As markets factor in interest rate hikes by the Federal Reserve until the end of 2023, gold prices remain under pressure. In its latest gold price forecast, ABN AMRO’s Senior Economist Sustainability Research, Georgette Boele, has lowered her long-term gold forecast. She projects prices to reach $2,000 by the end of this year and 2024 […]
EUR/USD Higher timeframes The bears once again managed to neutralize all the opponent’s efforts, returning to the support and attraction zone of the monthly medium-term trend (1.0901) and the upper boundary of the daily cloud (1.0882). If the bulls fail to continue the upward move and establish a new high (1.1012) in the near future, […]
Technical analysis: Gold has been trading downside yesterday and I found breakout of the triangle pattern in the background, which is good sign for the further downside movement. Due to the breakout of the triangle pattern in the background and strong downside momentum, I see potential for the further drop towards lower references. Downside objectives […]
The price of gold changed little in the short term even if the USD extended its growth. It’s trading at 1,904 at the time of writing, above 1,902 yesterday’s low. The downside pressure is high, so XAU/USD could drop deeper despite temporary rebounds. Actually, a minor increase could bring us new selling opportunities. Fundamentally, the […]
Federal Reserve Chairman Jerome Powell made a statement at the European Central Bank summit in Portugal and once again suggested the possibility of two more rate hikes. Accompanying these words was a caveat that the decision would be made based on macroeconomic developments. However, the market reacted as if it heard this shocking news for […]
Early in the European session, Gold (XAU/USD) is trading at 1,912.12 and around the 61.8% Fibonacci. Since February 28 when it made the low at 1,804.69 until May 4 when it reached the high at 2,077.97, the price has corrected to 61.8% (1,906) and this could be a level of a resumption of the bullish […]
On Wednesday, at a conference of the European Central Bank, the head of the Fed again indicated that he considers it possible to further tighten the monetary policy of the central bank. He also noted that the regulator has not yet made a decision on changing the key rate at the next meeting. Investors are […]
Black lines- Bullish RSI divergence Blue lines- Fibonacci retracement levels Gold price made new lower lows today around $1,902. Gold remains in a bearish trend making lower lows and lower highs. The RSI is providing bullish divergence signs. The RSI is making higher lows. The bullish divergence is only a warning for bears. Not a […]
The price of gold crashed after retesting the near-term resistance levels. It’s trading at 1,906 at the time of writing far below 1,930 yesterday’s high. After its massive drop, we cannot exclude a temporary rebound as the rate could test and retest the near-term resistance levels before resuming its drop. A sell-off was natural after […]
Technical analysis: Gold has been trading downside as I expected and the price is heading towards main downside objective at $1.860. I still see potential for the further drop. Due to the breakout of the tight triangle and re-break few days ago, I see potential for the further downside momentum towards lower reference. Downside objective […]
Futures for US stock indices opened in the red and cannot recouped losses so far on the back of news that Washington lawmakers are considering new restrictions on chip sales to China. The news led to a major sell-off for chip makers. Futures for the S&P 500 fell by 0.3%, while the tech NASDAQ shed […]
While the Bitcoin price is preparing to break the $30,600 level, the latest data has shown that Bitcoin mining is one of the largest energy-consuming activities. The data also reveals that Bitcoin mining’s emission intensity decreased from over 500 g/kWh in July 2021 to 296 g/kWh in June 2023. As stated in the report by […]
Today’s macroeconomic calendar includes a speech by Fed Chair Jerome Powell who has repeatedly informed about the regulator’s upcoming steps to combat high inflation. Although the US central bank decided to leave interest rates unchanged at the June meeting, Powell made it clear that that pause does not mean an end to the rate-hike cycle. […]
When central banks’ fight against inflation continues, the rise of geopolitical risks is merely a temporary supportive factor for gold. The mercenary uprising in Russia seemed to bring it back to life. However, the rebellion quickly subsided, and the level of uncertainty decreased. It is not surprising that XAU/USD quotes continued to decline. The precious […]
Early in the European session, Gold (XAU/USD) is trading around 1,915.66 below the 21 SMA and below the 7/8 Murray. We can see on the 4-hour chart that gold has bounced around the 1,910 support, forming a double bottom pattern, which could be seen as a sign of a recovery for the next few days. […]
At the time of closing on the New York Stock Exchange, the Dow Jones rose by 0.63%, the S&P 500 index grew by 1.15%, and the NASDAQ Composite index appreciated by 1.65%. On Tuesday, traders noted that the US Consumer Confidence Index in June rose to 109.7 points from the revised May figure of 102.5 […]
Gold price remains in a bearish trend as price is still below the 4hour Kumo (cloud). Gold not only failed to approach cloud resistance, but it broke below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Both are now at $1,920-23 providing short-term resistance. The tenkan-sen is very close to crossing below […]
The price of gold rallied and now is trading at 1,927 at the time of writing above today’s low of 1,919. In the short term, the yellow metal seems undecided ahead of the US and Canadian data. Still, XAU/USD remains under upside pressure as the DXY is still under massive pressure. Fundamentally, Canada is to […]
Let’s take a look at the technical picture of USDX, SP500, Gold and Bitcoin. The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Trading Signals for GOLD (XAU/USD) for April 25-27, 2024:… April 25, 2024 Gold is trading around 2,333, above the 21 SMA, and…Midweek Technical Look – GBPUSD, EURJPY, Gold April 25, […]
Technical analysis: Gold has been trading sideways at the price of $1.925 and I see potential for the triangle pattern breakout. Due to the breakout of the multi-day consolidation last week and the triangle pattern in creation in last few days, I see potential for the further drop in case of the breakout of the […]
Crypto Industry News: Hedge fund manager and well-known strategist Hugh Hendry recently expressed his bullish predictions for the flagship cryptocurrency Bitcoin (BTC). It predicts its market capitalization could nearly triple to $1.5 trillion as macroeconomic conditions worsen. During a TV interview, Hendry, known for his insights on macroeconomic trends, stated that Bitcoin would emerge as […]
The XAU/USD (Gold/US Dollar) chart currently shows bearish momentum within a descending channel. The price has the potential to fluctuate between the 1st resistance at 1938.90 and the 1st support at 1913.47. These levels are considered important overlap areas that could provide stability. Additionally, the 2nd support at 1888.61 reinforces the significance of support. On […]
At the close of the New York Stock Exchange, Dow Jones depreciated by 0.04%, the S&P 500 index fell by 0.45%, and the NASDAQ Composite index dropped by 1.16%. Investors nervously evaluated the prospects of the global economy against the background of the continuation of the hawkish monetary policy of world central banks. This week, […]
For the first time in 6 weeks, the aggregate short position on the US dollar has increased, primarily due to aggressive purchases of the British pound. The weekly change amounted to $3.75 billion, and the overall bearish position on the dollar increased to -$10.1 billion. For other currencies, changes remained within the usual weekly fluctuations. […]
Early in the American session, Gold (XAU/USD) is trading around 1930, yielding 0.61% on the day. Since the opening of the Asian session, gold appreciated but now it is showing signs of exhaustion. The price is currently located above the 21 SMA and it is likely to continue and reach the top of the downtrend […]
Gold remains in a bearish trend according to the Ichimoku cloud indicator in the 4h chart. Price is below the Kumo but there are some hopes for bulls. Price has pushed above the tenkan-sen (red line indicator) and is now challenging the kijun-sen (yellow line indicator). The kijun-sen provides resistance at $1,933. A 4h candlestick […]
The latest weekly gold survey highlights a slightly bearish sentiment among Wall Street analysts and retail investors on Main Street. According to some analysts, support around $1,900 per ounce may only be a matter of time. However, despite the likelihood of gold declining in the near future, some analysts believe it’s a good time for […]
Global financial markets edge lower amid hawkish statements made by Fed Chairman Jerome Powell. The 0.50% rate hike by the Bank of England also surprised investors, as they anticipated only 0.25%. Another reason for the plummet of risk appetite lies with the negative news released last week and the rise of dollar demand, albeit to […]
Even though on the daily chart the commodity asset Silver is still moving in a Bearish condition where it appears that the price movement is moving in the Ascending Broadening Wedge weekly channel and there is a Bearish 123 pattern followed by a Bearish Ross Hook, but the deviation between the MACD Histogram and the […]
EUR/USD The renewal of last week’s highs did not allow the bulls to continue the rally. The situation was hampered by the effective bearish correction. On the last day of the week, the market tested quite a strong support zone (1.0901 – 1.0862), combining many levels from different timeframes. At the end of the meeting […]
