Watch this week's close in Gold - price is poised to mark an outside-week reversal off uptrend resistance on mounting RSI divergence. As it stands, XAU/USD is poised to mark the largest weekly decline of the year (since December). Bulls may be vulnerable here near-term.
Initial weekly support at 2301 with the broader outlook still constructive while above ...
GBP/USD seems to have exhausted into a major pivot zone we've been tracking since last year at 1.2773-1.2816 - a region defined by the February 2019 low and the July reversal close.
The April rally is vulnerable while below this threshold.
Weekly support rests with the yearly low-week close (LWC) at 1.2493 with key support steady at 1.2364 .
A topside...
The price of gold gives back the advance from the start of the week to keep the Relative Strength Index (RSI) out of overbought territory.
Gold Price Outlook
The price of gold carves a series of lower highs and lows after registering a fresh yearly high ($2450), and lack of momentum to hold above the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci...
WTI is back at a major support pivot we've been tracking for months now at 77.56/67 .
A weekly close below this threshold would be needed to invalidate the yearly uptrend and exposes a possible plunge towards 75.33 and the yearly Low-day close at 72.93 .
Key resistance steady at the 200-day moving average / 38.2% retracement at 79.89-80.01 .
Moment of...
BTC/USD is on track to test the April high ($72727) as it carves a series of higher highs and lows.
BTC/USD Outlook
BTC/USD trades to a fresh monthly high ($70903) as it extends the advance from the start of the week, with the recent rally in Bitcoin pushing the Relative Strength Index (RSI) towards overbought territory.
A move above the April high ($72727)...
GBP/JPY approaches the April high (200.55) following the failed attempt to close below the 50-Day SMA (192.88).
GBP/JPY Outlook
GBP/JPY climbs to a fresh monthly high (198.59) to push the Relative Strength Index (RSI) towards overbought territory, with a move above 70 in the oscillator likely to be accompanied by a further advance in the exchange rate like the...
USD/CHF threatens the upward trend from earlier this year as it fails to defend the opening range for May.
USD/CHF Rate Outlook
USD/CHF extends the recent series of lower highs and lows to clear the April low (0.8998), with the recent weakness in the exchange rate pushing the Relative Strength Index (RSI) to its lowest level since January.
A break/close below...
The price of gold approaches the April high ($2432) after breaking out of the descending channel carried over from the previous month.
Gold Price Outlook
The price of gold retraces the decline from earlier this to register a fresh monthly high ($2390), with the recent advance in bullion pushing the Relative Strength Index (RSI) towards overbought territory.
A...
AUD/JPY appears to be on track to test the monthly high (100.81) following the failed attempt to close below the 50-Day SMA (98.14).
AUD/JPY Rate Outlook
AUD/JPY may track the positive slope in the moving average as it extends the rebound from the monthly low (97.78), with a break/close above 100.90 (38.2% Fibonacci extension) bringing the December 2014 high...
By many near-term measures, EUR/USD has already broken out (not the 200DMA at 1.0790 ). However heading into tomorrow's, US CPI release, the focus is on a possible reaction here at confluent resistance near the 61.8% retracement of the March decline at 1.0836 .
A topside breach / daily close above this threshold would expose a possible rally towards the March...
The US Dollar Index has negated a bull-flag formation following the failed attempt to clear the April high (106.52), but DXY may track the positive slope in the 50-Day SMA (104.70) as it holds above the moving average.
DXY Outlook
DXY may threaten the opening range for May as it carves a series of lower highs and lows, with a break/close below 105.00 (23.6%...
BTC/USD stages a three-day rebound after failing to defend the March low ($59675) last week, and Bitcoin may no longer track the positive slope in the 50-Day SMA ($65914) if it struggles to trade back above the moving average.
BTC/USD Outlook
BTC/USD registers a fresh monthly high ($65949) as it carves a series of higher highs and lows, with a breach above the...
GBP/JPY falls toward the 50-Day SMA (191.59) after registering a fresh yearly high (200.55) at the start of the week.
GBP/JPY Outlook
The opening range for May is in focus for GBP/JPY as it marks the largest two-day decline since December 2022, and failure to hold above the moving average may lead to a test of the April low (190.00) as the Relative Strength...
USD/CHF gives back the advance from earlier this week to keep the Relative Strength Index (RSI) out of overbought zone.
USD/CHF Rate Outlook
In turn, failure to test the October 2023 high (0.9245) may curb the recent series of higher highs and lows in USD/CHF, with a breach below the weekly low (0.9089) bringing the 0.9030 (38.2% Fibonacci extension) to 0.9040...
The price of gold appears to be trading in a descending channel as trades to a fresh weekly low ($2290), but the precious metal may respond to the positive slope in the 50-Day SMA ($2222) if it continues to hold above the monthly low ($2229).
Gold Price Outlook
The price of gold may continue to give back the advance from the monthly low ($2229) as the Relative...
The US Dollar Index struggles to retain the rebound from last week’s low (105.41), but DXY may attempt to further retrace the decline from the November high (107.11) as a bull-flag formation takes shape.
DXY Outlook
DXY appears to be stuck in a narrow range after pushing the Relative Strength Index (RSI) into overbought territory for the first time in 2024,...
GBP/JPY approaches the August 2015 high (195.28) as it extends the series of higher highs and lows from earlier this week.
GBP/JPY Outlook
GBP/JPY trades to a fresh yearly high (194.95) following the failed attempts to close below the 50-Day SMA (190.98), and a further advance in the exchange rate may push the Relative Strength Index (RSI) into overbought...
USD/CHF may continue to track the positive slope in the 50-Day SMA (0.8942) as it bounces back ahead of the monthly low (0.8998).
USD/CHF Rate Outlook
USD/CHF extends the advance from earlier this week to register a fresh monthly high (0.9153), with a break/close above 0.9180 (23.6% Fibonacci extension) bringing the October 2023 high (0.9245) on the radar.
A...
