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Technical Analysis

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
EURUSD: Buy or Sell?Hello dear friends, today EURUSD continues to decline as widespread forecasts of weak US PMI data have weakened market sentiment and pushed EUR/USD lower as investors anticipate the momentum of the day and retreat to the safe haven of the US Dollar (USD). The price is currently trading within a downtrend channel, while it has completed a correction at the resistance level of 1.093. The chart shows a convergence between EMA 34, 89, and resistance, indicating a high likelihood of further price decline with a target set at the support level of 1.0756.
Short
by RKarina
Gold bounces off key support line ahead of Fed InflationGold price stays defensive near $2,022 as bulls await the key US data to extend the previous day’s rebound from a six-week-old rising support line. That said, the US Core PCE Price Index, also known as the Fed’s preferred inflation gauge, gains additional importance this time amid reducing market bets on the US central bank’s delayed rate cuts. Should the inflation figures fail to justify the recent hawkish Fed bias, the US Dollar will reverse the gains while allowing the XAUUSD to extend Thursday’s recovery toward the $2,035-36 resistance confluence comprising the 21-SMA and a one-month-old bearish channel’s top line. Following that, $2,063 and $2,090 are likely strong challenges for the metal buyers before targeting the previous yearly top marked in December at around $2,148. On the flip side, the aforementioned support line stretched from early December, close to $2,010 by the press time, restricts the short-term downside of the Gold Price. In a case where the quote drops below $2,010, the previously stated bearish channel’s bottom line surrounding $1,988 will be crucial to watch. In a case where the XAUUSD remains bearish past $1,988, a convergence of the 100-SMA and 50% Fibonacci ratio of the metal’s October-December upside, near $1,975, closely followed by the previous monthly low of near $1,973, will be the final defenses of the buyers before giving control to the bullion bears. Overall, the steady RSI and the metal’s recovery despite the US Dollar lure buyers ahead of important US inflation data for December.
OANDA:XAUUSD
by MTradingGlobal
USDJPY: Transactions are filled with greenDear friends, currently USDJPY is maintaining a strong upward trend, reaching 147.89 in early week trading. In the short term, technical indicators continue to support the upward trajectory of USDJPY. This currency pair is attempting to recover after finding significant support around 148.00. The upward momentum may be further bolstered by the US Dollar Index (DXY) gaining traction from expectations that the Federal Reserve may cut interest rates in March.
Long
by RKarina
EURUSD fades bounce off 11-week-old support on ECB dayWith the US Dollar’s failure to cheer upbeat PMI details, the EURUSD pair managed to rebound from an upward-sloping support line from early November, especially when the activity data from Germany and the Eurozone came in positive. The recovery moves, however, failed to cross the 50-SMA hurdle on a daily closing basis and tease sellers ahead of the all-important monetary policy meeting of the European Central Bank (ECB). While the bloc’s central bank is likely to keep the monetary policy unchanged, the focus will be on the signals for future rate cuts as market players expect the first rate cut before June but the policymakers appeared hesitant for the same of late. That said, any hawkish clues will allow the Euro pair to cross the immediate upside hurdle, namely the 50-SMA hurdle surrounding 1.0920. However, the support-turned-resistance line stretched from November 01, close to 1.0985 at the latest, will precede the 1.1000 psychological magnet to challenge the pair buyers before giving them control. Meanwhile, the downbeat RSI conditions and the limited odds of favoring the ECB hawks suggest further weakening of the pair. The same highlights the aforementioned nine-week-old ascending trend line support line, near 1.0830 by the press time. It’s worth noting that the monthly low of 1.0820 and the previous monthly low of around 1.0720 will act as additional downside filters before a smooth sailing toward the late October swing high of near 1.0700.
by MTradingGlobal
EURUSD declines? What is the reason?Dear friends, it's RKarina again. Are you curious about the next trend of EURUSD? Here are some insights I have about this currency pair. Looking at the daily chart, we can see that the previous upward momentum of EURUSD is gradually weakening, especially as it started to decline from the near 1.111 level. The trend seems to be shifting sideways and may even decrease further, especially as the RSI indicator and candlestick patterns are showing divergence, indicating a gradual decrease in buying pressure. Furthermore, the recent weakness of the US dollar (USD) has not generated significant momentum for EUR/USD, and has even added downward pressure on this currency pair. For these reasons, RKarina sets a target and expects EURUSD to decrease to the support level of 1.076.
Short
by RKarina
Gold prices continue to plummet!Hello dear friends! Gold prices experienced significant fluctuations yesterday, with the precious metal continuing to decline and reaching $2011. However, there has been a slight recovery, and it is currently adjusting back to $2015 during the early trading hours on Thursday. Accordingly, the optimistic PMI index from the United States has helped the yield on 10-year US Treasury bonds recover from its daily decrease, putting pressure on XAU/USD. From the observed chart: Gold is still trapped in a parallel downward channel and has broken the short-term uptrend trendline, as well as surpassed the support level near $2020. Prices may continue to decrease after the end of the short-term trend correction. The next target for sellers is the $2005 mark. If gold surpasses this level, it will continue to seek new momentum around $1982 and the lower limit of the downward price channel. What do you think? Do you believe gold will continue to decline further?
OANDA:XAUUSDShort
by RKarina
USDJPYToday, USDJPY continues its trading around the level of 147.83 and is in the process of forming a triple top pattern. As a result, the Japanese Yen benefits from the hawkish stance of the Bank of Japan on Tuesday, despite the lack of further action. Political tensions and uncertain global economic prospects are not a solid foundation for the safe-haven status of the JPY, which limits the upside potential of the USDJPY currency pair. Regarding the outlook: If the triple top pattern is confirmed, the price is likely to decline further after breaking out of the range and move swiftly towards at least 146.97.
Short
by RKarina
XAUUSDThe price of gold today continues to trade quietly with little volatility, mainly moving sideways around the $2025 level and being confined within a narrow price range. As a result, this precious metal is facing pressure as investors continue to lower their expectations of the Fed's first interest rate cut in March 2024. This factor has driven up US bond yields and the value of the USD, exerting downward pressure on the price of gold. The current focus of the market is awaiting the release of the US Gross Domestic Product (GDP) data for the fourth quarter of 2023 on January 25th, followed by the Personal Consumption Expenditures (PCE) index on January 26th. These two pieces of information are expected to help shape the Federal Reserve's monetary policy more clearly in the near future, which will have a definite impact on the trend of the global gold price.
OANDA:XAUUSDShort
by RKarina
XAUUSDIn the European trading session on Wednesday, the price of gold (XAU/USD) continued its downward trend, despite a lack of strong selling pressure. The trading range has been maintained for several days, with traders exercising caution and waiting for further signals from the Federal Reserve regarding interest rate cuts. The market's focus is currently on key economic data from the United States this week, starting with the flash PMI index today, followed by Q4 GDP figures and Core PCE Price Index on Thursday and Friday. Given the risks associated with this important data, expectations for the first interest rate cut by the Fed have now been pushed back from March to May, negatively impacting the price of gold. This is reflected in the slight decline in US Treasury bond yields, strengthening the US Dollar (USD) and limiting the recovery potential of XAUUSD. It is expected that the long-term downward trend in gold prices will continue in the near future.
OANDA:XAUUSDShort
by RKarina
Hindalco Here, we have attached the Technical analysis chart for Hindalco, Hindalco is in the range which have drawn in the chart and once it tried to break but unfortunately it couldn't and many SL got hit and so that we have noticed huge sell off then, and the price moving between range continued again .... In the chart we have mentioned support and many important levels which will definately help you ... If you love our anlaysis please follow and boost the post for more analysis like this ....
NSE:HINDALCO
by Influitive_Capital
btcusdtThe downward trend of BTCUSDT continued on Wednesday, surpassing the psychological support level of $40,000 and trading around $39,600. The strong support for further decline is evident as it trades below both EMA lines and shows clear reversal signals from the EMA 34. Based on chart analysis and the use of Fibonacci, there is a potential for a DOW (Dead Cat Bounce) after the corrective phase. The low point below the 1.618 level (around $35,100) would be the first profit-taking opportunity for sellers at the current time and in the scenario mentioned above.
Short
by RKarina
EURUSD: DowntrendThe EURUSD continues to show no change in its bearish trend from yesterday until now, further damaging the European currency and pushing EUR/USD to new lows in weeks around the 1.0820 level. The continued strong buying interest in the greenback has reduced risk appetite and pushed the US Dollar Index (DXY) to new yearly highs around 103.80, supported by higher US bond yields, particularly at the long end of the maturity spectrum. This serves as a strong psychological arrow to traders, prompting them to sell EURUSD massively and pushing this currency pair down to near the support level at 1.0777.
Short
by RKarina
GBPUSD rebounds within bullish triangle as UK, US PMIs loomGBPUSD floats above the 200-bar Exponential Moving Average (EMA) as traders brace for the monthly activity data from the UK and the US early Wednesday. In doing so, the Cable pair reverses the previous day’s losses while staying firmer within a one-month-old descending triangle formation, also known as the bullish triangle. Apart from the pair’s recovery from the key EMA and bullish chart pattern, the upbeat RSI (14) line also favors the continuation of the Pound Sterling’s gradual rebound. However, a clear upside beak of the stated triangle, currently between 1.2600 and 1.2750, becomes necessary to convince the buyers. Following that, the quote’s run-up to the previous monthly high surrounding 1.2830 becomes imminent. However, the bull’s dominance past 1.2830 will enable the pair to aim for the 1.3000 threshold. On the contrary, the 200-EMA level surrounding 1.2660 restricts the immediate downside of the GBPUSD pair ahead of the aforementioned triangle’s bottom line, close to 1.2600. In a case where the Pound Sterling drops below 1.2600, the odds of witnessing a quick fall toward December’s low of around 1.2500 can’t be ruled out. Should the Cable bears keep the reins past 1.2500, the lows marked on November 22 and 17, respectively near 1.2445 and 1.2375, will test the downside momentum. To sum up, the GBPUSD pair buyers flex muscles ahead of the key Purchasing Managers Index (PMI) data for January from the UK and the US.
by MTradingGlobal