Gold has been performing remarkably well in recent months, with a continuous upward trend for seven consecutive months. As of now, the precious metal has seen a significant increase of 21% since the beginning of the year. Despite these impressive gains, the crucial question on the minds of investors is whether this bullish momentum will
Technical Analysis
The long-term BTC/USD chart analysis conducted on 9 August raised concerns about the direction of Bitcoin’s price. The analysis pointed out two key channels influencing the price movement:→ A bullish channel formed in 2023 amidst Bitcoin ETF approval rumors;→ A bearish channel emerging in March 2024 after the initial spike post the Bitcoin ETF approval.
Gold has been facing a significant challenge at the $2525 per ounce mark on the spot market, struggling to break through this glass ceiling for the past couple of weeks. However, a pattern of smaller pullbacks and more frequent rallies towards this resistance level indicates the existence of impressive buying pressure in the market. This
Gold has continued to display a firm tone, remaining near its all-time high on Friday as it awaits the release of US PCE data later today for potential fresh signals. The metal has been well supported by strong demand, serving as a safe haven asset and witnessing large purchases by central banks. Geopolitical tensions and
The euro has recently faced resistance at the 1.1200 level, resulting in a correction down to 1.1100. This correction has established a range-bound trading pattern between 1.1200 and 1.1090. If the price breaks below 1.1090, we could see a downward correction towards 1.1050-1.0980. Conversely, if the price consolidates above 1.1200, there is potential for the
In recent trading sessions, NZD/USD has surged beyond key resistance levels, hitting highs above 0.6120. This surge has been accompanied by a major bullish trend line forming with support at 0.6120 on the 4-hour chart. At the same time, Gold has entered a consolidation phase and could potentially climb above $2,525. Meanwhile, EUR/USD and GBP/USD
The GBPUSD pair recently broke above the previous peak on 7.14.2023 high at 1.3143, indicating a higher high bullish sequence from the 9.26.2022 low. This breakout confirms the upward trend of the pair, leaving no doubt about its direction. The rally from the 4.22.2024 low is currently unfolding as a 5-wave impulse Elliott Wave structure.
The recent movements in the Japanese yen have been notable, with the USD/JPY pair dropping to 143.99 on Monday, signaling a three-week low. This shift is primarily attributed to the weakening of the US dollar and significant statements from both the Bank of Japan (BOJ) and the US Federal Reserve. Governor Kazuo Ueda’s hawkish comments
The surge in gold prices to $2500/oz has been fueled by a combination of factors, including a stronger US Dollar, rising US Yields, and potential profit-taking ahead of Fed Chair Powell’s address at the Jackson Hole Symposium. Investors are closely monitoring Powell’s speech for any indications of future rate cuts in September. While many market
The Japan’s 225 stock index (cash) has recently shown signs of a positive upward movement, reclaiming some of the losses it experienced in August. With a soft positive momentum in trading on Thursday, the index reached a three-week high of 38,421. This indicates that there might be more bullish potential in the near future. Despite
The recent increase in the EUR/USD pair above the 1.1000 resistance level has caught the attention of many traders. The Euro showed significant strength after breaking through the 1.0950 resistance against the US Dollar. This upward momentum has led to a connecting bullish trend line forming with support near 1.1090 on the hourly chart of
The recent slowdown in U.S. inflation and a cooling labor market have led to increased speculation that the Federal Reserve may soon lower interest rates. This has resulted in a bearish sentiment towards the dollar, causing key currency pairs to approach critical levels. For GBP/USD, technical analysis suggests the possibility of a retest of the