Although gold fades bounce off six-week-old horizontal support surrounding $1,724, a downward sloping trend line from August 26, near $1,721, becomes a short-term key level for the bears to watch amid weak RSI. Should the quote drops below $1,721, the $1,700 threshold may become an intermediate halt during the fall towards the yearly low. It’s worth noting that...
With the bond rout at its peak since early 2020, EURUSD drops to the lowest in five months as traders await US President Joe Biden’s infrastructure bill details. However, a sustained downside break of a three-month-old falling trend line favors the pair bears. As a result, a horizontal area established from September 25, 2020, around 1.1610-1600, gains market...
EURUSD fades bounce off 61.8% Fibonacci retracement of November-January upside as traders eye Congressional testimony of Federal Reserve Chairman Jerome Powell and US Treasury Secretary Janet Yellen. Given the sluggish MACD and the recent US dollar demand, the bears are likely to retake the controls should policymakers hesitate in accepting fears of reflation. In...
In addition to a sustained downside break of the one-month-old support line, portrayed last Friday, the weekly falling trend line also suggests a bearish bias for the GBPUSD prices ahead of the key UK annual budget announcement, up for publishing around 12:30 GMT. It should, however, be noted that British Chancellor Rishi Sunak is up for releasing the heavy...
