ATFX Market Outlook 24th February 2025 

ATFX Market Outlook 24th February 2025 

Gold price drifts lower on profit-taking, US stocks post worst slide in two months

The U.S. dollar rose against a broad range of currencies on last Friday including the euro, sterling and those tied to commodities such as the Australian dollar, as investors consolidated positions ahead of the weekend, looked to more inflation data next week and kept an eye on tariff headlines.

Last Friday, wall Street ends sharply lower on mounting concerns over economy. The Nasdaq fell 2.5%, its worst week in three months, lagging its global peers and indicating that U.S. outperformance that has been the hallmark of global equities in recent years has peaked.

This week markets will look to the Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation measure, due for release a week from now for more confirmation of the central bank's rate path.

[Financial data and events of significant concern]

Japan Holiday

17:00 EU GERMANY Ifo Business Climate FEB **

18:00 EU CPI Final JAN ***

23:30 US Dallas Fed Manufacturing Index FEB **

Tomorrow

EU GERMANY GDP Final Q4 ***

US Richmond Fed Manufacturing Index FEB **

EURUSD

1.0528/1.0541 Resistance

1.0484/1.0470 Support

Investors will digest Germany's election, which saw a victory for opposition conservatives and the far-right Alternative for Germany's best ever showing. EUR/USD edges higher above 1.0500 in Monday’s early Asian session, it may fluctuate within a high range if it stays above 1.0500, aiming previous high at 1.0533.

GBPUSD

1.2703/1.2728 Resistance

1.2602/1.2577 Support

UK Retail Sales beat expectations, rising 1.7% MoM in January. Traders price in fewer BoE rate cuts, supporting further GBP/USD upside. The ability of the GBP/USD to hold ground above the 1.26000 level is likely seen as a positive result.

USDJPY

150.04/150.50 Resistance

148.12/147.67 Support

Last Friday, USDJPY dropped 0.4% to 149.02 after earlier hitting a new 11-week low of 148.93. Markets were looking out for clues from Ueda with regards to the rise in JGB yields. Due to the daily momentum is bearish, the pair may text lower to 148.12/147.67.

US crude oil futures (APR)

70.82/71.64 Resistance

69.48/68.82 Support

Crude oil prices recorded a choppy trading week, underpinned by geopolitical risks and significant supply disruptions. On the technical side, It may fluctuate within the current range if it stays above the $70.

Spot Gold

2955/2969 Resistance

2909/2895 Support

Spot Silver

32.89/33.15 Resistance

32.06/31.80 Support

Gold price drifts lower last Friday as investors take profits from Gold after reaching the previous session's record high. Gold price loses momentum to around $2,925 in Monday’s early Asian session. Technically, Gold continues to show positive momentum as long as hold above the 10-day moving average.

Dow Futures

43800/44043 Resistance

43047/42816 Support

Last Friday, Dow drops 700 points for worst day of 2025 so far on new fears about economic growth. On the technical side, remaining below 43500, may pushing it towards $43300 in its downtrend.

NAS100

21945/22057 Resistance

21460/21346 Support

Stock market bounce back from poor week on Monday, after a week that saw the major indexes slump, with Nvidia earnings in sight this week. From a technical standpoint, the resistance level between 21945/22057 is limiting the upward trend.

BTC

97585/98395 Resistance

94964/94141 Support

Bitcoin and Ether prices dipped, while smaller tokens saw worse losses on last Friday, breaking the key support of $96000. If sellers' pressure continues and the price closes far from that mark, there is a chance of a test of the $95000-94000 range soon.

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

About ATFX 

ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK's FCA, Cypriot CySEC, UAE's SCA, Australian ASIC, South African FSCA, and Hong Kong SFC. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.