Gold’s impressive run saw its price stabilize near the record high of 2,144. The recent surge, fueled by bullish momentum, drove the price as high as 2,141 on Tuesday. However, with the current consolidation phase ahead of Powell’s testimony and the US jobs data, the bulls might take a temporary break but remain in play
Technical Analysis
The Euro saw a significant rally against the US Dollar after breaking above the 1.0828 resistance level. This bullish momentum led to the formation of a connecting bullish trend line with support around 1.0845 on the hourly chart. The pair managed to clear key resistance levels and tested the 1.0875 zone. However, there was a
Today, China and Hong Kong benchmark stock indices experienced lacklustre movement following the release of Premier Li Qiang’s economic work report during the “Two Sessions.” Premier Li Qiang announced a GDP growth target of around 5% for China in 2024, which was in line with consensus. Despite the targeted stimulus measures to achieve this economic
Gold (XAU/USD) has recently seen a significant surge in its weekly gain, marking a 2.33% increase on 1 March 2024. This spike represents the highest weekly gain year-to-date and the best return seen in the past three months. Positive technical indicators and a softer real US 10-year Treasury yield below 2.15% are reinforcing the potential
The GBP/USD pair is currently in the midst of a recovery wave from the 1.2600 level after facing resistance at 1.2700. There is a noticeable bearish trend line forming with resistance around 1.2665 on the hourly chart of GBP/USD at FXOpen. The recent decline led the British Pound to break below the 1.2650 support level,
The recent approval of Bitcoin ETFs has had a significant impact on the cryptocurrency market. With investments in these financial instruments amounting to about 9k bitcoins per day, and miners producing only 900 bitcoins per day, the total investment in Bitcoin ETFs is approaching USD 50 billion. This compared to just over USD 90 billion
The recent surge in Bitcoin price has been remarkable, with the cryptocurrency surpassing key resistance levels such as $55,000. The 4-hour chart highlights the breakout from a major declining channel, indicating a strong uptrend. Bitcoin’s price has comfortably settled above the $55,000 mark, along with the 100 simple moving average and the 200 simple moving
The Dollar Index has been gradually giving up positions over the past nine sessions, signaling a downtrend in the market. Despite the sustained pressure, the market has struggled to accelerate this decline or break through critical local levels. This lack of decisive movement has left individual currency pairs teetering on the edge, testing key levels
The New Zealand dollar has been experiencing a rough patch, particularly due to the recent decline in retail sales. In the fourth quarter of 2023, retail sales in New Zealand fell by a significant 1.9% quarter-on-quarter. This marks the eighth consecutive quarter of decline in retail spending, signaling a concerning trend for the country’s economy.
The GBPUSD pair has recently bounced off the 200-day SMA, showing some signs of recovery. However, despite this rebound, the pair is still stuck within a short-term trading range. This indicates that there is a lack of strong directional momentum in the near future. Both the RSI and MACD indicators are showing weak momentum for
The USD/JPY pair is currently eyeing a fresh increase above the 150.80 resistance level. After finding support near 149.50 against the Japanese Yen, USD/JPY started a new uptrend and breached the 150.00 resistance. The 4-hour chart shows that the pair is trading above both the 100 simple moving average (red) and the 200 simple moving
The world of trading can be a rollercoaster ride, with bulls and bears constantly battling it out in the market. Analyzing the market scenarios is crucial for making informed decisions that can lead to profitable outcomes. In this article, we will delve into different trading scenarios and how to navigate them effectively. According to the