GOLD: Bullish Setup Anticipated Amid USD Weak and Low Treasury Yields On Tuesday, gold dropped to the $2,315 area, nearing the multi-week low touched the previous day, influenced by a modest strengthening of the US Dollar (USD). Despite the USD's attempted recovery from its over two-month low, there was no significant follow-through, due to increasing...
During Thursday’s London session, silver has surged to $30.25, bolstered by robust buying interest. This momentum is largely driven by the normalization of US labor market conditions, which have heightened expectations that the Federal Reserve (Fed) may begin cutting interest rates in its September meeting. According to the CME FedWatch tool, there is now a 68%...
The AUD/USD pair is gaining traction after the Reserve Bank of Australia (RBA) Governor Michele Bullock indicated on Wednesday that the central bank is prepared to raise interest rates if the Consumer Price Index (CPI) does not return to the target range of 1%-3%, as reported by NCA NewsWire. This hawkish stance has provided a boost to the Australian Dollar,...
The EUR/USD pair experienced a setback on Tuesday after reaching its highest level since late March, climbing above 1.0900 before closing the day in negative territory. The pair's near-term technical outlook suggests a lack of bullish momentum as attention shifts to upcoming macroeconomic data releases from the United States. Technical Analysis Overview In the...
Since April 17, the USD/CAD pair has been trading within a range, characterized by a pattern of lower highs and lows. Recently, the price bounced from the resistance of the previous high. After the release of the US ISM Services PMI yesterday, the price initially pushed down before stabilizing. Today, the pair is attempting to push higher, but we anticipate a...
The GBP/JPY pair is experiencing selling pressure after reaching the 200.75 level. On higher timeframes, the price action reveals a divergence, indicating potential for further downside movement. Having closed our previous positions, we now see another trigger for a possible continuation of the short trend. Our outlook is bearish, anticipating a downward push. ...
BTC Price Analysis: Poised for Increased Volatility and Potential Growth Bitcoin (BTC) traded around $70,800 on Wednesday's opening, with insights from Glassnode suggesting that the largest digital asset could be primed for increased volatility if it reaches a new all-time high in the coming days. Insights from Glassnode Key metrics from Glassnode highlight...
Bitcoin's price has begun to surge once again, indicating a potential new bull run following its recent halving. The price action is currently within a bullish channel, and technical indicators combined with Fibonacci ratios suggest the onset of a fresh bullish impulse. The Halving Effect: A Catalyst for Price Appreciation On April 19, Bitcoin underwent its...
On Monday, EUR/USD reached its highest level since late March, surpassing 1.0915. However, after making slight gains during the Asian session on Tuesday, the pair lost momentum and fell below this level. Market participants are now focused on the April JOLTS Job Openings data from the US, set to be released later today. US Economic Indicators On Monday, data...
On Wednesday, GBP/JPY experienced a slight decline, easing to 200.30 but remaining close to multi-decade highs near 200.75. The pair has drifted into bullish territory as markets seem to dismiss potential "Yenterventions" by the Bank of Japan (BoJ), which have yet to be confirmed. Despite speculation about direct intervention in global foreign exchange markets,...
During the European session on Tuesday, gold is trading in negative territory, erasing some of the recovery gains made the previous day. However, the downside appears to be limited due to rising expectations that the Federal Reserve (Fed) will cut interest rates later this year. These expectations have been strengthened by disappointing US macroeconomic data...
The Japanese Yen continued to weaken on Thursday, even as economic data showed a positive trend. The Tokyo Consumer Price Index (CPI) increased to 2.2% year-over-year in May, up from April's 1.8%, which marked a 26-month low. In addition, Japan’s Retail Sales (YoY) grew 2.4% in April, accelerating from a downwardly revised 1.1% rise in March and surpassing market...
The USD/CHF pair experienced notable selling pressure around the 0.9100 mark on Thursday during early European trading hours. This downward movement was primarily driven by the Swiss Franc (CHF) gaining traction following the release of a stronger-than-expected Gross Domestic Product (GDP) report for Switzerland in the first quarter (Q1) of 2024. As a result, the...
The EUR/JPY presents a compelling price action scenario with notable opportunities. Recently, the pair encountered strong absorption at the 171.500 level, evidenced by a significant spike indicating substantial seller presence in this price area. This absorption led to a pronounced bearish impulse driving the price down to the 164.000 level. Since then, the price...
Gold experienced a significant boost on Friday after the release of marginally lower-than-expected US core Personal Consumption Expenditures (PCE) data, which is the Federal Reserve's (Fed) preferred gauge of inflation. The core PCE for April was reported at 0.2% month-over-month, below the forecasted 0.3%. This data initially propelled gold to a peak of $2,359,...
The Australian Dollar experienced a marginal decline amidst concerns surrounding an unexpected current account deficit totaling A$4.9 billion in the first quarter. Concurrently, the growth forecast for Australia's Gross Domestic Product (GDP) has been revised downward to 1.2% year-over-year, a decrease from the previous rate of 1.5%. Conversely, the US Dollar...
The EUR/USD pair remains in a sideways movement following the profit realized from our previous analysis. The price reversed during the latter part of Friday after US data revealed that inflation, as measured by the Personal Consumption Expenditures (PCE) Price Index, increased by 2.7% year-over-year in April, consistent with March's figures and market...
On Wednesday, the Canadian Dollar experienced a weakening trend across various currency pairs, as the safe-haven appeal of the US Dollar gained traction in the broader market. This decline in the Canadian Dollar's value was notably influenced by subdued bid-to-cover ratios observed in a US Treasury auction held on Tuesday, which contributed to dampened market...