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


Welcome to this week’s Market Blast Fundamentals.

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



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