Market Weekly Overview | April 29

Welcome to this week’s market overview, where we discuss key financial events, geopolitical developments, and market trends shaping global trading dynamics. Each edition provides an in-depth analysis of major assets, including gold, Bitcoin, and EURUSD, alongside critical news affecting the broader financial landscape. Whether you are a trader looking for strategic insights or an investor tracking macroeconomic shifts, this report delivers the essential updates you need to navigate the markets effectively.

Key market news and statistics:

• Trump changed his mind on Jerome Powell’s firing 
• Gaza officials warned that healthcare faces total collapse because of Israel’s blockade
• Ukraine peace deal surrounded by uncertainty, as parties fail to come to terms
• Tensions rise between India and Pakistan, as the threat of war in the Kashmir region looms
• China lowered on some products the previously imposed 125% tariffs, but to official contacts with the US have happened yet.
• NFP data due on May 02, 15:30 MT Time
• USD steadies ahead of key economic data in the following weeks
• Euro Area key economic data ahead this week.
• Trump’s first 100 days as US President passed

Gold

Last week, we warned that a major correction in #XAUUSD might happen very soon, and just a few hours after the publication of our Market Weekly Overview, the metal edged lower. As we said, it is probably going to continue falling toward the Fibonacci Golden Zone on the 1D timeframe ($3235/oz - $3170/oz). The quick drop was triggered by Trump’s turnaround on J. Powell’s firing issue and easing trade tension between the US and China.

However, not everything is as bright as it could look at first glance. Geopolitical drivers continue to add up bullish signals for gold, with now India and Pakistan’s tensions in the scope of the markets. Still, as the main trends of the metal are economic-data-driven, the following weeks could provide interesting volatility and turning points – to begin with the NFP report this Friday. If new labor data shows excessive cooling, as a collateral effect emerging after the D.O.G.E. firings in the earlier months, the metal might reverse higher once again, in hopes of a more dovish Fed. Until that moment – wait for the retracement into the Golden Zone and trade it.

Bitcoin

Despite Trump’s change of heart on J. Powell’s issue, #BTC continued higher last week, reaching $95,800 last Friday. The rally goes on as institutional demand increases, new funds flow into crypto-ETFs on possible milder trade conditions. As a result, Bitcoin broke away from the downward challenge after the retest we told would happen in last week’s overview.

In any case, caution is your best friend, given the current macro-conditions. The $100,000 mark seems not too far away, and if new negative news doesn’t appear during the week, the lack of uncertainty would boost riskier assets, driving Bitcoin higher.

EURUSD

After reaching our targets #EURUSD finally slid down into a correction and further consolidation around its fresh yearly highs. Two factors weigh in the opposite direction for the pair: on one hand, inflows into the Euro from global investors, who are fleeing USD-denominated assets, spurs the currency higher, on the other hand easing monetary policy has provided the first signs of a weakening. Further economic data might provide the vector for future price dynamics, but until then the Fiber is likely to fluctuate around 1.14250 and 1.12710.

Key economic indicators, such as the GDP growth today and inflation y/y data on Friday, May 02, could be the major triggers for the pair to proceed higher or lower. As prices are now in a range – use the everlasting range trading strategy: trade breakouts and bounces back into the range, using a lesser timeframe to time up your entries.

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