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Gold Bounces on Weak USD The move lower in USD over the last 24 hours has helped gold prices bounce somewhat. Gold futures were seen falling to fresh lows on the year this week as hotter-than-forecast US inflation drives the Dollar higher. However, with yesterday’s retail sales seen plunging into negative territory last month, the […]
TitlePotential Bearish Reversal TypeBearish Reversal Preference:Price could rise towards the pivot point of 23.070 which is a swing-high resistance that aligns close to the 78.6% Fibonacci retracement level and potentially reverse from here; we could see momentum carry price down to its 1st support at 22.674 which is a pullback support level. Alternative scenario:If price […]
Brent Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above the 5/8 (82.81) level, subsequently reaching the resistance at 6/8 (84.38). The scenario could be cancelled by a breakout of the […]
EURUSD, “Euro vs US Dollar” EURUSD has escaped a consolidation range upwards, extending the correction wave to 1.0784. By now, the market has formed a consolidation range under this level. Today the quotes might escape the range downwards, reaching the 1.0732 level. This is the first target of a new decline wave. GBPUSD, “Great Britain […]
TitleXAUUSD H4 I Bearish Drop TypeBearish Drop Preference:Price is currently at the pivot point of 2004.6, an overlap resistance. A reverse from this level could lead the price to fall to 1st support at 1994.25, a pullback support Alternative scenario:If price breaks above the pivot, it could rise to 1st resistance at 2020. a pullback […]
Retail Sales Plunge Following a strong start to the week, driven in part by hotter-than-forecast inflation data, the US Dollar has reversed sharply into the end of the week. Yesterday’s US retail sales showed the first signs of weakness in the economy with both core and headline dropping sharply. Core retail sales came in at […]