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XAUUSD: Breakout or Deep Correction?On the 4-hour chart, XAUUSD is on a strong upward journey but now faces a key resistance zone at 2,758.158. This is a major barrier; if breached, gold could continue its breakout. However, if it fails to conquer this level, the price may correct down to the support zone at 2,717.700, where the EMA 34 stands firm like a “fortress” safeguarding the uptrend. Optimal strategy for traders: look for a long position if the price rebounds from support, or short if resistance holds strong. Each price swing is a chance for explosive gains, and your decision is the key to unlocking profits!
OANDA:XAUUSDLong
by Zola_Hello
USDJPY todayUSDJPY is currently trending upward, driven by several key factors: Interest Rate Differential: The Federal Reserve’s higher interest rates make the USD more appealing to investors, especially as the Bank of Japan (BoJ) maintains near-zero rates. This rate difference is a fundamental reason for the yen’s weakness against the dollar. Strong U.S. Economy: Robust economic data from the U.S., particularly in employment and growth, bolsters the dollar. In contrast, Japan’s slower growth adds further momentum to USDJPY’s upward movement. Safe-Haven Demand: Geopolitical tensions have led investors to favor the USD over the yen as a safe-haven asset, pushing USDJPY higher. These factors collectively support the bullish trend in USDJPY.
Long
by Pierce_Bowers
Gold Rebounds as Bulls Seek New Highs Amid Market ShiftsAt the start of the week, gold has quickly regained its upward momentum, aiming for new highs. Currently, the precious metal is trading around $2,731, with the bulls firmly in control of the market. On Friday, gold saw an influx of buying interest, which slightly eroded the previous day’s gains as the USD weakened. This shift was supported by expectations of a less aggressive easing policy from the Federal Reserve. Additionally, a generally positive tone in the stock market has somewhat dampened demand for this safe-haven asset. However, ongoing political uncertainty in the U.S. ahead of the November 5 presidential election, persistent geopolitical risks from ongoing conflicts in the Middle East, and further declines in U.S. Treasury yields are providing solid support for gold prices.
OANDA:XAUUSDLong
by Pierce_Bowers
Gold Rises Short-Term to Close Gap Ahead of US Economic DataBased on the chart and the current situation, I see gold prices are creating a gap and tending to rise to close that gap. This may reflect the cautious sentiment of investors ahead of the release of important US economic data this week, including GDP, unemployment rate, consumer confidence index and some other important indicators on the labor market. US government bond yields are rising sharply, pushing to 4.275%, and the Dollar-Index is also at a high of 104,400 points. These factors usually put downward pressure on gold prices because a stronger USD makes gold more expensive for investors holding other currencies. However, with the gap opening up, I expect a short-term rally to close the gap, before gold continues to test higher resistance levels. The key support level is still around $2,730, and if the price holds at this level, there is a good chance of a short-term rally to fill the gap, giving investors a chance to find a reasonable entry point in the short term. However, I remain cautious with the possibility of a drop to lower levels if US economic data supports the strength of the USD.
OANDA:XAUUSD
by Naoomi
Gold Price Analysis for the Past WeekOver the past week, the gold price has experienced significant fluctuations. After a sharp decline, the price rebounded and is currently at 2,747.215 USD according to the chart. Here is a detailed analysis of the factors affecting gold prices, technical chart patterns, and projections for the upcoming trend. 1. Price Fluctuations Summary for the Week Early in the Week: Gold prices began to rise sharply due to increased demand for safe-haven assets amidst negative global economic news. Midweek: Gold faced downward pressure as the USD strengthened but remained within strong support levels. End of the Week: Gold prices recovered due to expectations of interest rate cuts from central banks and concerns about an economic recession. 2. Factors Affecting Gold Prices Economic Concerns: Reports indicate that the global economy is struggling, driving investors towards safe-haven assets like gold. Low Interest Rate Expectations: Central banks are inclined to maintain or lower interest rates to support the economy, fueling upward momentum for gold prices. Weaker USD: A slight depreciation of the USD supports gold prices by increasing purchasing power for those holding other currencies. 3. Technical Analysis Short-Term Uptrend: The chart shows that gold has broken through a symmetrical triangle pattern, confirming the potential for further price increases. Support and Resistance Levels: Currently, the primary support zone is at 2,733 - 2,736 USD. Gold has bounced strongly from this area, indicating a good buying zone. The next resistance area is around 2,755 - 2,760 USD. Moving Averages: The 50 and 200 MA lines on the 1-hour chart indicate a bullish signal as the short-term MA crosses above the long-term MA, reinforcing the current upward momentum. 4. Gold Price Forecast Based on news factors and technical patterns, gold is likely to continue its upward momentum toward the 2,760 USD resistance area and potentially higher if this level becomes a new support for XAUUSD.
OANDA:XAUUSDLong
by Pierce_Bowers
EURUSD Continues Strong DowntrendEURUSD remains firmly in a downtrend as critical technical factors and resistance levels signal persistent selling pressure. According to the chart, EURUSD is currently hovering around 1.07936 USD, with key resistance zones hindering any recovery attempts. Technical Analysis Strong Resistance at Fibonacci 0.5 - 0.618: The Fibonacci retracement levels at 1.08128 - 1.08068 USD form a crucial resistance zone. The price encountered heavy selling pressure here, unable to break through to the upside. Downtrend Confirmed by EMA: The Exponential Moving Averages (EMA) indicate a bearish trend, with the price staying below these levels. This reinforces the dominance of selling pressure in the market. Support Level at 1.07607 USD: Should the downtrend persist, EURUSD is likely to target the next support level at 1.07607 USD. This area may attract buying interest but is unlikely to reverse the overall trend. Short-Term Forecast Given the strong resistance and EMA signals, EURUSD is expected to continue its downward momentum. Traders might consider a selling strategy if the price faces resistance around the Fibonacci levels, with a take-profit target near the 1.07607 USD support.
Short
by Pierce_Bowers
EURUSD Will Go Down From Resistance! Short! Take a look at our analysis for EURUSD. Time Frame: 1D Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is trading around a solid horizontal structure 1.079. The above observations make me that the market will inevitably achieve 1.068 level. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
Short
by SignalProvider
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