JohnHarry66

JohnHarry66 Updated 

From a technical perspective, the formation of an ascending channel points to a well-established short-term uptrend and favors bullish traders. Moreover, positive oscillators on the daily chart suggest that any intraday slide is likely to be bought into and remain limited near the $3,345 area, or the lower boundary of the trend-channel. A convincing break below...

JohnHarry66 Updated 

From a technical perspective, the formation of an ascending channel points to a well-established short-term uptrend. Adding to this, positive oscillators on the daily chart back the case for the emergence of dip-buying, which should help limit the downside for the Gold price near the $3,340-3,335 area, or the lower boundary of the trend channel. A convincing break...

JohnHarry66

From a technical perspective, the recent move higher witnessed over the past month or so has been along an upward-sloping channel. This points to a well-established short-term uptrend, which, along with the fact that oscillators on the daily chart are holding in bullish territory, validates the near-term positive outlook for the Gold price. Hence, a subsequent...

JohnHarry66

Gold price retreats slightly from the daily top and trades with a mild positive bias, above the $3,350 level in the second half of the European session on Friday. The US Dollar gains some positive traction and moves away from its lowest level since April 22 set on Thursday, as markets gear up for the crucial US NFP report.

JohnHarry66 Updated 

The EUR/USD pair trades around 1.1430, and despite the intraday retracement, the risk remains skewed to the upside, according to technical readings in the daily chart. EUR/USD holds above all its moving averages, with the 20 Simple Moving Average (SMA) turning modestly higher at around 1.1290 and well above the longer ones. The 100 SMA, in the meantime, extends...

JohnHarry66

Gold price attracts fresh sellers in the vicinity of the $3,385 region, or a multi-week high touched on Tuesday and erodes a part of the previous day's modest gains. The downtick is sponsored by a slight US Dollar recovery, which tends to undermine demand for the commodity. However, a combination of factors might continue to act as a tailwind for Gold. Xauusd buy...

JohnHarry66

EUR/USD continues to hold comfortably above its 200-day simple moving average (SMA) at 1.0817, suggesting the broader uptrend remains intact. Key resistance levels lie at the YTD high of 1.1572 (April 21), followed by the 1.1600 round level and the October 2021 peak at 1.1692 (October 28). Support comes in at the temporary 55-day SMA at 1.1192, with further...

JohnHarry66 Updated 

From a technical perspective, the emergence of dip-buying on Wednesday comes on top of this week's breakout through the $3,324-3,326 barrier. Moreover, oscillators on daily/hourly charts are holding comfortably in positive territory and suggest that the path of least resistance for the Gold price is to the upside. However, any subsequent move up could face some...

JohnHarry66

Still well-supported above its 200-day simple moving average (SMA) at 1.0816, the near-term outlook for the pair appears constructive. The YTD high at 1.1572 (April 21) marks immediate resistance, followed by the 1.1600 milestone, and the October 2021 top comes at 1.1692 (October 28). On the downside, temporary support emerges at the 55-day SMA at 1.1183, then...

JohnHarry66

The US ISM Manufacturing PMI figures released on Monday confirmed that trade uncertainty is taking its toll on the sector. The PMI declined for its third consecutive time, against expectations of a slight improvement. The employment and new orders subindexes ticked up, with prices declining and delivery times increasing, and rising concerns about potential...

JohnHarry66

Following these mixed remarks, GBP/USD finds it difficult to attract buyers. In the second half of the day, the US Bureau of Labor Statistics will publish the JOLTS Job Openings data for April. A noticeable increase in this data, with a reading of 7.7 million or higher, could support the USD with the immediate reaction and cause GBP/USD to extend its correction....

JohnHarry66 Updated 

From a technical perspective, the overnight breakout through the $3,324-3,326 hurdle and a subsequent strength beyond the $3,355 area was seen as a key trigger for the XAU/USD bulls. Moreover, oscillators on daily/hourly charts are holding comfortably in positive territory and suggest that the path of least resistance for the Gold price is to the upside. Hence,...

JohnHarry66

EUR/USD keeps the red below 1.1450 in European trading on Tuesday. The US Dollar recovers its ground on technical correction, despite growing trade and economic concerns due to Trump's tariffs flip-flopping, weighing on the pair ahead of the EU inflation and US JOLTS data.

JohnHarry66

As for USD/JPY pair, last week's failure near the 61.8% Fibonacci retracement level of the recent downfall from the monthly peak and a subsequent fall below the 200-period Simple Moving Average (SMA) on the 4-hour chart favors the bears. This, along with negative oscillators on daily/hourly charts, suggests that the path of least resistance for spot prices remains...

JohnHarry66

The USD/CAD pair remains on the defensive near 1.3715 during the early Asian session on Tuesday. The US Dollar Index (DXY) softens to fresh seven-week lows amid jitters over the health of the US economy. The JOLTs Job Openings will be published later on Tuesday.

JohnHarry66

GBP/USD trades within the upper half of the ascending regression channel and the Relative Strength Index (RSI) indicator on the 4-hour chart stays above 60, reflecting a bullish bias in the near term. On the upside, 1.3590-1.3600 (multi-year high, static level) aligns as the first resistance area before 1.3700 (static level) and 1.3750 (upper limit of the...

JohnHarry66

EUR/USD maintains its bullish stance in place as the US session draws to a close on Monday, hovering above the key 1.1400 hurdle although a tad below daily highs near 1.1450. The US Dollar, in the meantime, remains deep in the red and navigating the area of multi-week troughs as sentiment remains sour.

JohnHarry66 Updated 

Gold climbs higher after disappointing US PMI data and trades at its highest level in nearly a month above $3,370. The precious metal also benefits from the risk-averse market atmosphere on a deepening Russia-Ukraine conflict and growing fears over the US and China struggling to reach a trade agreement. Xauusd signal sell 3377 Support 3370 Support 3360 Support...