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Amid a volatile precious metal market, Gold prices have been caught in a storm of wild, directionless swings. The recent Nonfarm Payrolls report added fuel to the fire, triggering a sharp 4.5% drop in Gold to a low of $2364.69 per troy ounce. While some technical indicators hint at an uptrend, the market's stability hangs in the balance. A decisive breach of the $2353.10 support level could spell further declines despite Gold currently holding above its 50-period Exponential Moving Average (EMA) and showing momentum above the 100 baseline. However, mixed signals from the Relative Strength Index (RSI) suggest a weakening bullish momentum, with a potential bearish reversal on the horizon if key support level fails. As traders navigate this uncertain landscape, attention will be keenly focused on identifying both potential upside and downside targets.

The EURUSD currency pair is in a state of indecision, oscillating within a sideways market as traders await clarity amid recent economic data and upcoming releases.  Disappointing nonfarm payroll figures, coupled with the Federal Reserve's hints at a potential rate cut in September, have set the stage for today's anticipated ISM Non-Manufacturing PMI release.  Despite the current sideways trend, there are signs of upward momentum, with the exchange rate rebounding from the 1.07774 support level following the payroll data release.  This bullish outlook is further supported by technical indicators, including the 50-period Exponential Moving Average (EMA) and the Momentum oscillator.  

The Federal Reserve officials are expected to keep the current interest rates unchanged at their two-day policy meeting this week. However, they are likely to signal a potential rate cut in September. Economists predict that the Fed will maintain the benchmark rate at a range of 5.25% to 5.5%. Given recent lower inflation readings and a slight increase in unemployment, the Fed is expected to acknowledge progress towards their 2% inflation target. Fed Chair Jerome Powell is anticipated to provide cautious indications of future rate cuts, emphasizing data-dependent decision-making and addressing concerns about the labor market. Investors are expecting possible rate cuts in September, November, and December.

The most recent report from the Energy Information Administration (EIA) on July 17, 2024, indicated that Crude Oil inventories in the US decreased by 4.9 million barrels for the week ending July 12, 2024, which was lower than the -0.9 million barrels predicted by economists. 
Despite causing a temporary surge in Crude Oil prices on the day of the report, the commodity has experienced a 5.3% decline compared to the week of June 30.  The decline can also be attributed to the global economic slowdown and mixed economic indicators.

Gold has been in a corrective phase since July 17, when it reached an all-time high of $2483.70 per troy ounce due to a slowdown in China's economy and sluggish demand from Asia. Traders are anticipated to carefully monitor the market, as significant geopolitical and economic events could change the direction of the precious metal.

The GBPJPY is bouncing back from the lower Bollinger Band despite the recent release of UK Retail Sales, which revealed a weakening of consumer spending. The report showed a decline from the previous month and fell short of analysts' projections, which had anticipated a milder decrease. Traders are expected to closely monitor the currency pair in light of the forthcoming release of significant economic data that could impact currency valuations.
 

The Pound Sterling remains on a bullish trajectory amid geopolitical developments and political turmoil in the US, while the Relative Strength Index shows signs of exhaustion, hovering above overbought territory. Traders are expected to closely monitor the currency pair in light of the forthcoming release of significant economic data that could potentially impact currency valuations.

The major JPY currency pairs dropped after the Consumer Price Index data, a key indicator of inflation, showed a slowdown in consumer prices. This brought the Fed closer to its 2% target and led to discussions of a rate cut in September. The USDJPY is currently recovering after yesterday's daily range of 433 pips. Traders are expected to keep a close eye on the currency pair due to the upcoming release of significant economic data, including the Producer Price Index, which could impact currency valuations.