Market Summary

Good morning, dear traders! How are you? Let’s discuss the most exciting news for the beginning of the week.

Economic calendar

The time zone is GMT+2. Check your time zone here: https://www.timeanddate.com/time/map/

Tuesday
JPY Tentative, Monetary Policy Statement
NZD 11:45, CPI q/q

Wednesday
EUR 10:15, French Flash Manufacturing PMI
EUR 10:30, German Flash Manufacturing PMI
GBP 11:30, Flash Manufacturing PMI
CAD 16:45, BOC Monetary Policy Report
USD 16:45, Flash Manufacturing PMI

Thursday
EUR 15:15, Monetary Policy Statement
USD 15:30, Advance GDP q/q
EUR 15:45, ECB Press Conference

Friday
USD 15:30, Core PCE Price Index m/m

News to keep you updated:

• Japanese stocks lifted futures in the US and Europe on Monday, energizing the tech sector with interest in artificial intelligence at the start of the week.

• European and US stock futures advanced, extending the rally in global equities that propelled the US500 Index to a record high on Friday. The US500 gained +1.34% over the past week.

• The average cost of shipping a 40-foot container worldwide has more than doubled over the past month due to the conflict in the Suez Canal.

• United Airlines has canceled all Boeing 737 MAX 9 (#BA) flights until January 26.

• Two leading Wall Street firms are advising investors to begin purchasing five-year US notes following their sharpest decline since May last week.

• US consumer sentiment surged at the start of 2024, with many people anticipating the Fed will lower rates this year.

• Tesla has recently been cutting prices on new cars amid intensifying competition from manufacturers in China and the US.

GBPUSD Outlook!

GBPUSD is consolidating in a rising bearish wedge and approaching the Fibonacci golden ratio. A strong resistance level at 1.2720 could pressure the bulls.

If the price surpasses the Fibonacci golden ratio and the resistance level at 1.2720, the next target will be 1.2750.
However, a breach below the support level at 1.2690 will pave the way to 1.2670 and 1.2630.

Are you with bulls or bears in this case? Share your thoughts in the comments.

XAUUSD in the spotlight!

Gold is moving within a descending channel, and the price is at the critical Fibonacci level of 23.6, which forms two options:

If the price falls below the support level of 2022, the target will be the next support of 2002.
A possible rebound will allow reaching the resistance 2035, corresponding to 38.2 Fibonacci.

Are you on the bullish or bearish side?

That's it for today, guys! See you soon!