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CFD Market Overview: May 3, 2024

The dollar’s recent weakness against major currencies has become apparent, signaling a shift in market dynamics. Investors are awaiting the release of the Non-Farm Payrolls (NFP) report later this Friday, anticipating Federal Reserve Chair Jerome Powell’s decision in response.

Federal Reserve’s Stance

Federal Reserve Chair Jerome Powell has communicated to the markets that the central bank’s next interest rate move is likely to be a reduction, easing concerns of potential rate hikes.

Earnings Report Analysis

Recent earnings reports from S&P 500 companies indicate positive trends, with 77.2% surpassing analyst expectations. Although slightly below the previous four-quarter average of 79%, this beat rate remains significant.

Market Performance

• The Dow Jones Industrial Average saw a 0.85% increase.
• The S&P 500 gained 0.91%.
• The Nasdaq Composite surged by 1.51%.

Sector Performance:

• Technology shares and consumer discretionary sectors led gains, with approximately 1.6% increases.
• Notable performers include Qualcomm, with a 10% rise, and Amazon, which advanced by 3.2%.

Conclusion:

In conclusion, recent market movements reflect a weakening dollar, alongside positive signals from the Federal Reserve regarding potential interest rate adjustments. Strong earnings reports have also contributed to market optimism, particularly in the technology and consumer sectors.

GOLD – XAU is very positive on the buy as the price got rejected strongly at 2295.536. We expect to see the price break above 2319.398 and beyond 2333.715. A successful break will continue to push the price upward. Otherwise, we may see the price consolidate and gather orders.

SILVER – With silver breaking slightly below 26.267 and retesting at 26.753, we may see the price reach 25.800. However, we must wait and see how the price will play around this area as a range is confirmed to exist from here. Our bullish bias still exists.

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