The gold price has been steadily increasing, surpassing the $2,440 resistance level. A key bullish trend line has formed with support near $2,440, indicating a positive uptrend. The price found support near $2,320 and has seen a strong uptrend above $2,400. However, there is a risk of a downside break if the price falls below
Technical Analysis
In the past 24 hours, the cryptocurrency market experienced a 0.75% loss, bringing the total market capitalization to $2.29 trillion. This slight decline follows a trend of synchronised selling that has been prevalent in the market recently. The sentiment index currently stands at 57, indicating greed among investors. This shift towards greed in the market
The recent surge in gold prices, reaching a new peak at 2460 USD per troy ounce, can be attributed to multiple factors. One of the main drivers behind this upward trajectory is the growing expectation of a rate cut by the US Federal Reserve. Signals from the Fed’s July meeting, coupled with weaker-than-expected US economic
The British pound sterling is facing a steady decline against the US dollar, as the GBP/USD pair is moving towards 1.2848. The pressure from the USD rate is a major contributing factor to this trend. However, the upcoming Bank of England meeting and its decision on interest rates are also playing a significant role in
Gold is showing signs of a potential recovery as it bounces off the support zone at $2,350. The recent price action on the 4-hour chart of XAU/USD indicates a positive movement, with the price surpassing key resistance levels. The break above the connecting bearish trend line at $2,388 is a bullish signal, suggesting a possible
The short term Elliott Wave view in E-Mini Dow Jones Futures (YM) indicates that the trend is expected to continue higher within the sequence that started from the April-2024 low as part of the daily sequence. The analysis suggests an upside movement in wave 5 of (5) since the 18th of April, 2024 low as
The upcoming Bank of Japan (BoJ) meeting is creating a buzz in the financial markets as speculations are rife about a potential rate hike. The BoJ is anticipated to unveil a strategy to halve its bond purchases in the coming years, a move that could have significant repercussions on the global economy. The decision, scheduled
As the week kicks off, USDJPY is facing a challenging battle to overcome the 20-period Simple Moving Average (SMA). Despite some positive momentum in the near-term, the bulls are finding it difficult to secure the upper hand in the 4-hour chart. Both the stochastics and RSI have shown signs of reversal to the upside, but
The AUD/USD pair is currently on the rise, inching towards 0.6552 on Monday. This comes after the Australian dollar recently hit a 12-week low, experiencing a more than 3% drop in the past two weeks due to a global sell-off in risky assets and weak reports from China. Investors are eagerly awaiting the Australian inflation
EUR/USD recently saw a correction from the 1.0950 level against the US Dollar. The pair dipped below 1.0900 before finding support near 1.0825. On the 4-hour chart, EUR/USD managed to remain above the 200 simple moving average which was a positive sign for the bulls. After hitting a low at 1.0825, the pair started to
GBPJPY recently experienced a pullback from its 16-year peak of 208.10, marking its lowest level since May 16. The pair has been on an uptrend since early 2024, hitting a high on July 11. However, the price has since violated both the supportive trendline from January and the 50-day SMA. This indicates a potential downward
The USD/JPY pair experienced a significant decline, dropping below key support levels before finding some relief near the 152.00 mark. A major bearish trend line is being formed with resistance at 155.50 on the 4-hour chart. The pair broke through the 156.50 support level, signaling a move into a bearish zone. It further dropped below