid-term elections next week and CPI the week after, so we have a loaded few weeks ahead as USD strength remains in-play.

USD/CAD was in a strong bullish trend through the October open, but that has since turned into a decisive sell-off. The 1.4000 level is now in play and that begs the question as to whether bulls can force a turn.