WEEKLY TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 21 AUGUST 2022

 

WEEKLY SNAPSHOT

    CPI (YoY) (Jul), U.K.

    WHEN:                                                                 WHAT IT HAD INFLUENCED:

17th AUGUST 2022                                                      GBP and its subsequent pairs

WHAT HAPPENED: The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

GBPNZD is currently in the downward channel. Further downside can be seen in the coming week.

    Retail Sales (MoM) (Jul), U.S.

    WHEN:                                                                 WHAT IT HAD INFLUENCED:

     17th AUGUST 2022                                                      USD and its subsequent pairs

WHAT HAPPENED: Retail Sales measure the change in the total value of sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. 

USDSEK is currently in the upward channel. Further upside can be seen in the coming week.

CPI (YoY) (Jul), EUROZONE

WHEN:                                                                WHAT IT HAD INFLUENCED:

18th AUGUST 2022                                                     EUR and its subsequent pairs 

WHAT HAPPENED: The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

EURSEK is currently in the upward channel. Further upside can be seen in the coming week.

Gold Down 3% on Week as Mixed Data Raises Questions on Next Fed Move

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: 

Gold fell almost 3% for the week as mixed data raises questions on whether the fledgling U.S. recession will deepen or the dollar will pick up steam again as the Federal Reserve weighs more outsized rate hikes.

The benchmark gold futures contract on New York’s Comex, December, settled at $1,762.90 per ounce, down $8.30, or 0.5% on Friday. For the week, December gold lost almost $53, or 2.9%.

The spot price of bullion, more closely followed than futures by some traders, was at $1,747.68 by 15:40 ET (19:40 GMT), down 0.6% on the day and 3% on the week.

TOP COMMODITIES IN THE COMING WEEK

     GOLD

GOLD is trading in the down channel. The further downside will be seen in the coming week. 

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