BTCUSD, also known as Bitcoin, has faced a period of sideways trading in recent sessions. This lack of direction has been accompanied by deteriorating sentiment among traders, partly due to multiple rejections at the 50-day SMA. Additionally, momentum indicators are currently skewed to the downside, further adding to the bearish outlook for BTCUSD. Despite the
Technical Analysis
The price of gold has been steadily climbing, with it currently hovering around $2500 per troy ounce. This surge can be attributed to the rising demand for safe-haven assets in the face of ongoing geopolitical tensions. The unresolved conflict in the Middle East, particularly between Israel and Gaza, has led to uncertainty and instability in
As per the analysis provided, the bearish scenario suggests selling positions below 2470 with multiple target profit points in the intraday trading, along with a specified stop loss. On the other hand, the bullish scenario recommends buying positions after a pullback above 2460 with different target profit levels and a stop loss below a certain
The recent struggle for crude oil prices to clear the $80.00 resistance zone has been evident in the market. Despite the recovery above the $78.00 and $78.80 levels, prices faced a downward pressure after spiking above $80.00. Analyzing the 4-hour chart of XTI/USD, it is evident that the price initiated a fresh decline from the
The current market trend seems to be shifting its attention towards growth-related macro data rather than inflation risks. This shift in focus can have significant implications for the Nasdaq 100 and other benchmark US stock indices. The fear of a recession or hard-landing scenario seems to be looming over the market, especially with concerns about
Gold prices experienced a rebound after a post-CPI selloff, with the US Dollar Index playing a significant role in the recovery. The article delves into the factors influencing the movement of gold prices and the potential challenges faced by the US Dollar Index in the near future. The article highlights the unexpected selloff in gold
The AUD/USD pair is currently consolidating gains near the 0.6620 zone after starting a downside correction from 0.6640 against the US Dollar. The pair managed to clear the 0.6580 resistance and move into a positive zone, closing above the 0.6600 resistance and the 50-hour simple moving average. However, the pair is now correcting gains and
The gold price has seen a significant increase, with the price per ounce rising by approximately 3.3% in just over three full trading sessions. Today, the gold price is near $2,460, despite opening at around $2,385 on the 8th of August. This surge has brought the price to within 1.6% of the psychological level of
As Brent crude oil experiences a consolidation phase after a five-day upward movement, market sentiment is being influenced by concerns over global oil demand. OPEC’s downward adjustment of its demand forecasts for 2024 and 2025 has contributed to this uncertainty. With weaker-than-expected economic data from China and reduced regional demand projections, OPEC now estimates a
The New Zealand dollar has been steadily gaining ground against the US dollar, reaching 0.6014 as of Monday. This increase comes ahead of the upcoming Reserve Bank of New Zealand (RBNZ) meeting, where it is widely expected that the official cash rate will remain at 5.5%. This decision reflects concerns about New Zealand’s economy, despite
China’s recent core consumer inflation growth for July has raised concerns about the effectiveness of current stimulus measures in eradicating deflationary pressures. The lacklustre performance in key economic indicators has sent ripples through the financial markets, affecting the Hang Seng Index and China’s sovereign bond yields. The persistent deflationary risk scenario has led to a
Gold prices have been on the rise in the early days of the week, continuing a three-day recovery trend. This increase comes in the wake of last week’s significant drop, which was driven by growing speculation that the Federal Reserve may implement a 50 basis points rate hike in September. The uncertainty surrounding the US