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...
GBP/USD trades back below 1.31 after disappointing UK GDP figures. Ongoing stagnation brings headwinds for Chancellor Reeves ahead of the Budget next month. USD weakness keeps the pair supported.
After running into resistance at 1.3265, GBP/USD has fallen lower, taking out the 1.3140 July 2023 high and testing the 20 SMA around 1.31. The pair continues to trade...
NZD/USD bears keep testing .6133 without much success, much like the bulls did earlier this year. If we see another failed attempt today, my inclination will be to buy given the price signal.
Longs could be initiated above the figure with a stop below Monday’s low of .6125 for protection. The price has done a bit of work either side of .61783 recently, making...
USD/CHF cleared the January low (0.8401) earlier this month to register a fresh yearly low (0.8375), but the Relative Strength Index (RSI) appears to be diverging with price as it holds above 30.
USD/CHF Rate Outlook
The recent rebound in USD/CHF may end up short-lived as it appears to be tracking the negative slope in the 50-Day SMA (0.8700), with a breach...
Oil prices broke below key support last week and has now cleared the 2023 consolidation pattern. Broader technical outlook remains weighted to the downside while within this formation.
Initial support hurdles here at the 2020 high at 65.62 and the 2023 swing low at 63.62 - both levels of interest for possible price inflection.
Initial resistance now back at the...
Gold has put in a massive move since the current rally began last October and since the March breakout there hasn't been much for pullbacks. It was quite range-bound in Q2 but buyers continued to hold the line, continuing to build support at the 2300 level until eventually another breakout showed to test the next major psychological level-up at 2500.
Since then...
We're nearing an important driver for the USD with tomorrow's release of US CPI and expectations are high, with markets looking for headline CPI to move down to 2.6% from a prior read of 2.9%. For Core CPI, the expectation is for the same 3.2% that printed last month and that's where there could be scope for some additional USD-weakness should the data print below...
There's been a clear change-of-pace in trend for AUD/JPY over the past two months, but much of the carry trade that had built in the prior three-plus years remains in-play. As a matter of fact, the 23.6% retracement of that move is a big level with a bit of confluence as taken from the 38.2% retracement of the more recent sell-off.
This sets up for a big test...
EUR/USD sellers have stalled ahead of a re-test of the 1.1000 level, which notably hasn't been tested as support since the breakout last month.
The next week will be particularly interesting as tomorrow's US CPI report leads into Thursday's ECB, and then the week after brings the Fed with their first expected rate cut of this cycle.
The 1.1000 level is...
While the US Dollar has technically set a fresh yearly low, sellers were unable to get much run below the Dec 2023 swing low of 100.62. That price has since stalled the sell-off with support holding the line for the past few weeks. Given the upcoming CPI report and the FOMC rate decision next week, this could change, of course, but at this stage there's also an...
ASX 200 SPI futures and bullish moves above 8000 haven’t mixed well in 2024, resulting in a raft of failed breaks, long topside wicks and topping patterns. It’s akin to a “death zone” for bulls, starving rallies of oxygen before eventually reversing.
I’m not outright bearish just because we’re back above the level, especially when momentum indicators are...
