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XAUUSD - Bearish but outlook still bullish!Hi everybody. At the beginning of today's trading session, gold fell after a strong increase late last Friday. Year-to-date, the precious metal is down more than $10, reflecting a 0.48% drop on the day. Looking ahead, gold is expected to face more short- and medium-term corrections. However, from a long-term perspective, investors and markets are still optimistic that gold will regain the $2,400 level. This belief is reinforced by signs that the US labor market is cooling. With inflation under control and US interest rate cuts expected to increase - currently expected to happen twice - the outlook for gold remains positive, encouraging traders to stay maintain faith in its resilience!
OANDA:XAUUSD
by RKarina
Day 30 of Live Algo Day Trading JournalDay 30: Made a mistake today. Market was bearish in the morning and algo took a position which went on to be incorrect. Again algo took another position and this also turned out to be a loss making trade. After the fall over last few days, I was bullish while the algo signals were all bearish. So, after two wrong trades by my algo, I thought let me take the next trade manually and I went long. Market punished and threw me out. Then again I took two more trades (even when algo was quiet and did not give any signal), made up the loss that I had made in my manual trade. Overall, a loss making day, losing bit less than 1%, but the worst part was losing my patience and getting overconfident on my skills. Bad idea. Setback: Manual trade.... i think due to getting overconfident by looking at the chart, getting influenced by a certain call, bad impact...
NSE:INDUSINDBK
by Hiren1
Gold price today: Forecasted to continue to increase sharply?Hello dear friends, let's learn about gold prices in the new week! Currently, gold is continuing to adjust after a strong price increase over the last two days of last week. This metal is trading around 2,358 USD in the first trading hours of the second day and down 0.11% on the day. Accordingly, the correction is taking place according to the basic wave structure, so there is nothing too worrying about the metal's ability to continue to recover. In terms of outlook: Gold targets the 2045 USD range to test the EMA line as well as complete the correction wave around the 0.5-0.618 Fibonacci level followed by a price increase again according to Dow theory. Regarding forecasts: Of the 17 analysts who participated in the survey, 10 experts, or 59%, expect to see gold prices move higher next week; while only 2 analysts, accounting for 12%, predict prices will decrease. The remaining five experts, or 29% of the total, see gold trending sideways.
OANDA:XAUUSDLong
by RKarina
USDJPY pokes key resistance, US inflation, Japan's GDP eyedUSDJPY jostles with a fortnight-old horizontal resistance as buyers turn cautious ahead of this week’s US inflation and the first readings of Japan’s Q1 2024 GDP. In doing so, the Yen pair struggles to extend the previous week’s recovery from the 50-SMA. That said, the near-50 RSI levels join the receding strength of the bearish MACD signals to suggest a continuation of the quote’s latest rebound within the bullish trend channel comprising levels marked since late 2023. It’s worth noting, however, that a clear upside break of the immediate 155.20-156.00 resistance zone becomes necessary for the bulls to retake control. In that case, the upper line of the previously stated bullish channel, close to 159.00 by the press time, will precede the 160.00 psychological magnet and the year 1990’s peak of 160.40 to lure the buyers. Meanwhile, softer US inflation and upbeat Japan growth numbers could trigger the USDJPY pair’s retreat toward the mid-April swing highs around 154.80. However, the 50-SMA and the aforementioned bullish channel’s bottom line, respectively near 152.50 and 152.00, could challenge the Yen pair sellers afterward. In a case where the quote remains bearish past 152.00, the 150.00 threshold will act as the final defense of the buyers. Overall, the USDJPY pair remains bullish, despite the latest inaction, but the upside room remains limited.
by MTradingGlobal
Technical Analysis Update: DXY & Bitcoin Price Correlation Technical Analysis Update: DXY & Bitcoin Price Correlation DXY Overview: The US Dollar Index (DXY) is currently trading at a pivotal support level of $105. This level is crucial as it has played a major role in dictating the next moves for Bitcoin. Bitcoin Price Implications: If DXY Bounces: Should the DXY rebound from the $105 support level, we might see a bearish impact on Bitcoin, potentially driving BTC prices down towards the $50,000 mark. If DXY Breaks Down: Conversely, if the DXY fails to hold this support and breaks below $105, it could signal a bullish scenario for Bitcoin, with price targets possibly reaching up to $75,000. What to Watch: Traders should keep a close eye on the DXY's behavior at the $105 support. A confirmed bounce or breakdown will be pivotal in setting the next direction for BTC prices. Action Steps: - Monitor DXY closely for any signs of reversal or continuation patterns at the support level. - Prepare for potential volatility in BTC prices in response to DXY movements. Stay Tuned: Follow for more updates.
TVC:DXYLong
by CryptoPatel
Gold price returns to the race to increase?Global gold prices have continued their upward trend, with gold prices reaching $2,360/ounce. This is the strongest increase in 5 weeks, as more and more investors expect that the US Federal Reserve (Fed) will soon adjust monetary policy towards loosening. This optimism is further reinforced by recent economic data, which shows a slowdown in the US economy, increasing expectations that the Fed will have to loosen monetary policy in the near future. Specifically, after the US monthly employment report did not meet expectations, the latest report on weekly unemployment benefit applications increased higher than expected, which pushed gold prices up more than 1%. , reaching its highest level of the month.
OANDA:XAUUSD
by RKarina
EURUSD: Stable price increase on the weekend!The resurgence of some bearish sentiment towards the US Dollar (USD) sparked a notable reaction in EUR/USD, taking it to a two-day high around 1.0780 during trading hours first of Friday. The Dollar's pullback also coincided with a broadly negative session in US bond yields across various maturities, particularly after investors priced in a larger-than-expected rise. of weekly claims as they continue to review the Federal Reserve's recent decision to leave interest rates unchanged with the possibility of the central bank starting an easing cycle in September thereby creating Add new motivation to EURUSD. In terms of technical analysis: EURUSD increased in price but is still in the narrowing price wedge and limited below the resistance level as marked. It is expected that after a move to retest the EMA as well as the trendline once again, EURUSD will receive more momentum. new for the price increase to continue to grow larger and stronger. Wishing you happy trading!
Long
by RKarina
Gold price today: Gaining momentum again!Golden information: According to the weekly report from the US Department of Labor, the number of first-time applications for unemployment benefits in this country has increased to the highest level since August last year. In the week ending May 4, the number of people applying for unemployment benefits for the first time in the US increased by 20,000 people compared to the previous week, an increase that exceeded expectations, to 231,000 people. The data raises expectations that the Fed will begin cutting interest rates at some point this year. Gold is a non-interest-bearing asset, so the strength of gold prices is often reinforced when the prospect of the Fed cutting interest rates increases. In addition, gold price this session is also supported by the decrease in USD exchange rate and US Treasury bond yields. After the US jobs report, the Dollar Index measuring the strength of the USD decreased by about 0.3%, to more than 105.2 points. Gold is priced in USD, so USD depreciation is a beneficial factor for gold prices.
OANDA:XAUUSD
by RKarina
GBPUSD : Hold breath waiting for a new signal from the marketHello friends! Today, the GBP/USD pair remains on the defensive around 1.2495 at the start of the Asian session. The US dollar continued to gain for the third consecutive day, putting pressure on the recovery of GBPUSD, which appeared unchanged from yesterday. The outlook for further price declines remains intact. Currently, the market is moving into a cautious mode ahead of the Bank of England's (BoE) interest rate decision later today and no changes to interest rates are expected. Additionally, the US weekly initial jobless claims report will be released, followed by a speech by the Federal Reserve's Mary Daly.
Short
by RKarina
Day 29 of Live Algo Day Trading JournalDay 29: Good day today. After falling for almost week, market took a breather and the bulls tried to put a stop to selling. My algo got me into a bullish position in the morning and the momentum gave me my target pretty soon. Had to be away so did not trade later on, but the algo did very well on paper trades. Had a not so good day yesterday and was not feeling good yet continued with the algo without touching it during the day, turned out to be a wise decision. Progress: Overcame the sadness of losing yesterday and did not do any manual trade, let the algo run its course.
NSE:INDUSINDBK
by Hiren1
XAUUSD - Shocking price increaseEveryone, let's find out what's new in the gold market today! Yesterday, gold saw a significant breakthrough, as the metal rose from around $2300 USD to as high as $2350 USD at the moment, completely shedding previous bearish sentiment. The weakening of the USD has strongly supported the upward trend in the price of this precious metal. In addition, gold prices rose even higher "after a number of major central banks decided to cut interest rates or signaled their willingness to cut interest rates further in the future." Lower interest rates reduce the "opportunity cost" of holding gold, a non-yielding asset, making it a more attractive investment. Looking at the chart analysis: Gold is approaching the resistance area as marked. On the upside: If it succeeds in maintaining this trend and successfully closes above resistance, XAUUSD will open up a profitable opportunity to quickly move towards $2400 USD. On the other hand, if a pullback to correct the trend occurs, XAUUSD will retest the breakout zone at $2330 USD once again, but the uptrend will still be maintained as the 34 EMA is reversing and signaling positivity for buyers.
OANDA:XAUUSDLong
by RKarina
EURUSD bulls keep control ahead of ECB Minutes, US dataEURUSD pares the biggest daily gains of the week while posting mild losses early Friday. Even so, the Euro pair remains on the way to posting a four-week uptrend as traders prepare for the European Central Bank (ECB) Monetary Policy Meeting Accounts, also known as the ECB Minutes, as well as the preliminary readings of the US UoM Consumer Sentiment Index and Inflation Expectations. It should be noted that upbeat RSI and MACD conditions keep the buyers hopeful but a downward-sloping resistance line from early March, close to 1.0790 at the latest, guards the immediate upside of the pair. Apart from the oscillators like RSI and MACD, the looming “Golden Cross”, a bullish moving average crossover, also keep the buyers hopeful. However, a clear upside of the 5.5-month-old descending resistance line, near 1.0825 as we write, becomes necessary for the bulls to retake control. In that case, the gradual run-up toward March’s high of 1.0980 and then to the 1.1000 threshold can’t be ruled out. Meanwhile, a pullback move remains uninteresting beyond the 50-SMA support of 1.0735. Following that, the lows marked in April and February, respectively around 1.0725 and 1.0695, could test the EURUSD bears before directing them to the yearly low marked in April around 1.0600. It’s worth noting that the Euro pair’s sustained weakness past 1.0600 makes it vulnerable to challenge the previous yearly bottom surrounding 1.0450-45 but the same needs validation from the strong US fundamentals, as well as downbeat EU catalysts. Overall, EURUSD bulls are likely to retake control after staying off the grid for some time. However, the fundamentals need to back the pair’s bullish technical details to support the upside bias.
by MTradingGlobal
Gold price today: Prospect of price increase delayed!Hello dear friends, let's understand today's gold price! Currently, today's gold price continues to move above 2,300 USD and has not changed much compared to the same trading session yesterday. Accordingly, Gold remains at familiar levels in the context of rising US Treasury bond interest rates and a strong US dollar. Traders await unemployment claims on Thursday, followed by the University of Michigan's Consumer Sentiment survey on Friday to find new direction for the metal. Looking at the outlook from the technical chart: The 4h chart of XAU/USD shows that the upside potential is still limited, the metal continues to be limited below the resistance of 2335 USD and moves below the two EMAs 34, 89 without a clear direction. Bears may have a better chance of a clear break below the $2,300 mark until Gold breaks below that level and trades around $2,260 according to the trendline.
OANDA:XAUUSDShort
by RKarina
Update the latest gold price today!Hello everyone, today we will learn about the gold market to determine whether this is the right time to buy or sell. Starting with the current gold price chart, we see that the gold price has increased by more than 6 USD, currently sitting at around 2131 USD. Even so, there haven't been any significant breakthroughs. Gold prices remain stable around 2,305 USD, and the market is waiting for new information to be announced later in the day to have a clearer view. There are two important events that will affect the USD exchange rate: Claim unemployment benefits Auction of 30-year US bonds Outlook Analysis: On the 1-hour chart, gold appears to be in the process of consolidating and moving sideways. Because the Bollinger Bands index shows no major changes affecting the current trend, we can expect gold prices to not change much until important news is announced. Careful observation and attention will be the key to determining the right time to trade. Gold is expected to fluctuate between 2328 - 2305 USD until the end of the day.
OANDA:XAUUSD
by RKarina
EUR/USD is stuck in a downtrendHello friends! Today EURUSD remains stuck below the 1.075 resistance level as the US dollar edged up slightly. As a result, trading in the pair appears to be quieter than yesterday, when market sentiment focused on speeches from ECB policymakers. Looking ahead: EURUSD is trending down, with the 4-hour chart showing the pair entering a consolidation range. Against this backdrop, the immediate upside barrier at 1.0800 will limit the potential for recovery, followed by 1.082. On the downside, EURUSD will soon encounter support at 1.0705, which will dictate the next recovery before reaching 1.065.
Short
by RKarina
Gold suddenly turned down!"Gold (XAU/USD) attracted some buyers during Asian trading hours on Wednesday. Safe-haven demand, driven by geopolitical tensions and political uncertainty, as well as central bank buying activity, may contribute to pushing gold prices higher. However, hawkish remarks from Federal Reserve officials could dampen hopes of interest rate cuts in 2024, despite weaker-than-expected US employment reports in April. This could drag the precious metal lower. At the end of Wednesday, Philip Jefferson, Susan Collins, and Lisa Cook of the Federal Reserve will speak. Hawkish comments from Fed policymakers may lift the greenback and exert pressure on gold priced in USD. Gold traders will monitor consumer sentiment indices from the University of Michigan on Friday."
OANDA:XAUUSDShort
by RKarina
GBPUSD : New breakthrough has appeared!GBP/USD keeps sliding and trades in the negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The newfound strength of the US dollar, fueled by hawkish remarks from the Fed, weighs heavily on this pair as market focus shifts to the policy announcements from the Bank of England on Thursday. From chart observations, this pair has broken out of the uptrend channel after a prolonged period. Expectations are for further downward adjustments after a retest of the Breakout zone, with the selling strategy continuing to be prioritized during this time.
Short
by RKarina
XAUUSDHello all dear traders! Gold price today decreased by 15 USD compared to last night's highest price of 2,325 USD/ounce. Accordingly, Gold decreased slightly as investors focused more on the prospect of interest rate cuts from the US Federal Reserve (Fed). According to CME's FedWatch tool, futures traders believe there is about a two-in-three chance that the US Central Bank will cut interest rates in September. Although prices are pressured by the interest rate outlook. But! The upside for gold, especially related to geopolitical risks and potential tensions in the banking system, is strong enough to support the precious metal.
OANDA:XAUUSD
by RKarina
Gold keeps buyers in game despite recent inaction, $2,338 eyedGold price lacks bullish momentum despite staying positive on a weekly basis, after a two-week downtrend. While bearish MACD signals and a steady RSI (14) line suggest a continuation of the metal’s recent sideways performance, a one-month-old falling wedge bullish chart formation keeps the buyers hopeful. It’s worth noting that the 21-SMA resistance of $2,338 will act as an extra filter toward the north, in addition to the stated wedge’s upper line surrounding $2,322. Following that, the quote’s run-up toward the $2,400 threshold and then to the latest peak of around $2,431 can’t be ruled out. In a case where the XAUUSD remains firmer past $2,431, the bullion buyers can aim for the theoretical target of falling wedge confirmation, close to $2,480 in this case. On the flip side, the $2,300 round figure and $2,285 restrict the short-term downside of the Gold price ahead of the aforementioned wedge’s bottom line, near $2,275 by the press time. Should the precious metal drop beneath the $2,275 support, it defies the bullish chart formation and can direct the XAUUSD sellers toward the 50-SMA support of $2,251. It’s worth mentioning, however, that the buyers should remain hopeful of witnessing a corrective bounce, even during the gradual fall, unless the quote breaks an ascending trend line support stretched from the mid-February, around $2,219 as we write. Overall, the Gold price is likely to reverse the previous losses but a sustained upside clearance of $2,338 is a must for bulls to retake control.
OANDA:XAUUSD
by MTradingGlobal