After analyzing the current price action of XAUUSD, it is clear that a bearish scenario may unfold if the price falls below 2470. Traders are advised to consider selling positions with take profit levels set at 2463, 2460, and 2456. It is crucial to set a stop loss above 2473 or, at the very least,
Technical Analysis
The current market sentiment seems to be concentrated more on growth-related macroeconomic data rather than concerns about inflation risk. This change in focus can be attributed to fears of a potential US recession or hard-landing scenario. The recent soft US retail sales data has only added to these concerns, sparking apprehension among investors. The Nasdaq
The article discusses how gold prices rebounded after a post-CPI selloff, which pushed the precious metal down to around $2438/oz. It mentions that the US Dollar Index struggled, aiding gold’s recovery in the later part of the US session. The unexpected selloff was attributed to US CPI figures being below expectations, leading market participants to
The AUD/USD pair has been consolidating gains near the 0.6620 zone, showing signs of potential downside correction from the 0.6640 level. The technical analysis indicates that there is a key bullish trend line forming with support at 0.6610 on the hourly chart of AUD/USD at FXOpen. The pair started a fresh increase from the 0.6500
After a period of consistent upward movement, Brent crude oil is now undergoing a phase of consolidation, resulting in prices retracting to 81.80 USD per barrel on Tuesday. The market sentiment has taken a hit due to renewed concerns regarding global oil demand, specifically following OPEC’s decision to lower its demand forecasts for 2024 and
China continues to face challenges with its consumer inflation growth, highlighting the struggles in the economy. Despite implementing various stimulus measures, the pace at which they are being carried out is not enough to combat deflationary pressures. This is evident in the record low of 2.12% that the 10-year China sovereign bond yield reached on
In the early days of the week, gold prices have continued to rise, marking a third consecutive day of recovery. This comes after a significant drop last week, with the precious metal benefiting from indications that the Federal Reserve might implement a 50 basis point rate hike in September. The uncertainty surrounding the US economy,
As the New Zealand dollar continues to rise against the US dollar, reaching 0.6014, all eyes are on the upcoming Reserve Bank of New Zealand (RBNZ) meeting. Analysts predict that the official cash rate will remain at 5.5%, marking the ninth consecutive time without a change. Concerns about the strength of New Zealand’s economy persist,
The past seven days have seen significant volatility in the price of gold, with a 4.4% decline from Friday’s peak to Monday’s low, followed by a 2.5% rebound from the lows. This rollercoaster ride in gold prices has been largely influenced by external market factors, with a notable recovery on Thursday aligning with a strong
The recent release of a summary of opinions by the Bank of Japan (BoJ) has caused a stir in the market, with accompanying bearish comments from BoJ policymakers. The BoJ projects reaching the inflation target by the second half of 2025, setting an intriguing scenario for market participants and potentially positioning the Yen strongly next
The recent comments made by the Bank of Japan’s deputy governor had a significant impact on the USDJPY pair, causing it to jump more than 2%. The statement that the central bank will not raise interest rates when markets are unstable brought buyers back into Japanese markets and helped USDJPY to extend its rebound from
The Japan 225 stock index saw a significant decline, dropping by a staggering 21% to reach a 10-month low of 30,361. This decline was primarily fueled by recession fears in the US and a strengthening yen. The index experienced its sharpest correction below the 200-day simple moving average, hitting levels not seen since October 2023.
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