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Technical Analysis

Gold price today: Recovery after the storm!Last week, the price of gold fluctuated between $2,300 and $2,360 per ounce until Wednesday. By Thursday, amidst escalating tensions in the Middle East, the upward trend became evident as gold reached a new peak above $2,400 per ounce. The momentum continued into Friday, reaching $2,431.59 per ounce before declining to around $2,355 to end the week. The geopolitical risks seem poised to push the price of gold even higher. The outlook for this week is optimistic: a survey on Wall Street showed that 83% of analysts expect the price of gold to increase, with only 17% predicting a decrease. There is no neutrality in these expectations. An online poll conducted by Main Street reflects this sentiment, with 82% of investors predicting an increase or stable trading for gold. Meanwhile, 66% of surveyed retail traders expect gold to rise. Personally, I believe that gold will continue its upward trajectory, although it may experience some short-term price adjustments along the way!
OANDA:XAUUSDShort
by RKarina
Monthly bullish megaphone keeps Gold buyers hopefulGold price resumes its upward trajectory within a fortnight-old bullish megaphone chart pattern after a volatile day that initially refreshed an all-time high before posting the biggest daily loss in two months. That said, the XAUUSD’s corrective bounce also takes clues from a rebound in the RSI (14) line. However, bullish MACD signals and cautious mood ahead of the US Retail Sales tests the bullion’s recovery moves. It should be noted that 100% Fibonacci Extension (FE) of the quote’s February-March moves, near the $2,400 threshold, currently lures the buyers. However, the aforementioned megaphone’s top line, close to $2,441 at the latest, will challenge the precious metal’s upside afterward. Following that, the commodity’s run-up toward the $2,500 round figure can’t be ruled out. Meanwhile, the Gold price sellers need a clear downside break of the stated wedge’s bottom line, around $2,336 by the press time. Following that, the 61.8% and 50% FE level will entertain the XAUUSD bears around $2,305 and $2,277 respectively. However, a convergence of the 100-SMA and an upward-sloping support line from February 28, near $2,265, appears a tough nut to crack for the precious metal sellers. In a case where the quote remains weak past $2,265, the odds of witnessing a quick fall toward March’s peaks of around $2,222 and $2,195 appear brighter. Overall, the Gold price lacks upside momentum but the sellers stay off the table beyond $2,265.
OANDA:XAUUSD
by MTradingGlobal
Gold continues to increase in price dramatically!Hi everybody! Gold just experienced a volatile day yesterday, falling sharply to $2,330 before quickly recovering to $2,392, recording a spectacular increase of $62 in a short time. This strong recovery further reinforces the sustainable appeal of gold in the current context. In a situation where inflation in the US is rising, the Federal Reserve's (Fed) ability to delay monetary policy changes has increased the strength of gold. Gold appears to be not only sustainable but also strong, despite uncertainties from US economic data. Despite the US dollar rising against other currencies and US bond yields staying high, gold still shows resilience. I am still very optimistic about gold's prospects, considering it a safe haven, especially in the context of geopolitical tensions in the Middle East continuing to heat up.
OANDA:XAUUSDLong
by RKarina
6
Gold price is approaching the 2400 USD zoneAs the trading week ended, gold showed no signs of slowing down in its recovery, approaching the key $2,400 mark and posting an impressive daily gain of 1.04%, or 240 pips. Gold continues to benefit from strong market support, especially given the ongoing geopolitical tensions in the Middle East, which show no signs of easing. This confirms gold's status as a safe haven asset. In addition, expectations that major central banks will reduce interest rates later this year also contribute to strengthening the value of this precious metal. From a technical analysis perspective, if gold continues on its current trajectory, the next target according to the Fibonacci index is 2465 USD. In addition, the uptrend is also reinforced by the price movement above both EMA 34 and 89, bringing optimistic signals to investors.
OANDA:XAUUSDLong
by RKarina
1
GBPUSD: End of uptrendThe GBP/USD pair continues to face selling pressure around the 1.2540 level, after bouncing back from its lowest point in 2024 at 1.2520. The selling of this major currency pair is driven by a stronger US dollar, which unexpectedly rose after the US Consumer Price Index data for March. A quick look at the chart shows that the upward trend has been decisively broken and the downward momentum is further supported by the intersection of the two EMA trend lines. The market seems to be increasingly favoring sellers as the USD continues on its recovery trajectory.
Short
by RKarina
GBPUSD: Selling force is still strong!On Friday morning of this week during the Asian session, the GBP/USD exchange rate stabilized at 1.2550. The market is excited with predictions that the Bank of England (BoE) may reduce interest rates ahead of the US Federal Reserve (Fed), which is putting pressure on the British Pound and the exchange rate. Today, UK GDP numbers for February and Michigan's preliminary consumer sentiment index for April will be in focus for investors. Earlier in the week, higher-than-expected CPI figures triggered speculation that the Fed may delay interest rate cuts this year in terms of quantity and timing. Fed officials believe the central bank has reached the peak of its current rate-tightening cycle and that current monetary policy puts them in a good position to respond to the economic outlook. They also open up the possibility of maintaining higher interest rates for longer if inflation tapers off. Hawkish statements from Fed officials increased the value of the US dollar, which in turn put downward pressure on the GBP/USD pair.
Short
by RKarina
GBPUSD sellers attack 1.2540 key support ahead of UK/US dataGBPUSD fades bounce off the yearly low, marked the previous day, following its failure to cross the 200-day Exponential Moving Average (EMA) ahead of top-tier UK/US data on Friday. Apart from the failure to cross the key EMA hurdle, the bearish MACD signals and lackluster RSI (14) line also suggest a continuation of the Cable pair’s south-run. However, a daily closing beneath an upward-sloping support line stretched from December 2023, close to 1.2540 at the latest, becomes necessary for the bears to tighten the grip. Even so, February’s low of 1.2520 and late 2023 trough surrounding the 1.2500 threshold could challenge the Pound Sterling’s further downside. It’s worth noting, however, that the quote’s weakness past 1.2500 will make it vulnerable to plunge toward mid-November 2023’s low of near 1.2375. Alternatively, the GBPUSD pair’s recovery needs a daily closing beyond the 200-EMA level of 1.2567 to convince short-term buyers. Even so, a five-week-old descending resistance line and the monthly high will challenge the Pound Sterling’s further upside around 1.2645 and 1.2710 in that order. It’s worth noting that the pair’s upside beyond 1.2710 enables it to confront a four-month-long horizontal resistance area surrounding 1.2790-2805. Following that, the Cable buyer’s ability to renew the yearly high, currently around 1.2900, can’t be ruled out. Overall, the GBPUSD pair is on the way to bear’s platter as a slew of monthly UK data dump and the US UoM Consumer Sentiment Index occupy Friday’s economic calendar.
by MTradingGlobal
EURUSD: Breaking important support levels!Hello everyone, EURUSD today continued its downtrend, extending for the third day in a row, surpassing many support levels despite the appearance of a double top pattern. The support level at 1,072 could not stop the exchange rate from falling deeply. The current outlook remains skewed in favor of sellers, as candlestick patterns closed below support and a slight rise in the US dollar further exacerbated the pressure on the pair. Increasing speculation that the Fed may cut interest rates in September is also adding to the burden on EURUSD.
by RKarina
Broken Out StockAfter Huge rally in the Market and most of the stocks are at all time high and given decent return what next? Sectoral Change is most important aspect to keep in the mind. Here, is one of the most potential stock with decent upside of 40% around as stock was slide almost 60% from ATH and now we can see the in the chart it has bottomed out and also brokenout and ready to rally as mentioned it in the chart the view is just educational purposes only. Investment and Trading is Highly risky in nature so please take independent advice before investing.
NSE:METROPOLISLong
by Influitive_Capital
XAUUSD - Is the 2400 USD target possible?Hello dear friends! Yesterday, gold faced some challenges in the context of a stronger US dollar. However, it still remains a focal point of interest for international investors. After dropping to $2,330 per ounce, gold quickly rebounded within just 20 minutes, climbing back to around its previous price of $2,345 per ounce and stabilizing at around $2,331 at the time of writing. Investors seem unsurprised by the much stronger US dollar and the possibility of a delay by the Fed. Gold continues to be a safe haven amidst high inflation and the instability and turmoil of the global economy. It seems that the demand for gold will likely continue to rise unless inflation exceeds expectations. A more stable report could push the price of gold up to $2,400.
OANDA:XAUUSD
by RKarina
SWING IDEA - JKLAKSHMI CEMENTJK Lakshmi Cement , a key player in the cement industry, is currently exhibiting compelling signals that shouldn't be overlooked. In conclusion, stock's technical landscape is painting a promising picture for prospective investors. Reasons are listed below : The stock has undergone multiple tests at the critical 890 levels, showcasing resilience and now displaying a promising attempt to break through. Over the past 7 weeks, stock has demonstrated robust consolidation at its all-time high, indicating a solid foundation for potential upward movement. A clear bullish trend is evident as the stock continues to establish higher highs, signifying positive momentum and growing investor confidence. The stock is currently trading above both the 50-day and 200-day EMAs, affirming the continuity of the prevailing uptrend. Target - 1069 // 1158 Stoploss - weekly close below 819
NSE:JKLAKSHMILong
by Visionary_Growth_Insights
2
Prices rebounded after a series of quiet trading daysThe Japanese Yen has depreciated against the US Dollar this Wednesday, as the US released inflation data that was higher than expected. This development has pushed back the Fed's interest rate cut talks from June to September. Furthermore, upon reviewing the latest FOMC minutes, it appears that US officials are wary of the inflationary pressures that are looming, which could mean keeping interest rates high for a longer period. On the other hand, the Bank of Japan is showing calmness by tightening its grip, keeping the Yen under pressure and helping USDJPY rise. Keep an eye on the 153.00 level; it currently serves as a gatekeeper to the highest level in decades at 153.45. If we surpass this level, it could signal a green light for bullish speculators to push this currency pair higher, extending the upward trend we witnessed last month.
Short
by RKarina
Update the latest gold price todayGold prices plummeted, dropping 20 USD after just 30 seconds after the US inflation announcement, exceeding market expectations. Inflation in March increased by 0.4%, exceeding the forecast of 0.3%, putting the Federal Reserve (Fed) in a difficult position in making future monetary policy decisions. Inflation increased 0.4% in March, pushing the annual interest rate to 3.5%, signaling persistent high inflation. This situation may force the Fed to delay cutting interest rates to prevent the US economy from falling into recession, aiming for recovery in a challenging global economic context. Previously, there were strong signals that the Fed might delay raising interest rates at its May meeting, with just over a 50% chance of a rate hike at its June 12 meeting. The consequences are for gold prices. fell as the US dollar soared, benefiting from yesterday's developments.
OANDA:XAUUSDLong
by RKarina
EURUSD: Stable waiting for new news!Hello traders! The EURUSD exchange rate is currently performing well, not deviating too far from yesterday's attractive position. It seems like we are all in this stable meditation garden, and it may stick with us until the end of the day and beyond. The Bollinger Bands range is back in action, stretching between the resistance level at 1.088 and the support level at 1.081. At the time of writing my thoughts, the price is at 1.0850, experiencing a 0.06% decline for the day. Let me tell you, a cautious atmosphere is gradually emerging as we approach the release of the US CPI index and the FOMC minutes, both scheduled for Wednesday this week. What is your strategy as we wait for the unveiling of these economic dramas?
by RKarina
EURUSD pares the biggest daily loss in 13 months on ECB DayWednesday’s strong US inflation data and hawkish Fed Minutes portrayed the EURUSD pair’s biggest daily slump since March 2023. Even so, the Euro pair failed to conquer a five-month-old rising support line, close to 1.0730 by the press time. The inability to break important support joins the market’s consolidation ahead of the European Central Bank (ECB) Interest Rate Decision to trigger the quote’s corrective bounce. However, the below 50.00 status of the RSI (14) line joins the bearish MACD signals to challenge the bullish bias, which in turn highlights the aforementioned 1.0730 support for the sellers to watch. Following that, the yearly low of 1.0695 and the mid-November 2023 bottom surrounding 1.0655 will act as the final defenses of the bulls. On the contrary, a 50% Fibonacci retracement of the pair’s October-December 2023 upside, close to 1.0795, quickly followed by the 1.0800 threshold, cap the immediate upside of the EURUSD. Even if the quote manages to remain firmer past 1.0800, 200-SMA and 100-SMA will challenge the Euro buyers around 1.0830 and 1.0870 respectively. It’s worth noting that the pair’s upside past 1.0870 remains inconclusive for the bulls unless crossing a downward-sloping resistance line stretched from December 2023, near 1.0900 threshold at the latest. To sum up, the EURUSD pair consolidates heavy losses ahead of the key ECB event, as well as the US PPI data. However, the bullish bias appears less convincing below 1.0900, especially when the ECB is likely to announce a dovish halt.
by MTradingGlobal
The rising momentum shows no signs of cooling down!Gold is heading towards its eighth consecutive record-breaking day, showing no signs of slowing down to provide better entry points for the upward trend. The precious metal has few indications that the price increase will be threatened, and the CPI index will be the focus of today's trading. Looking back at recent days, even the NFP couldn't weaken gold, so it's exactly what was observed last week, with the weaker US dollar truly adding more appeal to gold. Market sentiment The buyer/seller ratio is indicating dominance in buyer changes, providing a trading signal contrary to popular belief that gold may decrease in value. Technical outlook On the H4 timeframe, the upward trend is still present, but the momentum is slowing down with shorter candles and a short-term consolidation pattern. In the event that gold continues to rise, the price target of 2370-2380 USD will be of interest today, where there are many short-term sell contracts waiting to be matched.
OANDA:XAUUSDLong
by RKarina
USDJPY: Silent for weeks!What are people's thoughts on the USDJPY breaking through the 152.00 resistance level? This currency pair has been hovering just below this resistance level for quite some time now, seemingly trapped in an endless sideways movement. But just because it hasn't broken out yet doesn't mean it won't. We may just need a little more time for the market to make a decision, especially with news that could potentially cause this currency pair to move in unpredictable ways, solely based on technical analysis. However, if you're paying attention to it, consider trying to signal a sell when it reaches the resistance level I've marked on the chart, in order to achieve short-term profit targets.
by RKarina