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Harmonic Patterns

My Best analysis The chart shows a technical analysis of USD/JPY on the daily timeframe. The key observations include: 1. Resistance Zone (Grey Box): The price is currently near a strong resistance zone around 156.3, which has previously acted as a barrier. 2. Potential Downtrend: The chart illustrates a bearish scenario with a zigzag decline after breaking the support levels at 154.3, 151.9, and 149.6. 3. Support Zone (Pink Box): The area around 148.0 could act as a strong support zone in the longer term. This analysis suggests a potential sell-off in the coming days if resistance holds. However, market dynamics and fundamentals should also be considered
by LunaTrader_SingnalsProvider
GOLD → Interest rates are dropping, so why is gold falling?Hello, dear friends! Ben here! Gold prices remain consolidated below the $2,600 level following a strong two-way price movement in the previous session and stay near their lowest point in over a month. The primary reason for the decline in gold prices is the recent decision by the U.S. Federal Reserve (Fed) to cut interest rates by an additional 0.25%. While this move was widely anticipated, the Fed also indicated that it plans to reduce rates at a slower pace in 2025. The impact of recent Fed rate cuts had already been priced into gold. At this point, investors are eager to know how many rate cuts the Fed will execute in 2025. According to the Fed's latest interest rate projections, only two rate cuts are expected in 2025, compared to four cuts projected in the September forecast. In theory, the Fed’s hawkish stance has worked effectively: the dollar has strengthened, and the markets have weakened. Today, all eyes are on GDP and the PCE data—an index the Fed considers a key measure of inflation. From a technical perspective, after retesting the previously broken channel boundary and an imbalance zone, gold prices have dropped further. As a result, a clear trend is emerging that warrants close observation. If the price fails to hold above the critical support level around $2,586/ounce, it is highly likely to decline toward the $2,521/ounce area. Sincerely, Bentradegold!
OANDA:XAUUSDShort
by Bentradegold