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
Technical Analysis
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