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Daily Market Analysis from Investizo.com

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  • 5 weeks later...

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The recent gold price dynamics reflects the complex interplay between economic indicators and market sentiment: the price moves in response to changes in the US economic indicators and Federal Reserve policy expectations. 

After a strong break of the 2000.00 support level and a further decline to 1984.20, gold prices rose on the back of a sharp fall in US retail sales in January, the largest monthly decline since February 2023, and a drop in jobless claims, a sign that the labor market is strong, reflecting a robust economy. These factors, along with a weaker dollar and falling government bond yields, are making gold more attractive to international investors. 

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Fundamental analysis GBPUSD for 21.02.2024

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The current analysis of GBP/USD shows that the price movement has no clear direction, as economic conditions in the US and UK show uncertainty, as do expectations related to central bank policies and economic data releases. 

Sterling failed to hold gains despite hitting a weekly high near 1.26800, which was particularly influenced by comments from Bank of England officials. Governor Andrew Bailey said market expectations for a rate cut were not "unreasonable" and pointed to signs of easing price pressures, but did not say when or how much policy adjustments would be made. Deputy Governor Ben Broadbent and Policy Director Swati Dhingra also attended the meeting, emphasizing the shift in focus from the scope to duration of restrictive monetary policy and warning of the negative effects of high interest rates on the economy. Analysts argue that interest rate cuts are urgently needed to avoid long-term economic damage, but concerns remain about the impact of continued tight monetary policy on UK economic growth.

 

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Fundamental analysis WTI for 26.02.2024

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While the global oil market is under pressure and uncertainty, the price of WTI crude oil fell and reached 76.00. 

The main reason for this fall is the increase in interest rates around the world, which limits economic activity and, in turn, reduces oil consumption and decreases demand. Federal Open Market Committee meeting minutes and hawkish comments from Fed officials point to concerns about continued inflationary pressures, lower short-term interest rates and the need to keep debt payments on hold. These ideas traditionally and naturally lead to lower oil prices. 

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