Gold consolidates weekly loss while posting a corrective bounce from the lowest level in 13 days as traders await the US Core PCE Price Index for June, also known as the Fed’s favorite inflation gauge. In doing so, the precious metal takes a U-turn from the 50-SMA but stays on the way to posting a second consecutive weekly loss after refreshing the all-time high...
GBPUSD seesaws at the highest level in a year ahead of the UK’s monthly Consumer Price Index (CPI) data for June. In doing so, the Cable pair justifies the overbought RSI (14) line as buyers struggle around a one-year-old horizontal resistance zone, close to 1.2995-3000. It’s worth noting, however, that the bullish MACD signals and the quote’s sustained trading...
Gold price rises for the third consecutive day while paring weekly loss ahead of the key US inflation data, namely the Consumer Price Index (CPI) for June. In doing so, the precious metal justifies the bullish crossover of the 100-SMA to the 200-SMA and the firmer RSI (14) line. However, a month-old horizontal resistance zone surrounding $2,387-93 joins the...
WTI Crude Oil remains pressured after reversing from an 11-week high the previous day, especially when the US Dollar posts a corrective bounce ahead of this week’s top-tier data/events. The black gold’s retreat also highlights the importance of the support-turned-resistance line stretched from mid-December 2023 and a downward-sloping trend line from late September...
AUDUSD extends the week-start losses toward 0.6600 as Minutes of the latest Reserve Bank of Australia (RBA) Monetary Policy Meeting fail to inspire the bulls despite pushing back the odds of rate cuts, especially backed by the recent upbeat Australian inflation clues. It’s worth noting, however, that the 200-bar Exponential Moving Average (EMA) and a fortnight-old...
USDJPY stays mildly bid around 161.00 early Monday as traders await the key US data/events scheduled for release during the week. In doing so, the Yen pair defends the previous three-week uptrend while approaching the highest level since 1986, marked the last week, by being within a fortnight-long bullish trend channel. It’s worth noting, however, that the nearly...
EURUSD struggles to defend the first weekly gain in four as sellers appear more inclined to revisit an upward-sloping support line from early October 2023. That said, the Euro pair’s failure to keep Thursday’s rebound from the stated support line joins the bearish MACD signals to keep sellers hopeful ahead of the US Federal Reserve’s (Fed) preferred inflation...
Gold price remains pressured at the lowest level in a fortnight while justifying the previous day’s downside break of a three-week-old rising support line, now immediate resistance. It’s worth noting, however, that the cautious mood ahead of this week’s key US data/events joins the oversold RSI conditions and an upward-sloping support trend line from early April...
AUDUSD jumps nearly 50 pips after Australia’s monthly Consumer Price Index (CPI) for May rose the most in six months early Wednesday, up 4.0% MoM versus 3.8% expected and 3.6% prior. However, a downward-sloping resistance line from mid-May, close to 0.6680 by the press time, joins sluggish MACD signals and unimpressive RSI conditions to challenge the Aussie pair...
Gold price seesaws at the highest level in a fortnight early Friday, after rising the most in five weeks the previous day. That said, a successful breakout of the 50-SMA and a downward-sloping resistance line from May 20 backed the precious metal’s run-up on Thursday. Apart from that, upbeat RSI and bullish MACD signals also keep the XAUUSD buyers hopeful of...
GBPUSD stays defensive after recovering from a one-month low in the last two days. That said, the Cable pair’s latest inaction could be linked to the trader’s cautious mood ahead of the UK’s top-tier data/events, namely Wednesday’s Consumer Price Index (CPI) and Thursday’s Bank of England (BoE) Monetary Policy Announcements. However, the quote’s sustained trading...
The US Federal Reserve’s (Fed) hawkish halt failed to impress the US Dollar buyers as softer inflation data raised doubts about the central bank’s one rate cut in 2024 projections. The same allowed the Gold price to refresh weekly high during its three-day uptrend by the end of Wednesday. However, failure to cross the key SMAs and a looming “Death Cross” of the...
EURUSD licks its wounds at the lowest level in six weeks as the pair traders await the US Consumer Price Index (CPI) for May and the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve (Fed). Also important are the final readings of Germany’s inflation data for May and speeches from a slew of European Central Bank (ECB) officials. In doing so,...
EURUSD marked the biggest daily gain in a week the previous day while bouncing off the 200-SMA as the Eurozone data came in overall positive while the US statistics mostly disappointed. Also allowing the Euro pair to rebound from the key SMA level is the consolidation ahead of today’s first readings of the EU inflation data and the US Core Personal Consumption...
Gold slides beneath a four-week-old rising support line while extending the previous day’s fall amid a firmer US Dollar early Thursday. That said, the bullion marked the biggest daily loss in a week and snapped a three-day winning streak on Wednesday. It should be noted that the quote’s latest support break joins the bearish MACD signals and steady RSI to keep...
AUDUSD makes rounds to mid-0.6600s early Wednesday despite witnessing better-than-forecast Monthly Consumer Price Index (CPI) data from Australia. In doing so, the Aussie pair flirts with a horizontal support zone comprising multiple levels marked since early January, close to 0.6645-40. The pair’s latest weakness could be linked to the bearish MACD signals and a...
USDJPY snaps a three-day winning streak early Monday even as markets lack momentum amid holidays in the US and the UK. In doing so, the Yen pair pares the previous weekly gains as mixed concerns about the Bank of Japan’s (BoJ) next move join a cautious mood ahead of this week’s key inflation clues from Japan and the US. It should be observed that the USDJPY...
GBPUSD struggles to extend the biggest weekly gains since early March while confronting a five-week-old horizontal resistance area surrounding 1.2700-2710 early Monday. In doing so, the Pound Sterling takes clues from the overbought RSI (14) and the sluggish MACD signals while hovering near the upper end of the one-month-old rising wedge bearish chart formation....