XAU ends up gaining ground for USDWorld gold prices stopped increasing and turned down as the USD strengthened and investors waited for US economic data for more signals about the upcoming interest rate cut by the US Federal Reserve (Fed).
Forextrading
GBPUSD: Cycle peaked. Expect brutal bearish reversal.GBPUSD is neutral on its 1D technical outlook (RSI = 54.143, MACD = 0.08, ADX = 33.338) but still bullish on 1W (RSI = 64.701). After rising nonstop since April and basically not having a long term correction since October 2023, we expect this bullish cycle of GBPUSD to be coming to an end. The Sine Waves structure is further proof of that, as it is past its top where in June 2021 and April 2018 it peaked. We turn long term bearish on this pair, aiming for the S1 level (TP = 1.2100).
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Doge May Rise from Support Zone.When the DOGEUSD daily chart is examined; It is observed that the price movements continue above the support zone. As long as the crypto's 0.09385031 level is not broken down, it is evaluated that the price movements above the 0.10259554 level can exceed the 0.13174628 level and target the 0.16585265 level.
Will Bitcoin Continue Its Rise?When the BTCUSD 8-hour chart is examined; It is observed that the price movements continue above the support zone. As long as the crypto's 57803 level is not broken down, it is evaluated that the price movements above the 59171 level can exceed the 63223 level and target the 66250 level.
Raises gold prices target to hit 2800 read the caption From the all-time high of $2,685 per troy ounce recorded last Thursday, it has lost a good $50. We had pointed out that the last part of the price increase was no longer justified by interest rate expectations. These had also already gone much too far and were therefore scaled back again somewhat in the last few days. This means that Gold currently lacks a key driving force
EURUSD: Bearish reversal if the 1D MA50 breaks.EURUSD is on the lower levels of neutrality on the 1D timeframe (RSI = 46.772, MACD = 0.003, ADX = 17.817) as it reversed aggressively on the 1.12100 R1 level, forming what is so far a DT (double top) on a 1month 1D RSI bearish divergence. The same divergence was formed on the December 28th 2024 HH and it caused a decline to the 0.618 Fibonacci level. The trigger point to sell is always the 1D MA50. Consequently, we will turn bearish if it is crossed, aiming at the 0.618 Fib (TP = 1.08350).
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XAU slightly increased after a sharp decline in the previous sesWorld gold regains momentum
World gold prices recorded a slight increase of 2,636 USD/ounce, showing a recovery compared to the previous session. In the previous trading session, the price had fallen to 2,629.5 USD/ounce due to pressure from the signal of a moderate pace in the Fed's next interest rate easing cycle. Fed Chairman Jerome Powell spoke at the annual meeting of the National Association for Business Economics (NABE), emphasizing that the economy is in a solid state and the Fed will continue to carefully evaluate input data when considering the next policy adjustment.
Crude Oil Prices Are Falling.When the USDWTI 4-hour chart is examined; It is observed that the price movements continue with the head and shoulders formation on the trend line. As long as the Crude Oil price cannot pass the 70.28 level, it is evaluated that the price movements below the 68.68 level may break the 66.97 level and retreat to the 62.18 level.
Gold Prices May Pull BackWhen the XAUUSD 4-hour chart is examined; It is observed that the price movements continue with the formation of an inverted cup formation on the trend line. As long as the Gold Ounce price cannot pass the 2667 level, it is evaluated that the price movements below the 2645 level can break the 2624 level and retreat to the 2580 level.
NZD/JPY (Trade Recap), GBP/NZD (Trade Recap) and GBP/NZD ShortGBP/NZD Short
Minimum entry requirements:
• If 3 touch 1H continuation or 2 touch 1H continuation with 3 touch structural approach, 15 min risk entry within it.
Investors stay away from goldAs risk appetite increases, investors are shunning gold, which is often seen as a safe haven asset in times of uncertainty.
Earlier, Tim Waterer, market analyst at futures trading firm KCM Trade, said gold still has room to rise to $2,700 an ounce if this week's labor market data could prompt the Fed to cut interest rates by another 0.75 percentage points by year-end.
Meanwhile, Bart Melek, head of commodity strategy at TD Securities, said the Fed is on a loose monetary policy path after cutting interest rates by 50 basis points and signaling that rates could fall to 3% by 2026, which bodes well for gold.
XAU drops to record low after Fed newsThe global XAU price has retreated from a recent record high on September 30, but is still set for its biggest quarterly gain in more than eight years on geopolitical tensions and a rate cut by the US Federal Reserve.
Investors are looking ahead to this week’s US jobs report and non-farm payrolls data due later this week.
Bullion’s gains on Monday were limited by some profit-taking and a boost in risk sentiment after Chinese stocks were poised for their best day in 16 years, analysts said.
USDCAD: Sell signalUSDCAD is almost neutral on its 1D technical outlook (RSI = 44.464, MACD = -0.002, ADX = 19.851) as it rebounded on August's low. This is a similar price action to the April-May 2023 sequence and as long as the 1D MA50 contains the price under it, we will be bearish. Our Target is just over the S1 Zone (TP = 1.32500).
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AUDUSD: Top of Megaphone hit. Reversal expected.AUDUSD is almost overbought on its 1D technical outlook (RSI = 68.054, MACD = 0.006, ADX = 53.204) as the price reached the HH trendline at the top of the Megaphone pattern. The 1D MACD printed a sequence almost identical to the December 28th 2023 top, which soon after declined to the 0.5 Fibonacci level. Consequently, we take this as a strong sell signal, aiming at the 0.5 Fib (TP = 0.66500).
See how our prior idea has worked out:
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Gold original move expected read the caption Unfortunately therefore we did not get a chance to buy here but I think we may even break below here on Monday to target a buying opportunity at 2627/23.
Longs need stops below 2618.
Targets: 2635, 2645, 2655.
Xauusd buy On the flip side, the $2,670-2,671 area now seems to act as an immediate hurdle ahead of the $2,685-2,686 zone, or the record high touched last Thursday. This is closely followed by the $2,700 round figure, which if conquered will be seen as a fresh trigger for bullish traders and set the stage for an extension of a multi-month-old uptrend.
Gold now buy 2656
Support 2680
Resistance 2630
XAU is supported to increase in priceThe PCE index is a measure of inflation based on changes in personal consumption expenditures and is used by the Fed as its preferred indicator of inflation. Personal spending can reflect consumer confidence.
This week's US jobs report is important, according to Marc Chandler, CEO of Bannockburn Global Forex. He said that if the market receives a negative report on the labor situation, gold prices will break out. Conversely, if the report is positive, gold could come under pressure and fall.
Will DE30 DAX Index Make a New High?When the DAX 4-hour chart is examined; It is observed that the price movements continue in an upward trend. As long as the index price does not break down from the 19050 level, it is evaluated that the price movements above the 19246 level may exceed the 19510 level and target the 19700 level.
Will US100 NASDAQ Continue to Rise?When the US100 4-hour chart is examined; It is observed that the price movements continue within the parallel channel. As long as the index price does not break down from the 19521 level, it is evaluated that the price movements above the 19826 level may exceed the 20313 level and target the 20548 level.
NZD/JPY Short, AUD/JPY Short and CAD/CHF ShortNZD/JPY Short
Minimum entry requirements:
• If 3 touch 1H continuation or 2 touch 1H continuation with 3 touch structural approach, 15 min risk entry within it.
AUD/JPY Short
Minimum entry requirements:
• If 3 touch 1H continuation or 2 touch 1H continuation with 3 touch structural approach, 15 min risk entry within it.
CAD/CHF Short
Minimum entry requirements:
• If 3 touch 1H continuation or 2 touch 1H continuation with 3 touch structural approach, 15 min risk entry within it.
EURGBPEURGBP weekly chart shows that the price is approaching a strong support zone of 0.83104-0.82226. If the price fails to break through the 0.82226 level, a rebound is likely. Consider buying in the red zone.
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#EURCHF 1DAYEUR/CHF 1-Day Chart Forecast:
The EUR/CHF currency pair is in a sustained **downtrend** on the 1-day chart, indicating strong bearish momentum. This suggests that selling pressure is likely to continue in the near term. Given the current market conditions, a sell opportunity is present as the pair trends downward, respecting the descending trendline.
However, traders should remain cautious for a potential **trend reversal**. If the price **breaks above the trendline**, it could signal the end of the downtrend and open up a **buy opportunity. Key points to consider:
Forecast Sell: The downtrend provides an opportunity to enter short positions, targeting further declines. A stop-loss should be placed above recent highs to protect against a trend reversal.
Watch for Breakout: If the price breaks the trendline, it may invalidate the sell outlook and present a buying opportunity. Look for confirmation of the breakout before entering long positions to avoid false signals.
In summary, the current market favors a **sell strategy** as long as the price remains below the trendline, but traders should be ready to shift their bias if a breakout occurs.
