The price of gold continues to maintain its firm tone, holding near a new all-time high as investors await the release of US PCE data. This data is expected to provide fresh signals that will impact the market’s direction. Gold has been well supported by strong demand, acting as a safe haven asset and experiencing
Technical Analysis
The Euro has faced resistance at the 1.12000 level, leading to a correction down to 1.1100. The current range-bound trading between 1.1200 and 1.1090 raises questions about potential scenarios in upcoming sessions. A break below 1.1090 could trigger a downward correction towards 1.1050-1.0980, while consolidation above 1.1200 may resume the upward momentum towards 1.1400-1.1300. Technical
The NZD/USD pair has shown significant strength in recent trading sessions, breaking above the 0.6050 and 0.6120 resistance levels. This bullish momentum has been driven by a positive outlook for the New Zealand Dollar, with the pair now consolidating gains below the 0.6250 level. On the 4-hour chart, a major bullish trend line is forming
The GBPUSD pair recently surged above its previous peak, indicating a strong bullish trend in the market. This upward movement confirms the higher high bullish sequence from the recent low in September 2022. The current rally from the April 2024 low appears to be following a 5-wave impulse pattern based on the Elliott Wave theory.
The recent remarks by Kazuo Ueda, the Governor of the Bank of Japan, have caused a stir in the forex market. Ueda’s hints at adjusting the monetary policy based on economic forecasts have raised speculations of a potential interest rate hike. This comes as Japan’s core consumer price index rose to 2.7% in July, signaling
Gold prices have surged to retest $2500/oz ahead of Fed Chair Powell’s speech at the Jackson Hole Symposium. This comes after a retracement during Thursday’s US session, fueled by a stronger US Dollar, rising US Yields, and potential profit-taking. The market is eagerly anticipating Powell’s remarks, with many hoping for confirmation of September rate cuts.
The Japan’s 225 stock index (cash) has been showing a positive momentum for the second consecutive day, reaching a three-week high of 38,421. This indicates a reversal of more than half of the previous freefall seen in July and August. The technical indicators suggest that there is still bullish potential in the market, with the
EUR/USD has seen a significant uptrend recently, surpassing the key resistance level of 1.1000. The Euro’s surge against the US Dollar has been quite impressive, with the pair breaking through the 1.0950 resistance level. On the hourly chart of EUR/USD, we can see a connecting bullish trend line that is providing support around 1.1090. The
BTCUSD has experienced a significant shift in market sentiment as it has been trading sideways in the past few sessions. The recent rejection at the 50-day SMA has further deteriorated the already bearish short-term picture for Bitcoin. This has raised concerns among investors and traders, leading to a decrease in bullish actions. Technical Indicators Showing
The price of gold has continued to rise steadily, reaching around $2500 per troy ounce, as investors flock towards safe-haven assets in light of ongoing geopolitical tensions. The ongoing conflict in the Middle East, with talks of ceasefire between Israel and Gaza, has contributed to the uncertainty in the market. These tensions have fueled the
The XAUUSD market is currently showing signs of a bullish trend, with potential for new all-time highs in the short term. Traders are advised to consider sell positions below 2470 and buy positions after a pullback above 2460, while setting profit targets and stop losses accordingly. On the daily timeframe, price consolidation is observed below
In recent market trends, crude oil prices saw a struggle to surpass the $80.00 resistance zone. Although there was a temporary spike above this level, the bears quickly appeared and pushed prices lower. This was evident on the 4-hour chart of XTI/USD, where the price began a fresh decline from the $80.26 high. As a