A breakout of the September opening-range takes gold to fresh record highs ahead of the Fed. The rally is trading just below parallel resistance into the start of the week with daily momentum trading just below 70- keep an eye on this.
Initial support now rests at 2524 backed by 2469- losses should be limited to this pivot zone IF price is heading higher on this...
EUR/USD has built a bull flag with the pullback that started in late August. As looked at on Friday, that pullback showed in a relatively clean channel, and the resistance side of that formation has already come into play in early trade this week. Given the trend that started in June and ran through August, there's a couple levels of importance for buyers to hold...
USD/JPY has continued to drop and the bounces since early-August, when the sell-off really got underway, have grown more and more shallow.
The fundamental side of the pair is in focus this week as the Fed is expected to begin their rate cut cycle. With the FOMC lowering rates the rollover on the long side of the pair can narrow, thereby removing some of the...
Silver looks bullish, breaking through downtrend resistance last Friday with ease as traders ramped up Fed rate cuts bets. However, with over 120 basis points priced in 2024, that leaves silver vulnerable to a reversal should the Fed not deliver on those expectations. Therefore, rather than buy the break, I’d rather see what the Fed does before entering a trade. ...
I had published an idea on the weekly oversold reading in DXY ( linked here: ) in late-August and as I said then, those are rather rare, and the last time we had one of those was in January of 2018.
In that episode it took about three months of grind after the oversold reading for bulls to take over. And we haven't yet taken that low out since. But that's a...
EUR/USD put in a rate cut rally this week, surging after the European Central Bank loosened rates again. There was perhaps more input from the technical side, however, as there was a defense of the 1.1000 handle ahead of that rate decision, followed by a strong move thereafter. If we compare the US and European economies, it doesn't seem as though Europe is in...
GBP/USD bears had an open door to press a break this week and failed to do so. The 1.3000 level came into play on Wednesday, leading to a strong bounce in the pair through Friday trade. If we see USD-weakness continue into next week, the long side of Cable remains an attractive backdrop, perhaps even more so than EUR/USD as GBP/USD has recently set a fresh...
USD/JPY is testing a massive support confluence here at fresh yearly lows around 140.25-141.02 - a region defined by the December swing low, the 61.8% Fibonacci retracement of the 2023 advance and the objective 2024 yearly open. Looking for possible exhaustion / price inflection off this mark in the days with the immediate decline vulnerable while above.
Key...
Crude oil is now up for the third day after finding strong support around the $65 area. Now near $70, could it resume lower from here?
It is important that that blue shaded area around 68.80-69.00 now holds as support if prices dip, otherwise we may see the bears step in on oil again.
From a macro point of view, demand concerns continue to linger. Unless we see...
AUD/USD looks set to make an assault on downtrend resistance dating back to August 29, building momentum after Wednesday’s bullish engulfing candle sent the pair careening above the important 50-day moving average. However, while RSI (14) has broken its downtrend the bullish signal has yet to be confirmed by MACD, suggesting now is decent time to let the price...
It's been an incredible past year in Gold, with the metal up more than 41% from last October's lows. At that point XAU/USD had started to show 'deep oversold' conditions on the daily chart, with RSI pushing below the 20-level. Since then, however, a far different tone has showed and perhaps most impressive is the fact that pullbacks over the past year have largely...
Gold hit a new record high today after breaking the August's all-time high finally. A small dip now should not come as major surprise. But essentially the bullish trend will remain in place until the charts tell us otherwise.
The metal has been driven higher by falling bond yields lately, and weakness in US dollar. This is all thanks to expectations that the Fed...
EUR/USD holds above the 1.10 level ahead of the ECB rate decision where a 25 bps rate cut is expected. Watch new staff projections for a possible downward revision to growth forecasts and upwards revision to core inflation.
EUR/USD has trended higher since April, forming a series of higher highs and higher lows. The price trades above the upwards sloping 200 SMA...
Gold has been coiling under the record highs for a while now, constantly testing and bouncing from uptrend support over the past two weeks. While momentum indicators have yet to turn bullish, the upward bias in the price suggests we should be on alert for a bullish breakout.
Traders keen to take on the long trade have two potential options.
The first is to buy...
NVDA remains in a massive consolidation pattern just below the record highs.
Initial resistance eyed at 119.68 backed by a more significant technical confluence at 126.02/46 (61.8% extension of the August rally / August high-day close). Look for a larger reaction there IF reached with a close above needed to fuel the next leg towards 130.78 and the 100%...
Bears have had ample opportunity to run a big picture breakdown in USD/JPY and given the fundamental backdrop, with the FOMC getting closer to starting a rate cut cycle, that scenario would seem to fit. But sellers have seemingly continued to fail after another bear trap set up last night. At this point, there's pullback potential in the pair as short-term...
The price of gold appears to be stuck in a narrow range as it pulls back from a fresh weekly high ($2529), but the precious metal may attempt to break out of the range-bound price action as it continues to hold above the 50-Day SMA ($2450).
Gold Price Outlook
The price of gold may continue to threaten the opening range for September should it track the...
GBP/USD continued the pullback in early-trade this morning, with a bounce showing two pips above the psychological 1.3000 level. This could remain as an area of interest for USD-weakness scenarios, but bulls aren't out of the woods yet, as prior support from 1.3050-1.3058 presents an opportunity for sellers to show a lower-high.
If that happens - reading the...
