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XAUUSD : Precious metals continue to increaseGold prices continue to increase today as newly released data shows that the labor market is showing signs of cooling and the US economy is slowing down. Specifically, the report on gross domestic product in the second quarter of the US Bureau of Economic Analysis showed that the economy grew by 2.1%, lower than expected. Analysts are now closely watching the labor market as it can determine when the US central bank stops raising interest rates. The Fed has said it will need to consider a slowdown in the labor market as a condition for ending the current tightening cycle.
OANDA:XAUUSD
by Acetal-dehyde-fx
GOLD → Rather superficial reaction to the Fed Chairman's speechThis morning, the price of gold decreased due to a speech by Jerome Powell, the Chairman of the Federal Reserve (Fed), at the annual banking conference. Powell announced that the Fed will continue its tight monetary policy until inflation reaches 2%. This is understandable as the US Consumer Price Index (CPI) has increased from 3% in June to 3.2% in July. Despite stable employment market conditions, this justifies the Fed's decision to tighten monetary policy. It is expected that during the November meeting, the Fed will raise the basic USD interest rate by 0.25% to continue combating inflation. This information has led to a strong increase in USD and a decrease in gold prices on the international payment basket.
TVC:GOLD
by Rancy-SuperTrend
EURUSD → Slips as euro zone PMIs give ECB pauseThe Initial reaction to the data saw EURUSD spike 50 pips lower before hovering around the 1.0820 handle at the time of writing. Key area at present with the 200-day MA resting just below the 1.0800 handle and could cap further losses. EURUSD did face selling pressure as a stronger US Dollar and rising US yields saw the pair fall to support around the 1.0840 handle and print a fresh 7-week low. There is potential for further downside with a break below the 1.0840 support handle opening up a run toward the 200-day MA resting just a smidge below the 1.0800 handle. For now, though much like the majority of major pairs the range between the 100 and 200-day MAs could continue to hold firm keeping EURUSD confined to the 220 odd pip range. Key Levels to Keep an Eye On: Support levels: 1.0840 1.0797 (200-day MA) 1.0747 Resistance levels: 1.0900 1.0930 (100-day MA) 1.1000 (psychological level)
by Rancy-SuperTrend
1
EURUSD → At the beginning of a broader Bearish reversal ?On the 4-hour chart, the EUR/USD has broken short-term support levels from June, confirming an upward trend. However, resistance levels from July have maintained a downward technical trend. Immediate support can be seen at the 1.0833 - 1.0859 range. If this area holds, prices could rise and test the downward trend line from July, potentially sustaining a short-term downward technical trend. Otherwise, a higher breakout will reveal the Fibonacci retracement level of 23.6% at 1.1124. On the other hand, a breakout and immediate support confirmation will expose the 78.6% level at 1.0771 as prices fall to 1.0634.
by Rancy-SuperTrend
1
Nifty Futures 9th Sept 2023The price opening above, between and below the lines marked in red, blue and green usually set pace for the structure of the day. The lines in dash are untouched areas by price which may get filled depending upon the price action and place of opening. Just observe in lower time frame like 5 min and 3 mins. Observe price action and where there can be a potential support/ resistance followed by another candle. Go through the previous charts posted by me and carefully check the price behavior at these areas. Follow me to get updates. Will try and explain through detailed video to all those following and keen to learn. TRY AND COMPARE THE LEVELS OF THE RED, BLUE AND GREEN LINES COMPARED TO THE PREVIOUS DAY AND OBSERVE IF THE DIRECTION OF THE NEXT DAY CAN BE GAUGED. BY NOW LOTS OF CHARTS HAVE BEEN POSTED SO ONE CAN GO THROUGH THEM. KEEP FOLLOWING FOR A DETAILED ANALYSIS ON MY CHARTS.
NSE:NIFTY1!
by SABMR
Bank Nifty futures 9th Sept 2023The price opening above, between and below the lines marked in red, blue and green usually set pace for the structure of the day. The lines in dash are untouched areas by price which may get filled depending upon the price action and place of opening. Just observe in lower time frame like 5 min and 3 mins. Observe price action and where there can be a potential support/ resistance followed by another candle. Go through the previous charts posted by me and carefully check the price behavior at these areas. Follow me to get updates. Will try and explain through detailed video to all those following and keen to learn. TRY AND COMPARE THE LEVELS OF THE RED, BLUE AND GREEN LINES COMPARED TO THE PREVIOUS DAY AND OBSERVE IF THE DIRECTION OF THE NEXT DAY CAN BE GAUGED. BY NOW LOTS OF CHARTS HAVE BEEN POSTED SO ONE CAN GO THROUGH THEM. KEEP FOLLOWING FOR A DETAILED ANALYSIS ON MY CHARTS.
NSE:BANKNIFTY1!
by SABMR