Since the beginning of the trading day on Tuesday, the price of silver has experienced a significant decline of 2.6% to reach $26.4 per ounce. This drop comes after a failed attempt to break above the $30 per ounce mark on 7th April. Following this unsuccessful rally, silver seems to have entered a phase of
Technical Analysis
The Eurozone preliminary core CPI rate for April has shown a gradual decline, reaching 2.7% year-over-year, which marks the slowest pace of inflationary pressure since February 2022. This downward trend in inflation is accompanied by a widening spread between the 2-year and 10-year Eurozone sovereign bonds and US Treasuries. The widening of these yield spreads
The USD/JPY pair has continued its rally, reaching a key long-term resistance level of 159.60, marking a significant milestone in its upward trajectory. The swift upmove in the Asian session has led to increased volatility, raising concerns about the potential for FX intervention to stabilize the market. Abrupt intraday movements in the pair have added
The EUR/USD pair has been on a rollercoaster ride, starting a recovery wave from the 1.0600 zone. Despite testing the 1.0598 low, the bulls managed to make an appearance and push the pair above the 1.0650 and 1.0680 resistance levels. However, the bears are showing some activity near the 1.0740 level, causing the pair to
After facing a decline from the 1.2900 zone, the British Pound is now attempting a recovery wave from the 1.2300 level. The pair fell below the 1.2600 support and even dropped below 1.2400 and the 50-day simple moving average. However, a low was established near 1.2299, leading to the current recovery wave. The upside movement
The US 100 cash index is currently in the red, trading slightly below the 100-day simple moving average (SMA) and showing a decline from its recent all-time high. Despite some positive earnings reports, market sentiment remains bearish as investors await key US data releases that could significantly impact the upcoming Federal Reserve meeting scheduled for
The WTI futures have been developing within a bullish channel since December, showcasing a steady uptrend that has seen the price reach a six-month high on April 12. Despite a brief retreat from its peak, the price found support at the 50-day SMA, indicating a potential continuation of the positive momentum. Technical Analysis The WTI
The GBP/USD pair is showing signs of recovery after hitting support at the 1.2300 level. Breaking a bearish trend line with resistance at 1.2420 on the 4-hour chart is a positive signal for the British Pound. The pair is now trading above 1.2380 and has surpassed the 23.6% Fib retracement level. Immediate resistance is seen
The AUD/USD pair has seen a resurgence in upward momentum, marking its second consecutive day of gains and hitting a one-week high near 0.6453. This turnaround follows a period of sharp declines and is largely attributed to the release of encouraging economic data out of Australia. The latest manufacturing PMI report for April showed a
Gold has faced significant pressure this week, dropping back to the $2300 per troy ounce level. The decline of over 3.7% since Friday’s close can be attributed to a more moderate escalation in the Palestinian-Israeli conflict than initially expected. This pullback is seen as a welcome technical correction that could potentially signal the beginning of
Gold prices recently experienced a downside correction from the high of $2,430, marking a shift in the market trend. The price dipped below a key bullish trend line, breaking the support level at $2,375 on the 4-hour chart. This correction was further confirmed as the price fell below the 23.6% Fib retracement level from the
EURJPY is currently showing signs of bullish momentum, with the bulls on the verge of testing the recent high of 165.34. Despite this, there is a looming threat of intervention which is limiting the aggressive bullish appetite in the market. The ongoing verbal commentary from Japanese officials and the upcoming BoJ meeting, coupled with dovish