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Recession Fears Affecting Gold (XAUUSD), S&P 500 and USD.

   

Welcome to this week’s Market Blast Fundamentals.

Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at NZDUSD, the S&P 500 (US500), Gold (XAUUSD), USDCHF, and EURUSD.



The USD has finally stopped its bull run as fears of recession are gripping the markets.Screenshot 2022-05-23 at 10.53.50

We see EURUSD breaking resistance and USDCHF at a key level of support at around $0.97.Screenshot 2022-05-23 at 10.54.02

These fears and high inflation are affecting the global stock indices and we see the S&P 500 still trending down and well below the 200-day simple moving average.Screenshot 2022-05-23 at 10.54.12

Gold has also been affected by recession fears and a weaker USD.Screenshot 2022-05-23 at 10.54.20

Price action did go below $1800 as we discussed last week but has now rebounded to the $1850s.

These three instruments may continue on their current path if we see weak data this week from the US with New Home Sales and a speech by Jerome Powell tomorrow; Core Durable Goods Orders Wednesday; and Quarterly GDP on Thursday.

Of course, good data could see price action reversing.Screenshot 2022-05-23 at 10.54.46

Tomorrow as well, the Reserve Bank of New Zealand is expected to raise Interest Rates to 2%.Screenshot 2022-05-23 at 10.54.53

This may already be built in as we see NZD strength during the last few days.

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That’s all for now. Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.23 May 2022 Fundamentals EN TN

 

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