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Technical Analysis

Gold price today February 27: Great leap forward?Dear beloved friends, yesterday's gold trading session was relatively calm with no significant fluctuations. At present, the price is still hovering around $2033 and maintaining support at $2025. In the short and medium term, the upward momentum of gold is still highly regarded. From today's chart, the two main targets for buyers are $2037 and $2041. Regarding predictions, the market is awaiting the release of the US Personal Consumption Expenditures (PCE) report. This crucial inflation data is expected to provide investors with further clues about the future direction of interest rates by the Federal Reserve. The report is scheduled to be released on Thursday, with a projected monthly increase of 0.4%. If the PCE data exceeds expectations, gold prices may decline. However, this precious metal is still expected to remain above $2000 per ounce.
OANDA:XAUUSDLong
by RKarina
XAUUSDHello dear colleagues, what do you think the closing price of gold will be today? Last night, the price of gold decreased despite the sharp decline in the US dollar. Normally, a weaker US dollar would support an increase in the price of gold. However, in the last session, it defied market norms with a decline in the USD due to forecasts showing durable goods orders in the US dropping from 0% in the previous month to -4.7% in January, and core durable goods orders falling from 0.6% to 0.2%. Despite gloomy economic forecasts, the stock market remains surprisingly optimistic. Globally, US and Japanese stocks have been continuously setting new records at the beginning of this year. With a 7% increase since the end of 2023, money is shifting from traditional safe havens like gold to stocks, potentially setting the stage for a recovery in the price of gold.
OANDA:XAUUSDShort
by RKarina
GBPUSD bulls keep the reins despite latest inactionGBPUSD stays defensive above 200-SMA after posting the first weekly gain in four, making rounds to 1.2680 early Tuesday. In doing so, the Cable pair defends last week’s upside break of the key SMA support, around 1.2660 by the press time, while also edging higher past a one-week-old rising support line, close to 1.2645 at the latest. Not only the pair’s ability to stay beyond the key SMA and an immediate support line, but an absence of the trend-negative oscillators also keeps the Pound Sterling buyers hopeful. It’s worth noting, however, that the quote’s sustained trading beneath 1.2645 will defy the bullish bias and make it vulnerable to aim for the monthly low surrounding 1.2520. On the other hand, the 1.2700 round figure guards the immediate upside of the GBPUSD pair amid a lack of major data/events, as well as due to the cautious mood ahead of today’s US Durable Goods Orders. That said, the Cable buyers target a downward-sloping resistance line from late December 2023, near 1.2740 as we write. In a case where the Pound Sterling manages to stay firmer past 1.2740, the yearly high of near 1.2785 and the late 2023 peak of 1.2830 will test the upside momentum targeting the 1.3000 psychological magnet. To sum up, the GBPUSD pair’s latest performance appears less important for the bears as far as the price stays beyond the key SMA and the short-term support line.
by MTradingGlobal
XAUUSD: price increase but not sure yet!Hello traders, what do you think about GOLD? The fear of risk has driven the demand for US government bonds, contributing to the prolonged weakness of US Treasury bond yields across the yield curve. The slight decrease in US Treasury bond yields helps limit the adjustment of Gold prices. In the coming days, the momentum of the US Dollar and US Treasury bond yields, along with the risk sentiment, will impact Gold price action as traders consider the US New Home Sales data for trading cues. Gold is supported and has been growing as it touches the bottom of a descending channel. It is expected to decrease back to the channel bottom after reaching the resistance zone.
OANDA:XAUUSD
by RKarina
XAUUSD: Breakout on last day of tradingDear friends, what are your thoughts on gold after a challenging week? Let's also strategize for the upcoming week. Looking back at the recent period, the price of gold has mainly been fluctuating around the range of $2022 to $2028, despite some news affecting gold, but not significantly. Until last Friday afternoon, gold experienced a significant volatility, with prices dropping straight to $2016 and then rebounding strongly to reach $2041. In the context of some officials from the Federal Reserve stating that they are not in a hurry to lower interest rates due to high inflation, financial investors are expecting a rate cut by the Fed in June 2024. As a result, the US dollar weakened against many other currencies, boosting today's gold prices. Currently, the precious metal has stabilized at around $2035, making this weakness a corrective wave after breaking through $2033. It is expected that next week, gold will continue to decline further towards the range of $2031 and $2028, as indicated by Fibonacci before the price resumes its upward trend.
OANDA:XAUUSD
by RKarina
EURUSD: SELL?The EUR/USD pair is trading with a softer tone as the US dollar (USD) modestly rebounds in early Asian trading on Monday. The market will be paying attention to the US PCE inflation data for January this week, which could cause some volatility. At the time of writing, EUR/USD is trading at 1.0818, down 0.01% on the day. With the possibility of forming a head and shoulders pattern and a bearish price, I expect that after the price receives support and increases to the specified level, it will decrease with the target specified on the chart.
Short
by RKarina
What's changed in the gold price this week?Hello everyone, RKarina is delighted to meet you all again. Let's discuss our strategy for the new week for XAUUSD! Currently, at the opening of the trading session, gold is moving quite steadily at around 2033 USD, with no change in direction compared to the last closing at 2035 USD. In terms of prospects: From a technical analysis perspective: the Bollinger Band indicates two notable levels to watch out for in the near future, with a peak at 2055 USD and a support level at 1990 USD. In terms of market news: The European Central Bank maintaining its stance on interest rate cuts and a significant allocation of the Euro could put pressure on the USD. This will have a positive impact on the price of gold, as the interest rate adjustment period is coming to an end and gold could increase to 2050 USD by the end of the week. What about you? What do you think will be the movement of gold? Will it continue to rise or fall?
OANDA:XAUUSD
by RKarina
USDJPY bulls lack momentum as US, Japan inflation clues loomUSDJPY rose in the last four consecutive weeks even if the US Dollar Index (DXY) snapped a five-week uptrend, amid an increase in the near-term US Treasury bond yields and chatters about a delay in the Bank of Japan’s (BoJ) delay in ending the ultra lose monetary policy. It’s worth noting, however, that the technical signals are against the Yen pair buyers as the nearly overbought RSI (14) line joins the bearish MACD conditions. Also challenging the upside momentum is the quote’s retreat from a week-old horizontal resistance around 150.80. Even if the pair crosses the immediate upside hurdle, he previous yearly high of 151.90 and an ascending resistance line from late December 2023, forming part of a rising wedge bearish chart formation near 153.80, will be tough nuts to crack for the bulls. On the contrary, the USDJPY pair’s pullback remains elusive unless the price stays above the lower line of a 10-week-old rising wedge bearish chart formation’s bottom line, close to 149.80 at the latest. Following that, a quick fall to January’s top surrounding 148.80 can’t be ruled out. However, the 100-bar and 200-bar Exponential Moving Averages (EMAs) will test the Yen pair bears near 147.10 and 145.00 respectively before directing the quote toward the theoretical target of the rising wedge confirmation, namely around 139.40. It should be It should be observed that the 140.00 threshold and the mid-2023 swing low of near 137.25 act as additional downside filters to watch. Overall, the USDJPY pair lacks upside momentum but the bears need confirmation from the short-term rising wedge chart formation before taking control. Also important are the initial inflation clues from Japan and the US.
by MTradingGlobal
EURUSD: End of blue translationHello dear readers, it's RKarina here again. Currently, EURUSD has temporarily closed its trading activities and halted at the level of 1.081. It can be observed that the past week was a profitable trading week for buyers as the price was consistently supported and moved up from the newly established support level at 1.070. As a result, the risk sentiment has improved, making it difficult for the USD to regain strength and thereby creating some foundation and support for EURUSD. RKarina expects that this currency pair will continue to increase in price in the near future, aiming for the level of 1.091 as indicated by Fibonacci as a corrective phase following the retreat from the first marked wave. What are your thoughts on the future trend of EURUSD?
by RKarina
Bottom Wedge - Bullish Signal!Honda India Power Products Ltd The price seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation. Pattern : Bottom Wedge Shows two converging trendlines as prices reach lower highs and higher lows. This pattern may suggest a slowing of downward momentum and a possible upcoming upward price movement. Traders often look for breakout points above the upper trendline as a signal to enter a long position. PLEASE NOTE THAT: This chart analysis is only for reference purpose. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade
NSE:HONDAPOWER
by hardeepssethi
EURUSDHello everyone, today EURUSD has risen higher on Thursday, testing the highest bid price since early February before returning to the 1.0800 area after the European and US Purchasing Managers' Index (PMI) data came in slightly lower or contrary to expectations. With the ability to create DOW from the chart using Fibonacci retracement levels, the upward movement will soon reach resistance levels at 1.0865 and 1.0918, followed by a rapid decline with an expected touch level of 1.618, which is 1.0418. What about you, do you agree with me?
Short
by RKarina
GBPUSDHello everyone, it's RKarina here again. Overall, GBPUSD continues to trade in an upward trend. So, what factors are driving this upward momentum? Today, the GBP/USD pair achieved modest gains above the 1.2600 level in the early Asian trading hours on Friday. The decline of the US Dollar provided some support for the major currency pair. Currently, GBPUSD is operating near the resistance level of 1.2700, with dynamic support around 1.2680 before 1.2650-1.2660. However, to ensure the safety of your trades, we have recommended a significant support zone around this area, which also coincides with continuous price reaction. When reaching that entry point, we can prioritize buying with an expected increase of 1.3500 and 1.3800.
Long
by RKarina
200-SMA tests EURUSD’s biggest weekly gain in nineEURUSD seesaws between a one-week-old rising support line and the 200-SMA resistance after rising to a three-week high the previous day. In doing so, the Euro pair portrays the market’s indecision ahead of the second-tier German statistics. Even so, the major currency pair is on the way to posting the biggest weekly gain in 2024. That said, the sluggish MACD signals and steady RSI (14) line favor the pair’s latest run-up, which in turn suggests brighter chances of the quote’s run-up beyond the 200-SMA hurdle of around 1.0840. However, a horizontal area comprising the monthly high of near 1.0900 will be a tough nut to crack the pair buyers afterward. Should the quote manage to remain firmer past 1.0900, a quick run-up toward the 1.1000 threshold becomes imminent. On the flip side, a clear break of the aforementioned support line, close to 1.0800 at the latest, won’t be an open signal for the EURUSD bull’s entry as a resistance-turned-support line from early January, near 1.0755 as we write, will test the quote’s further declines. In a case where the Euro bears keep the reins past 1.0755, the monthly low of near 1.0700 and the mid-2023 bottom of 1.0635 will be in their radars. Overall, the EURUSD is likely to remain firmer but the upside past 1.0900 becomes necessary to reverse the quote’s previous fall.
by MTradingGlobal
Gold buyers attack 50-SMA with eyes on Fed MinutesGold price remains firmer for the fifth consecutive day while extending the previous week’s rebound from the 100-SMA within a nine-week-old bearish trend channel. In doing so, the XAUUSD buyers prod the 50-SMA upside hurdle while keeping eyes on the Federal Open Market Committee (FOMC) Meeting Minutes, up for publishing late Wednesday. Given the quote’s sustained rebound from the key SMA, backed by the upbeat RSI (14) line and the bullish MACD signals, the price is more likely to cross the immediate hurdle surrounding $2,030, which in turn will allow buyers to aim for the aforementioned channel’s top line of near $2,052. However, a clear rejection of the bearish chart pattern, via sustained trading past $2,052, will open doors for the metal’s run-up toward the monthly high of near $2,066 and then the late December peak of around $2,088. Meanwhile, hawkish Fed Minutes could derail the latest recovery momentum of the Gold price and drag it back toward the $2,000 psychological magnet. Though, the 100-SMA and bottom line of the previously stated channel, respectively near $1,997 and $1,986, would challenge the XAUUSD bears afterward. Should the quote remain bearish past $1,986, the late December swing low of around $1,973 will act as the final defense for the buyers before directing prices toward the November 2023 bottom surrounding $1,931. Overall, the Gold price is likely to remain firmer but the bearish chart pattern and looming threat to the commodity bulls from the FOMC Minutes challenges the hopes of witnessing more upside.
OANDA:XAUUSD
by MTradingGlobal
FOMC: driving force to help Gold prices increase!GOLDEN INFORMATION: In Wednesday's Asian trading session, the price of gold (XAU/USD) experienced a slight decrease and moved away from its two-week high of around $2,048-$2,049 reached the previous day. This decline is attributed to investors adjusting their expectations regarding the pace and extent of interest rate cuts by the Federal Reserve due to strong economic data from the United States. As a result, the US Dollar (USD) remains strong, reaching its highest level since December 13 earlier this week, putting pressure on the value of gold. However, the recent decline in US Treasury bond yields may hinder strong betting on the USD by investors. This, along with concerns about geopolitical risks arising from tensions in the Middle East, could continue to support the demand for gold as a safe haven asset. Investors may also choose to be cautious and wait for the highly anticipated monetary policy meeting of the Federal Open Market Committee (FOMC) before taking any significant actions related to gold, which currently lacks yield. Personal opinion: The price chart according to technical analysis is supporting the Uptrend, the H1 frame is trading above the stable EMA, economic experts at today's FOMC meeting also support keeping or reducing interest rates and support gold's rise.
OANDA:XAUUSDLong
by RKarina