Market news 09.02.2024

EUR/USD: The euro is not giving up its attempts to gain a foothold at the 1.0800 level, but it seems to be a difficult task.

According to independent analyst Vasilis Tsaprunis, the single European currency is back at the 1.08 barrier, trying to gain ground here and stay at higher levels by the end of the week, but this is not easy to achieve on a relatively flat day with an empty macroeconomic calendar.

Against the backdrop of yesterday's quiet day that brought no surprises, the trading range remained limited and the losses that the European currency suffered proved to be temporary and short-lived.

At the moment, the pair has already managed the 1.07 -1.08 level and is looking for an impetus to move towards new levels.

XAU/USD: According to Commerzbank, it is unlikely that XAU/USD will leave its trading range. 

Gold maintains its position, defending the $2,030 level. 

Next Tuesday will be a “speaking” indicator, when the US inflation data for January will be released. However, the optimism about a quick interest rate cut will return only if the data is unexpectedly low, but this is unlikely to happen. Therefore, gold is likely to stay within the trading range between 2,050 and 2,000.

XAG/USD: Silver continues its recovery and trades positively for the second consecutive day on Friday. In the first half of the European session, an impulse pulled the white metal to the upper boundary of the weekly range, around $22.70 despite the fact that the bullish momentum is weak.

Technically, the asset's lack of ability to attract follow-through buying as well as neutral oscillators on the daily chart are reasons for some caution on the part of bullish traders. As such, any subsequent upside move is likely to meet stiff resistance around $22.85, closely followed by a trendline move to the downside around the $23.00 mark.