EURUSD Short/SellEURUSD has attempted to pass 1.08135 but failed to break through resistance, for a swing trade of three weeks it shows it can swing from here on out. Looking to take two take profits
TP 1: 1.06691
TP 2: 1.05283
SL: 1.08280
Forextrading
Gold prices increased this morningCadastral tensions have boosted gold prices
This weekend, americaA Consumer Price Index (CPI), Producer Price Index (PPI) and Retail Sales may be launched and might supply a few guidelines approximately the financial outlook and inflation trajectory. broadcast.
Senior FED officers have given statistics that slicing hobby quotes in 2024 is appropriate, bringing up inflation nevertheless growing withinside the first few months of the year. Cutting hobby quotes in 2024 is appropriate, for the reason that inflation remained multiplied withinside the first few months of the year.
On the alternative hand, the Israeli military introduced that it carried out army operations in northern Gaza in a single day and "precision operations" centered the east, close to the Rafah border, in addition to withinside the Zeitoun neighborhood, the middle Gaza
Ongoing geopolitical tensions withinside the Middle East have contributed to the boom withinside the rate of gold, a conventional safe-haven asset.
DXY : USD is forecast to weaken at the end of the yearFor USD, the weekend before May 10, the SBV announced the central exchange rate of 24,271 VND, an increase of 6 VND compared to the previously listed rate, the reference exchange rate at the SBV Exchange was at 23,400 - 25,450 VND. . Buying prices at commercial banks currently fluctuate between 25,120 - 25,225 VND while selling prices reach 25,484 VND. On the black market, the buying and selling price of USD is at 25,670 - 25,750 VND.
Despite trading in a week lacking directional data, the DXY index remained quite volatile and overall had a bullish week of trading. The index is currently still trading above the key support level of 105.00 at the time of writing. This week, the market will be quite busy when the US economic calendar thickens with PPI, CPI and Retail Sales,... announced. Most important will be the CPI, which has a significant influence on market expectations of the Fed cutting interest rates.
XAUUSD : Gold is still expected to increase in the near futureWorld gold price (XAU/USD) increased nearly 1.5% at one point last weekend, reaching a high of $2,378 before closing at $2,360. This is the second consecutive rising session since the previous sideway period.
This precious metal broke out strongly in the context of geopolitical tensions showing signs of escalating in Gaza when peace negotiations between Hamas and Israel in Cairo failed. Gold demand is also driven by concerns about the US labor market. Recent economic data has shown signs of weakness, fueling speculation that the Fed may lower interest rates sooner than expected, thereby stimulating demand for gold. Besides, globally, the general trend of central banks is shifting to reducing interest rates or at least, they are showing that they are ready to lower interest rates. The interest rate environment shows signs of peaking and starting to gradually decrease, which also creates a push for gold prices.
Centrally, the Fed's monetary policy is always adaptive to the situation and based on the latest data. Therefore, the timing of interest rate cuts may change depending on inflation developments, if inflation decreases or increases faster than expected. This week's CPI report will be in focus as this data point could have a significant impact on gold prices.
Mr. Jim Wyckoff, Senior Market Analyst at Kitco News, commented: "If this week's inflation data is high or even moderate, the likelihood of the Fed cutting interest rates as early as September will decrease. go significantly."
EUR/GBP Short and EUR/USD ShortEUR/GBP Short
Minimum entry requirements:
• Tap into area of value.
• 1H impulse down below area of interest.
• If 2 touch 15 min continuation, 5 min risk entry within it, or reduced risk entry on the break of it.
EUR/USD Short
Minimum entry requirements:
• If 3 touch 15 min continuation, 5 min risk entry within it, or reduced risk entry on the break of it.
GBPCAD: Your Trading Plan For Next Week 🇬🇧🇨🇦
GBPCAD formed an inverted cup & handle formation on a daily time frame
after a test of a key horizontal daily resistance.
To sell the market with a confirmation, I will look for a bearish
breakout of its neckline.
Daily candle close below 1.7087 will confirm a violation,
a bearish continuation will be anticipated at least to 1.7015 support then.
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Gold is likely to continue to increase strongly todayGold price (XAU/USD) began to increase in price in the US session on May 9, rising to nearly 2,350 USD, after a number of major central banks decided to cut interest rates or signaled the possibility of strong cuts. more in the future. In addition, geopolitical risks along with increased demand from Asian central banks and investors also create momentum for gold. This morning, May 10, world gold continued to increase slightly, currently trading above 2,350 USD. Perhaps this unexpected increase is part of the reason why the domestic gold price reached a new historic peak.
The SPDR Gold Shares fund has had no new structural activity for 2 consecutive days, holdings remained unchanged at 830.47 tons.
XAUUSD : Gold is turning around and increasing stronglyThe number of applications for unemployment benefits increased, but will the Fed "turn around" to reduce interest rates?
Gold prices regained momentum on Thursday and rose more than 1% as US government bond yields fell, reducing the appeal of the USD. Weaker U.S. labor market data raises the possibility of the Fed cutting interest rates despite dealing with inflationary pressures.
Gold prices traded above $2,330 after bouncing from the day's low at $2,306. On Thursday, the U.S. Bureau of Labor Statistics (BLS) said the number of Americans filing for unemployment benefits rose more than estimated and an earlier report suggested the economy was weakening. This could influence the Fed in future monetary policy decisions after admitting that it is focused on dual goals - ensuring employment and inflation.
Meanwhile, a slew of Fed officials appeared in the news this week. San Francisco Fed President Mary Daly said getting inflation down to the Fed's target will be a difficult road. She added that the past three months' data left policymakers uncertain about future inflation.
On Monday, Richmond Fed President Thomas Barkin commented that recent data were not very encouraging, and emphasized that inflation control was not yet complete. Elsewhere, New York Fed President John Williams noted that consumers are still spending, showing that the economy maintains strength despite slowing growth.
On Tuesday, Neel Kashkari, President of the Minneapolis Fed, predicted that the most likely scenario would be to keep interest rates unchanged in 2024, and said progress in curbing inflation had stalled. Yesterday, Boston Fed President Susan Collins also spoke up. She expressed optimism about being able to bring inflation down to the target level of 2%, and emphasized that the current monetary policy is well-oriented and moderately tightened.
Gold is predicted to continue to increase in the near futureThe dxy index dropped pretty sharply yesterday, main to an boom in gold
Inflation stays stubbornly excessive and the Fed has currently taken a "hawkish" stance, however Thursday`s strain regarded to be robust because of a stronger-than-predicted Initial Jobless Claims report.
This boom ends in worries approximately the opportunity of a weakening US hard work marketplace and the marketplace will increase expectancies that the Fed will need to reduce hobby costs earlier than they say.
While Fed officers stay careful approximately reducing hobby costs, the marketplace forecasts a 10% threat of a charge reduce in June, 33% in July, 85% in September and 100% fact in November. .
Geopolitical dangers at the side of elevated call for from Asian valuable banks and traders additionally create a lift for gold. This morning, May 10, global gold endured to boom slightly, presently buying and selling above 2,350 USD. Perhaps this surprising boom is a part of the purpose why the home gold fee reached a brand new anciental peak.
Gold continues to rise as the Fed keeps interest rates unchangedGeopolitical tensions withinside the global have now no longer ended and principal banks of nations are continuously shopping for gold for reserves
Currently, gold costs are growing specially because of geopolitical tensions
High US hobby charges over an extended time frame aren't an amazing signal for gold, pushing up the possibility price of making an investment withinside the yellow metal.
Recent statements from US Federal Reserve (Fed) officers display that it's far probable that americaA Central Bank will now no longer lessen hobby charges this year.
It is predicted that XAU will continue to increase in the near fSpot world gold stands around 2,309.5
World gold prices decreased rapidly in the context of the USD rebounding in the midst of an unstable world
The USD has continued to increase in price compared to most other currencies since the beginning of the year, thereby making investors worried.
Since the beginning of the year until now, the USD has increased about 4% compared to a basket of 6 major currencies.
A still strong USD is putting downward pressure on gold prices, even though demand for precious metals is increasing strongly around the world, especially in Asia.
Many recent forecasts say that gold will be under downward pressure this summer, possibly in May-June because the Fed will still delay reversing monetary policy, thereby causing the USD to stand at a high level.
However, gradually towards the end of the year, gold will increase again and may reach a new peak. The Fed is currently very worried that inflation may rise again and that if it cuts interest rates early, it may not be able to control commodity prices.
Some countries such as Indonesia were recently forced to raise interest rates, despite the economy's declining growth. But the US is different, the USD is very strong so the Fed will just wait for the right time to reduce interest rates, maybe around next September.
XAU may continue to increase in the near termMany signals show that USDT will stand at a high price due to the FED's monetary policy
The FED may delay monetary policy until May and June
But it is also worrying because inflation causes the USDT market to fluctuate and the Fed is also very worried. The Fed is currently very worried that inflation may increase again and if it cuts interest rates early, it may not be able to control prices. both goods.
The USD is very strong so the Fed will just wait for the right time to reduce interest rates, possibly around next September.
When the Fed reduces interest rates, the greenback weakens, and gold prices will increase rapidly. Gold also benefits in the context of world instability and conflicts occurring in many places. Nuclear risks are also growing.
Gold will continue to increase in the near futureMany alerts display that USDT will stand at a excessive fee because of the FED`s financial coverage
The FED can also additionally postpone financial coverage till May and June
But it's also annoying due to the fact inflation reasons the USDT marketplace to range and the Fed is likewise very concerned. The Fed is presently very concerned that inflation can also additionally boom once more and if it cuts hobby quotes early, it is able to now no longer be capable of manage fees. each goods.
The USD may be very sturdy so the Fed will simply look ahead to the proper time to lessen hobby quotes, likely round subsequent September.
When the Fed reduces hobby quotes, the dollar weakens, and gold fees will boom rapidly. Gold additionally blessings withinside the context of globalwide instability and conflicts taking place in lots of places. Nuclear dangers also are growing.
XAUUSD : Gold is too safe until the end of the weekThe world gold price is currently trading around 2,310 USD/oz and is still in a short-term sideway phase. It's clear that the USD's recovery due to recent "hawkish" statements by Fed officials is creating certain resistance.
According to TD Securities commodity strategist Daniel Ghali: "The market is currently 'waiting for a push' to break out, but the downward momentum seems to be limited by the caution of fund managers. " This comment shows that the general psychology of investors is cautious due to the lack of clear signals about market trends.
On the other hand, according to the World Gold Council, in April, PBOC bought an additional 1.9 tons of gold, recording the 18th consecutive month of net buying. In fact, the pace of net gold purchases by many central banks in Asia, including the PBOC, has slowed down. However, with net buying still occurring, this is still creating momentum for gold.
In the long term, many experts still predict that gold is in an "uptrend" and could rise to 3,000 USD/oz (more than 90 million VND/tael) next year and possibly even to 4,000 USD/oz (more than 120 million VND/tael). VND/tael) and even more than 10,000 USD/oz (more than 300 million VND/tael) in the following years.
DXY : DXY is likely to weaken following the dataAs of the time of writing, the DXY index extended its recovery for the fourth consecutive session, trading around 105.50 and at the same time putting pressure on major currency pairs.
In the early morning of May 9, the State Bank announced that the central exchange rate USD/VND increased by 6 VND, currently at 24,249 VND. The reference exchange rate at the State Bank's Buying - Selling Exchange remains unchanged at: 23,400 VND - 25,450 VND.
EURUSD: 1D MA50-200 rejection. Strong sell.EURUSD is neutral on its 1D technical outlook (RSI = 51.370, MACD = -0.001, ADX = 29.673) as it got rejected on the 1D MA50-MA200 level, which stopped the bullish wave of the Channel Up from extending higher and potential breaking the pattern. The 1D RSI is on the stage where it should reverse as per March 12th. This is a strong sell signal, TP = 1.05550 (the 1.236 Fibonacci extension level).
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XAU price decreased slightly in this morning's trading sessionThe US Federal Reserve (FED) cuts interest rates and unrest increases in the Middle East
Reports also suggest that ceasefire negotiations between Israel and Hamas have not made much progress.
Gold remains below record highs hit in April, when the threat of a potential war between Iran and Israel increased safe-haven demand. But the yellow metal then dropped sharply because tensions between the two sides had not yet become a full-blown conflict.
Focus on cutting interest rates, waiting for more FED speakers. The dollar steadied after last week's decline, limiting any major gains in gold as the market waits for more interest rate signals from the Fed.
Gold is forecast to increase due to continued instability in theThe US Federal Reserve (FED) cuts hobby fees and unrest will increase withinside the Middle East
Reports additionally endorse that ceasefire negotiations among Israel and Hamas have now no longer made a whole lot progress.
Gold stays under report highs hit in April, whilst the danger of a capacity conflict among Iran and Israel expanded safe-haven demand. But the yellow steel then dropped sharply due to the fact tensions among the 2 aspects had now no longer but emerge as a full-blown conflict.
Focus on reducing hobby fees, looking ahead to greater FED speakers. The greenback steadied after ultimate week`s decline, restricting any predominant profits in gold because the marketplace waits for greater hobby fee indicators from the Fed.
XAU price positive with slight increaseInvestor sentiment became more cautious due to mixed comments from Fed officials about the upcoming monetary tightening roadmap, while also being pressured by the upward trend of the USD.
The sparse US economic calendar will keep investors focused on the speech from Fed officials this week, following the US jobs report released last Friday.
ActivTrades senior analyst Ricardo Evangelista said that employment data is much weaker than forecast and slowing wage growth will cause the FED to consider loosening monetary policy soon. After the data was released, the CME FedWatch Tool showed that the likelihood of the Fed cutting interest rates by 0.25% in September increased from 55% before the report to 85%.
EUR/CHF ShortOn the 4H is the pair bearish and this leg on the 1H might be a pullback.
It looks like the pair has reached its top creating a divergence. There is a clear resistance turned support and I am waiting for it to be broken for the pair to continue lower.
TP 1 --- 0.973
TP 2 --- 0.972
GOLD : Gold will increase unexpectedly in the near futureAccording to the World Gold Council, first-quarter gold purchases by central banks were the heaviest in history. Some market observers say gold's 12% gain this year is partly driven by central bank demand.
According to Goldman Sachs, central banks tend to buy gold in the long term and it is possible that emerging market countries may buy more gold.
“Emerging-market central banks are driving the gold rush,” Goldman researchers said. However, their gold holdings still account for only 6% of reserves, half that of developed countries."
Gold prices are also driven by demand from Asian investors, especially in China, where demand for gold is growing due to an underperforming economy and gloomy markets. Rising geopolitical risks and conflicts in Ukraine and the Middle East have also boosted gold purchases as a safe haven asset.
Spot gold decreased 0.6% to 2,310.34 USD/ounce. The Bloomberg Dollar Spot Index increased slightly. Silver, palladium and platinum all fell in price.
XAUUSD : Gold waits for a strong breakthroughGold prices opened the week with a positive signal, recording a slight increase. However, investor sentiment became more cautious due to mixed comments from Fed officials about the upcoming monetary tightening roadmap, while also being pressured by the upward trend of the USD.
The sparse US economic calendar will keep investors focused on the speech from Fed officials this week, following the US jobs report released last Friday.
ActivTrades senior analyst Ricardo Evangelista said that employment data is much weaker than forecast and slowing wage growth will cause the FED to consider loosening monetary policy soon. After the data was released, the CME FedWatch Tool showed that the likelihood of the Fed cutting interest rates by 0.25% in September increased from 55% before the report to 85%.
USDCAD: Thoughts and Analysis Today's focus: USDCAD
Pattern – consolidation pattern break (continuation)
Support – 1.3650
Resistance – 1.3780, 1.3830
Hi, traders. Thanks for tuning in for today's update. Today, we are looking at USDCAD on its daily chart.
Today, we are wondering if the USDCAD is setting off on a new move higher after holding support. Price continues to test at the descending triangle pattern, which could be seen as a consolidation in the uptrend and as a continuation pattern.
We have listed a few things to watch out for and the next levels of resistance. What do you think? Is this a new leg higher?
Good trading.
