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Technical Analysis: Bearish Gold Prices OutlookGold (XAU/USD) is trading with a slight negative trend in the first half of the European trading session on Friday. Traders are currently displaying reluctance and caution ahead of the detailed announcement of monthly employment figures in the United States. The Non-Farm Payrolls (NFP) report is widely known and could significantly impact future policy decisions by the Federal Reserve, thereby determining the next direction for gold prices. From a technical perspective, technical indicators are held at negative levels with uneven strength, creating a tendency towards price declines. On the 4-hour chart, gold is currently trading below the Simple Moving Averages (SMA) 20, 50, and 100, all of which are negative signals for the price trend of this precious metal.
OANDA:XAUUSD
by Lily_Anna
3
EUR/USD: Maintaining Upward Trend Channel !Overal, the EUR/USD pair continues to maintain an upward channel, sustaining stability around the 1.0730 level in the Friday's Asian trading session. This stability is attributed to investors awaiting the April employment report from the United States, which will include non-farm payroll data and the unemployment rate. Looking at the chart, it shows that technical indicators are supporting the upward trend. The Relative Strength Index (RSI) is trading near the 60 level, indicating the strength of the upward trend.
by Daisy_Anna
Gold Price Update: Gold Continues to Show Signs of Recovery!The price of gold fluctuated around $2,300 in Friday's Asian trading session amidst optimistic market sentiment, declining US treasury bond yields, and a weaker US dollar. The 4-hour chart indicates that this currency pair is currently evolving below the SMA 20 level, despite a modest rise to the SMA 50 level yesterday. Technical indicators have also rebounded from their initial lows but remain below the moving average line, gradually losing upward momentum.
OANDA:XAUUSD
by Daisy_Anna
Upcoming buying opportunities for BTCWith the price having broken down from the 200-day Moving Average (200MA) and the Relative Strength Index (RSI) turning down from the overbought level, the price action on Bitcoin is signaling increasing strength for a possible reversal. However, to continue trading significantly lower, BTCUSD would have to break through the price area of 51,000 and 56,000. And beyond that, it could open further decline towards the support level of 40,000. Another perspective could be to view the identified price levels as hurdles which the BTCUSD could bounce, presenting good value entry positions for long term investors. Buying opportunities on BTCUSD: 56,000 to 51,000 price area (short term 50% & 61.8% Fibonacci retracement level) 40,000 price level (long-term 61.8% Fibonacci retracement level)
BITSTAMP:BTCUSDLong
by JinDao_Tai
WDC Western Digital Corporation Options Ahead of EarningsIf you haven`t bought WDC before the previous earnings: Then analyzing the options chain and the chart patterns of WDC Western Digital Corporation prior to the earnings report this week, I would consider purchasing the 67.50usd strike price in the money Calls with an expiration date of 2024-9-20, for a premium of approximately $9.10. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NASDAQ:WDCLong
by TopgOptions
GE General Electric Company Options Ahead of EarningsIf you haven`t bought GE before the previous earnings: Then analyzing the options chain and the chart patterns of GE General Electric Company prior to the earnings report this week, I would consider purchasing the 155usd strike price Calls with an expiration date of 2024-8-16, for a premium of approximately $8.50. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NYSE:GELong
by TopgOptions
SPOT Spotify Technology Options Ahead of EarningsIf you haven`t entered SPOT in the buy area: nor before the previous earnings: Then analyzing the options chain and the chart patterns of SPOT Spotify Technology prior to the earnings report this week, I would consider purchasing the 270usd strike price Calls with an expiration date of 2024-5-17, for a premium of approximately $20.30. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NYSE:SPOTLong
by TopgOptions
Technical Analysis: Gold Market ResiliencGold has surged to an astonishing level, nearing $2,350. Gold prices are struggling to attract any meaningful buyers amidst the emergence of new USD buying pressure. Betting on the Fed's likelihood to maintain higher interest rates for a longer period amid challenging inflationary conditions is expected to bolster USD demand. From a technical standpoint, despite gold being overbought, signs of recovery are evident. It is anticipated that gold prices will test the 0.5-0.618 Fibonacci level before continuing their upward trajectory.
OANDA:XAUUSD
by Stephen_Anders
EUR/USD: Short-term Outlook and Growth Trend of EUR/USDEUR/USD slightly increased on Thursday and is expected to remain stable in the Asian trading session on Friday, around the level of 1.0730. Looking at the one-hour chart, we can see signs of slight decrease in price. However, this is only a short-term prospect. There is a possibility that the price will retrace to the 0.5-0.618 Fibonacci level before returning to the upward trend and targeting resistance levels. The initial target is 1.0740, followed by 1.0756, and finally the psychological level of 1.0787.
by Daisy_Anna
XAUUSD: Signs of Recovery and Price Increase Prospects for GoldThe price of gold is currently undergoing a phase of recovery consolidation after breaking free from its daily lows, trading at $2,330 compared to the low of $2,305. This stability is reinforced by the higher interest rates of the US Treasury and the resurgence of inflation, leading to speculation that the Fed may cut interest rates in the near future. Looking at the chart, we can observe the adjustment of gold prices as it trades above the simple moving averages (SMA). Particularly, the SMA 20 is gradually trending upwards, signaling positivity. It is expected that gold prices will continue to rise and may even surpass the SMA 100, followed by a strong upward trend. This suggests that the market appears to be anticipating a positive shift from economic factors and monetary policy.
OANDA:XAUUSD
by Daisy_Anna
Technical Analysis:Euro Maintains Strength Against DollarThe EUR/USD pair edged lower in the Asian trading session on Friday, moving away from its two-week high around the 1.0740 level touched the previous day. Currently, the spot price is hovering around 1.0740 in the European session and remains dependent on the price fluctuations of the US Dollar (USD) ahead of key data releases from the United States. Based on technical analysis suggests that the price is trading above the simple moving average (SMA), with the SMA 20 trending upwards. It is anticipated that the SMA 20 will cross above the SMA 100, indicating a continuation of the strong upward trajectory and presenting a positive outlook for this currency pair in the near term.
by Stephen_Anders
1
Gold Prices Soar Following Release of US GDP DataAfter the release of the US GDP figures for the first quarter of 2024, the gold market experienced a strong price surge, surpassing the $2,330 threshold, paving the way for recovery. Currently, the price of gold is stable around $2,335, with short-term forecasts still optimistic towards buying pressure. Prospects are aimed at the psychological milestone of $2,400, reflecting confidence in the market's growth potential in the near future.
OANDA:XAUUSD
by Stephen_Anders
8
Gold Price Update Today: Short-Term Price Increase OutlookThe price of gold surged to nearly $2,320 at the start of Thursday, indicating a slight recovery in the market after previous challenging periods. However, upon examining the 4-hour chart, it's evident that the potential for price increase remains limited. The Simple Moving Average SMA 20 is trending below the Simple Moving Average SMA 100, signaling unclear direction in the market. Overall, gold is grappling with continuous challenges and fluctuations. Thorough analysis and monitoring of market news are essential for making sound and effective trading decisions.
OANDA:XAUUSD
by Stephen_Anders
10
US GDP Surge Spurs USD Recovery, GBP/USD Retreats Below Key The GBP/USD slid below 1.2500, wiping out much of its daily gains, as the US Dollar staged a robust recovery following the release of the US Gross Domestic Product (GDP) report for Q1, which indicated a sharp increase in inflation. The preliminary GDP index surged by 3.1%, compared to the previous 1.7%. This has fueled expectations that the Federal Reserve will maintain interest rates at restrained levels for a longer period. When looking at the 4-hour chart, we observe a retracement towards the downtrend. Anticipated that the price will continue to gravitate towards the 0.5-0.618 Fibonacci retracement zone. In the context where technical indicators persist in supporting the downward momentum, the price is likely to continue its descent towards the support area at 1.2300.
by Stephen_Anders
Technical Analysis: GBP/USD Increase OutlookGBP/USD has attracted attention with a strong recovery, surpassing the 1.2500 threshold during the European trading session. This currency pair capitalizes on expectations of improvement in the UK's economic outlook and the decline of the US Dollar. Looking at the chart, we can see that the price is supported by the upward trend but still constrained by the SMA 100. It is anticipated to decrease towards the support level near the SMA 20 and SMA 50 before continuing its upward trajectory.
by Daisy_Anna
EUR/USD Maintains Steady Upward Trend Amid Softening USDEUR/USD maintains an upward channel oscillating around the 1.0700 level. The weakening strength of the USD is gradually paving the way for a gentle rise in this currency pair. From a technical standpoint, we observe that EUR/USD continues to hold above the simple moving averages (SMA), while the relative strength index (RSI) remains around the 60 mark, indicating stability in the upward trend. Expectations for further price increases in this pair will encounter a resistance level at 1.0714, potentially shaping the trajectory of its future upward movement.
by Daisy_Anna
Gold Stability Amidst Rising US YieldsGold remains stable amidst a downward trend, given the backdrop of rising US yields. Reduced tensions in the Middle East contribute to market stability, albeit dampening the demand for gold. Looking at the one-hour chart, it's evident that gold's potential for price appreciation is still constrained. The Relative Strength Index (RSI) has solidified around the 40 mark, indicating a significant decline in upward momentum within the downtrend. Furthermore, the formation of a triple top pattern along with substantial price declines also signals a clear phase of market weakness.
OANDA:XAUUSD
by Daisy_Anna
2