Market Analysis On April 30, the Federal Reserve concluded its April meeting by keeping interest rates unchanged as anticipated. Three voting members dissented, opposing the statement's wording that hinted at potential future rate cuts, while one member, Milan, advocated for a 25 basis point reduction. Chairman Powell confirmed he would remain on the Board of Governors after his term as Chairman ends, stating he would depart at an appropriate time and not become a "shadow chairman." The nomination of Wash for Fed Chair passed a vote in a Senate committee, pending confirmation by the full Senate. Meanwhile, the U.S. President commented that the UAE's potential exit from OPEC was "great," asserted it was a good time for rate cuts, and remarked that Powell remained at the Fed because "nobody else wants him." Such direct commentary from a president is historically rare! Key focus for today includes the Bank of England's interest rate decision, meeting minutes, and Monetary Policy Report at 19:00, followed by a press conference from Governor Bailey at 19:30. Later, attention turns to the European Central Bank's rate decision at 20:15. Subsequently, U.S. data releases at 20:30 include the weekly initial jobless claims for April 25, the annual rate of the Core PCE Price Index for March, and the preliminary annualized GDP growth rate for Q1, with expectations of 215,000 claims and 3.2% growth respectively. Later figures include the Chicago PMI for April at 21:45 and the Conference Board Leading Index monthly rate for March at 22:00.
The gold market opened at 4594 yesterday, initially climbed to a daily high of 4610.7, then experienced strong oscillating declines to a daily low of 4509.5, before consolidating. It finally closed at 4544, forming a medium bearish candlestick with a long lower shadow. Following this pattern, today's strategy suggests selling at 4590 with a stop loss at 4597, targeting 4560, 4540, 4532, 4520, and 4509. A break below 4509 would target support levels at 4495, 4480, 4473, and 4460.
The silver market opened at 73.105 yesterday, saw a slight rally to 73.966, then underwent a strong correction to a daily low of 70.837 before consolidating. It closed at 71.302, forming a medium bearish candlestick with a long upper shadow. Given this pattern, today's strategy suggests selling on a rally to 72.7 with a stop loss at 73, targeting 72, 71.6, 71.2, and 70.8. A break below 70.8 would target 70.5 and the 70.3-70.1 range.
The EUR/USD pair opened lower at 1.17091 yesterday, experienced a minor rally to 1.17203, then underwent strong oscillating declines to a daily low of 1.16601 before consolidating. It closed at 1.16741, forming a large bearish candlestick with a lower shadow slightly longer than the upper shadow. Following this pattern, today's strategy suggests selling at 1.17000 with a stop loss at 1.17150, targeting 1.16700 and 1.16600. A break below 1.16600 would target 1.15400 and 1.16250.
The crude oil market rallied strongly yesterday. It opened at 101.23, initially dipped to a daily low of 99.98, then surged powerfully to a daily high of 110.14 before consolidating. It closed at 109.95, forming a large bullish candlestick with a very long lower shadow. Based on this pattern, today's strategy suggests buying at 106 with a stop loss at 105.5, targeting 110, 111, 112, 113, and 115.
The Nasdaq index opened at 27077.9 yesterday, saw a slight rally to 27184.89, then experienced strong oscillating declines to a daily low of 26957.36 before a late-session rally pushed it to a daily high of 27274.64. It then consolidated and closed at 27022.44, forming an inverted hammer candlestick with a very long upper shadow. After an early rise today, the strategy suggests buying at 27180 with a stop loss at 27100, targeting 27350, 27450, and 27500.
Trading Recommendations: Gold: Sell at 4590, stop loss at 4597, targets: 4560, 4540, 4532, 4520, 4509. Break below targets: 4495, 4480, 4473, 4460. Silver: Sell on a rally to 72.7, stop loss at 73, targets: 72, 71.6, 71.2, 70.8. Break below targets: 70.5, 70.3-70.1. EUR/USD: Sell at 1.17000, stop loss at 1.17150, targets: 1.16700, 1.16600. Break below targets: 1.15400, 1.16250. Crude Oil: Buy at 106, stop loss at 105.5, targets: 110, 111, 112, 113, 115. Nasdaq Index: Buy at 27180, stop loss at 27100, targets: 27350, 27450, 27500.
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