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XAUUSD: Transactions are full of greenHello everyone! Today, the price of gold touched the levels of 2034 and 2036 USD at the beginning of Wednesday and is still mainly trading sideways as of the time of writing, although it is receiving strong support from the 2015 USD level and breaking out of the previous downtrend channel. Overall, the US dollar is regaining its position in the context of risk aversion sentiment, despite the decrease in US Treasury bond yields. All eyes are now focused on the Fed's decision on a new direction for Gold prices that does not bring profits. The daily chart shows XAU/USD trading in green for the second consecutive day as buyers gain confidence. Upon careful observation, we have noticed that gold has surpassed both the 34-day and 89-day exponential moving averages (EMA), but lacks enough strength to confirm an expanding uptrend. Currently, gold is trading near the resistance level of 2040 USD. Breaking above this resistance level will open up opportunities for further price increases in this precious metal, reaching higher levels at 2055 and 2088 USD.
OANDA:XAUUSDLong
by RKarina
Strategy to consider in the short term_ XAUUSDHello everyone! Yesterday, gold experienced a significant price increase, jumping from 2030 to 2056 USD, equivalent to nearly 26 USD. Currently, the price is adjusting and currently stands at 2040-2041 during the early trading hours of the Asian session, with prospects still favoring the buying side. Despite the DXY index showing signs of development, gold continues to demonstrate its strong recovery potential in the context of the possibility of the US not lowering interest rates anytime soon. So far, political tensions in the Middle East have not shown any signs of easing but rather continue to escalate. This is a factor that helps gold maintain its high and stable price above the $2,000/ounce threshold.
OANDA:XAUUSDLong
by RKarina
GBPUSD: Trading becomes attractiveHello everyone, the GBP/USD pair remained below the 1.2700 level during the early Wednesday Asian trading session. The UK's Nationwide House Price Index for January will be released ahead of the Federal Open Market Committee (FOMC) monetary policy meeting on Wednesday. From the 4-hour chart, we can see that the price has formed a double top pattern and declined, breaking out of the previous uptrend channel. Currently, the 34 and 89-period Exponential Moving Averages (EMA) technical indicators continue to support the downward price momentum of this currency pair. Given the current picture, it would not be surprising if GBP/USD makes new breakthroughs below the mentioned support on the 4-hour analysis chart
Short
by RKarina
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EURUSD: Continuing to search for new bottoms!The EUR/USD pair is recovering some lost ground below the 1.0800 level in early Asian trading on Tuesday. The pair's recovery is driven by the modest decline of the US dollar and lower US Treasury bond yields. In the short term, there are expectations of an increase, but when looking at the longer-term trend, the weakness of this currency pair has not yet stopped. It has just surpassed the support level of 1.085 and still aims to find momentum around the 1.075 level. If that price level continues to be broken by the bearish side, EURUSD still has another opportunity at the 1.066 level as it is a significant support level that has helped EURUSD rebound strongly in the recent past. The currency market is fully priced in.
by RKarina
XAUUSD - Be cautious in every step!Gold prices stood firm on Monday, rising over 0.70%, supported by increased tensions in the Middle East along with the previous day's gains in the US Dollar. The XAU/USD exchange rate traded around $2031.60, down 0.07%, after bouncing back from last week's low of $2017.92. In the near term and based on the 4-hour chart, XAU/USD is neutral. It is currently consolidating its short-term uptrend, as evidenced by the potential catalyst provided by the 34 EMA, although the price is approaching the resistance level of $2040 where it has consistently reacted. The "buy on dips" trading strategy for gold continues as long as the support level of $2015 is maintained. This is because, following last week's decision, policymakers are trying to temper hopes of an interest rate cut in April, which the currency market is fully pricing in.
OANDA:XAUUSD
by RKarina
How is gold price traded today?Hello dear friends, let's explore the price of gold together! Regarding the developments and outcomes of the news on January 22nd: The price of gold experienced significant fluctuations, mainly trending downwards. This is due to the strengthening of the US dollar as the Federal Reserve is unlikely to cut interest rates in March. As a result, investing in gold becomes more expensive due to higher interest rates. Conclusion on gold and trends: The price of gold is tied to a narrow range, trading around $2,021 in the Asian session on Tuesday. The market becomes cautious ahead of a busy week with policy meetings from central banks. The "buy on dips" trading strategy for gold continues as long as the significant static support level of $1,980 is maintained. Evidence shows that the price is forming a cup pattern as we have indicated on the chart. The upward trend could strengthen further if strong buying pressure is received from this support level.
OANDA:XAUUSD
by RKarina
USDJPY: Continue to reduce as the new week begins!Dear friends, USDJPY started the session today with a slight decline, trading around 147.75 and losing 0.25% throughout the day as it remains in a corrective wave despite its short-term upward trend. In this context, the Japanese Yen attracts some safe-haven flows amid deepening political tensions. The USD maintains stability below its monthly peak and may support USD/JPY. Traders can also anticipate the important FOMC meeting in the face of uncertainty regarding interest rate cuts. Any further price slide is likely to attract buyers near the round figure of 147.00, which would help limit the downside of the USD/JPY pair near the 146.45 area or last week's low level. A convincing break below the following level could shift the short-term trend favorably for bearish traders and push the spot price down to the horizontal support level at 146.700.
Short
by RKarina
USDJPY: Price slippage after a good week!Dear friends, as anticipated, UJ has broken free from its previous short-term recovery trend at 147.80. At the time of writing, the price is trading below the resistance level of 147.45, with immediate support at 147.30. The downward trend is strong as it has been unable to extend its potential for price increase above 148.00. Additionally, the 34-day and 89-day EMA continue to reinforce the bearish momentum of this currency pair. This decline is evident. Currently, the Japanese Yen is attracting some safe-haven flows due to deepening political tensions, while the US Dollar remains weak in anticipation of the Fed's decision. The focus now shifts to the US employment data later in the day. My target after the USDJPY tests the resistance level at 147.66 (which coincides with the testing of the 34-day and 89-day EMA) is a further decline with a target of 147.08, followed by a breakthrough and touch of the final support level at 146.66. Wishing you successful trading!
Short
by RKarina
XAUUSDAt the start of the new trading week, gold saw a slight increase in price, reaching around 2025 - 2026 USD. This marks a 0.39% recovery and an approximate 8 USD increase up to the present moment. It can be observed that over the past two weeks, the global gold price has experienced minor fluctuations, with no clear upward or downward trend. Last week, gold fluctuated within a range of about 10 USD and failed to break out even when the latest reports indicated a "cooling down" of inflation. However, everything could change in the coming days as the Federal Reserve (Fed) holds its meeting and makes interest rate decisions. Currently, the markets expect the U.S. Central Bank to maintain interest rates at the meeting scheduled for midweek and rule out any tightening possibilities in future meetings. The release of the core personal consumption expenditure price index report over the past weekend showed that the "cooling down" of inflation has led many to believe that an early easing scenario could occur. For this reason, many experts predict that the Fed will maintain a cautious tone at its first meeting of 2024, which could benefit gold.
OANDA:XAUUSD
by RKarina
Gold: DOWNTREND?"Hello everyone! Last week, the price of gold continued its slight decline, dropping from $2,029.6 per ounce at the end of the previous week to $2,018.5, a decrease of $8 after a week of trading. Gold is currently under pressure from profit-taking, in the context of recently released US economic data that could impact the Federal Reserve's decision on whether to cut interest rates sooner or later. At the beginning of this new year, the price of gold seems to be moving sideways and still holding steady above the $2,000 threshold. To make a breakthrough, the gold market needs encouraging signals from Fed officials. Some recent assessments suggest that the strong price increase of gold in late 2023 had anticipated the possibility of the Fed reversing its monetary policy. With the current caution of the Fed, profit-taking pressure on gold is increasing. At the same time, the continuous new records in the US stock market also reduce the attractiveness of gold. In the short term, gold may face some negativity, but in the long run, it is expected to continue its upward trend. This is not only due to the possibility of the Fed cutting interest rates but also due to the pressure to reduce the use of USD from major economies, including China. What about you? What do you predict for the price of gold this week?"
OANDA:XAUUSDShort
by RKarina
GBPUSD: Keep bullish faith!Dear friends, The GBP/USD pair is trading steadily around the psychological level of 1.2700 in the early Asian trading hours on Friday. The optimistic GDP growth figures from the United States have boosted the greenback against its rivals. Next, traders will be monitoring the GfK consumer confidence in the United Kingdom for January. The focus will then shift to the Core Personal Consumption Expenditures (Core PCE) price index of the United States on Friday, expected to increase by 0.2% MoM and 3.0% YoY. Traders will take cues from these numbers and seek trading opportunities around the GBP/USD pair.
Long
by RKarina
EURUSD: Price wedge widening, what is the next trend?Dear readers, EUR/USD has once again dropped to a low of 1.0850 as the currency pair continues to fluctuate within familiar levels this week. The downward price trend has pushed the Euro lower against the US Dollar following the ECB's decision to maintain interest rates and better-than-expected US GDP data. On the 4-hour chart, the currency pair is trading near the lower end of an ongoing consolidation process around the 1.0890 level, indicating a period of consolidation. Support is seen at 1.080. On the other hand, upward price movements may attempt to reach the 1.090 level, but prices could decline further from this area as it completes a test of the EMA 34, 89.
Short
by RKarina
EURUSD: discount?Dear friends, overall EURUSD is not receiving much support as the main trend is downward, surpassing the psychological support level of 1.090. The prevailing risk aversion sentiment, driven by escalating geopolitical tensions in the Middle East, is causing traders to favor the US dollar (USD), putting downward pressure on the EUR/USD pair, which is trading near 1.083 today. This week, we will have several important news releases, particularly the US Housing Price Index and Consumer Confidence data, which will be released on Tuesday, providing more detailed information about the market. This careful consideration is expected to strengthen following the upcoming statement from the Federal Open Market Committee (FOMC) on Wednesday.
Short
by RKarina
XAUUSDThe gold price today seems to have remained unchanged from earlier this morning, mainly ranging between 2021 - 2022 USD. Although the US GDP growth has exceeded expectations and core orders have increased, negative factors such as rising unemployment claims and inventory levels, along with reduced personal consumption, will pose challenges to the US economy. As a result, some investors have returned to buying gold. However, there are still many investors who remain on the sidelines, observing the market. Inflation in Europe has decreased to 2.9%, prompting the European Central Bank to maintain interest rates. The European Central Bank predicts that inflation in the region will gradually decrease to around 2.7% in 2024. Considering the above information, it will be difficult for the gold price to rise significantly given the positive economic growth in the US. This indicates that the world's largest economy will not experience a recession and will achieve the desired soft landing as expected by its central bank.
OANDA:XAUUSD
by RKarina
Gold price today, increase or decrease further?Gold prices today surged from $2013 to $2020 per ounce at 6 am on January 26th. The reason behind this is the improved economy of the United States and the cooling inflation in the country. Specifically, in 2023, the US GDP is projected to grow by 2.5%, a significant improvement compared to the 1.9% growth in 2022. On the other hand, after excluding food and energy prices, the US core personal consumption expenditure (PCE) index retreated to 2%. This data indicates a decreasing inflation rate in the US, which could prompt the Federal Reserve (FED) to lower interest rates in the coming months. In such a scenario, the value of the USD would depreciate, benefiting the global gold prices.
OANDA:XAUUSDShort
by RKarina
USDJPYHello dear friends! Today, USDJPY is trading around 147.66 and is in a corrective wave within its trend, as the currency pair has just experienced a downward breakout from a marked support level. Accordingly, the USD/JPY pair is undergoing a downward trend as market confidence recovers due to expectations that the Federal Reserve will begin implementing interest rate cuts in March. Currently, the probability of this scenario is estimated at around 50:50, indicating the uncertainty of market participants. The USD/JPY pair traded lower near the 147.50 level during the European trading session on Thursday. The price has reached the 0.5 Fibonacci retracement level, making this a sensitive moment for sellers to continue their attack once again. In this scenario, the EMA 89 line will be retested and prices may further decline towards 145.500.
Short
by RKarina
GBPUSD: Check the channel price againDear friends, currently the GBP/USD pair continues to trade within an upward channel during the early Asian trading hours on Thursday. The major currency pair has rebounded above the 1.2700 level due to risk acceptance sentiment. However, the release of the US preliminary Q4 GDP growth figures on Thursday could cause market volatility. In the short term, the 4-hour chart indicates a potential downward correction, with a projected retreat towards the support level below 1.2700. Immediate support is located at 1.2680 before reaching 1.2650.
by RKarina