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Will safe harbor demand accelerate next week?Gold is losing ground as traders lock in the time aggressively. The US Dollar tested a multi-month high today. Normally, a strong dollar would lower gold prices, but the current situation is unique as gold prices are driven by central bank demand and rising geopolitical tensions. In case gold falls back below $2,350, it will head towards the nearest support, which is in the $2,295 – $2,305 range. But with the current unstable war situation, combined with the fact that the FED is seriously considering cutting interest rates in the coming period, gold will consolidate its current position and it will be difficult for it to fall deeply.
TVC:GOLD
by MrTrongVo
Can gold maintain its high price?World gold prices tend to decrease with spot gold down 3.2 USD compared to last week's closing level to 2,340.7 USD/ounce. The world gold market has just had an exciting week when records were continuously "broken". In particular, on Friday, gold prices fluctuated up to 98 USD. This price increase is second only to the price increase in December last year that pushed gold prices above 2,150 USD/ounce in a short time. After December's rally, many analysts expect prices to test support around $1,950 an ounce as the precious metal remains weighed down by interest rate expectations. In fact, many investors missed the first breakthrough increase in March while waiting for a larger correction. Previous predictions of a correction made Friday's price action interesting. Analysts have noted that investors who missed out on the March rally will be eager to jump in on the dip. However, a problem that investors are facing is determining the entry point. Recently, this precious metal has continuously ignored traditional "headwinds" to enter new record areas. While gold maintains its upward momentum, there are multiple support levels to watch. Some experts note that investors should watch for the initial support level at 2,350 USD/ounce, then 2,285 USD/ounce. Experts still believe that gold's upward momentum has just begun. Although high inflation may force the US Federal Reserve (Fed) to maintain positive monetary policy longer than expected, gold still demonstrated its resilience by ending the week at a record price. The other continent is 2,360.2 USD/ounce.
OANDA:XAUUSDShort
by FalCol_TradingMaster
GBP/USD Analysis and Forecast Post-US CPIAs the GBP/USD pair continues its sideways movement, investors eagerly await the release of the United States Consumer Price Index (CPI) data for March. The outcome of this crucial economic indicator will undoubtedly influence market sentiments and provide insights into the Federal Reserve's potential actions regarding interest rates. However, amid this anticipation, it's imperative for traders to formulate strategies to navigate the landscape effectively. The current sideways movement of the GBP/USD pair, coupled with its reaction to key levels such as the 38.2% Fibonacci retracement and the presence of a bearish channel, underscores the importance of a comprehensive approach to trading. While technical analysis provides valuable insights into price action, it's equally essential to consider fundamental factors that could impact market dynamics. The slight improvement in the appeal for the Pound Sterling, driven by optimistic projections for the UK economy, adds another layer of complexity to the trading equation. The forecasts of modest growth, despite lingering geopolitical tensions and supply chain disruptions, highlight the resilience of the UK economy. However, it's essential to monitor upcoming economic releases, particularly the UK monthly Gross Domestic Product (GDP) and factory data for February, to gauge the economy's trajectory accurately. Looking ahead, traders should prepare for potential market volatility following the release of the US CPI data. A higher-than-expected inflation figure could fuel speculation about an earlier-than-anticipated interest rate hike by the Federal Reserve, potentially strengthening the US dollar against its counterparts, including the British pound. Conversely, a lower-than-expected CPI reading may prompt a reversal in market expectations, exerting downward pressure on the dollar and supporting the GBP/USD pair. In response to these potential scenarios, traders may consider adopting a balanced approach that incorporates both technical and fundamental analysis. Establishing clear entry and exit points based on key support and resistance levels, while also monitoring economic developments and central bank statements, can help mitigate risks and capitalize on trading opportunities. Furthermore, maintaining discipline and adhering to risk management principles are paramount in navigating the post-CPI market environment. Emotions can run high during periods of heightened volatility, leading to impulsive decision-making and potential losses. By maintaining a composed and rational mindset, traders can better execute their trading strategies and safeguard their capital. In conclusion, the upcoming release of the US CPI data presents both challenges and opportunities for GBP/USD traders. By leveraging a comprehensive approach that integrates technical analysis, fundamental insights, and prudent risk management practices, traders can navigate the market dynamics effectively and capitalize on potential market movements. As always, staying informed, adaptable, and disciplined remains key to success in the ever-evolving forex market landscape.
by FOREXN1
1
GBP/JPY: A Closer Look at Growing Momentum - SHORTAnalyzing market trends and identifying potential opportunities is crucial for making informed decisions. One such opportunity currently presenting itself is the bearish setup on GBP/JPY, indicating a significant shift in momentum. As the price of GBP/JPY reached the 193.000 value, it coincided with the 78.8% Fibonacci level, marking a critical point of confluence. This convergence suggests a strong resistance level, indicating a potential reversal in the upward trend. Analyzing the price action and technical indicators, it appears that a bearish impulse is likely to follow. The confirmation of this downward movement is supported by our previous analysis of this currency pair, which highlighted 189.000 as the first target for a bearish trend. This analysis underscores the importance of understanding key technical levels and their significance in predicting market movements. The confluence of the 193.000 value with the 78.8% Fibonacci level serves as a strong indication of impending bearish momentum. Traders and investors should closely monitor the price action of GBP/JPY in the coming days, as it is likely to follow a downward trajectory towards the 189.000 target. Our Previous Idea
Short
by FOREXN1
3
USD/CAD: USD Strength and CAD Weakness: Exploring Factors BehindThe Canadian Dollar (CAD) faced downward pressure as a result of a juxtaposition between a robust US employment report and lackluster Canadian labor figures. While initially faltering, the CAD began to recuperate lost ground as the immediate impact of the data subsided. Currently trading at 1.3599, the CAD contends with a resolute US Dollar (USD) poised for potential continuation of its bullish trajectory. The price maintains its position within a bullish channel characterized by higher highs and lower lows. The US Nonfarm Payrolls report for March surpassed expectations, propelling US Treasury yields and the USD upwards. Despite the bullish market response, a closer examination of the data unveiled a slowdown in yearly wage growth, prompting speculation regarding the possibility of future Federal Reserve (Fed) rate cuts. This speculation persists despite the hawkish commentary from Fed Governor Michelle Bowman. In contrast, Canada witnessed a decline in net employment levels in March, contrary to initial expectations. This divergence in economic performance between the US and Canada reinforces expectations for a bullish continuation of the USD. Looking ahead, market participants will monitor evolving economic indicators and central bank rhetoric for further insights into the trajectory of the CAD and USD. Amidst this uncertainty, a bullish bias towards the USD prevails, supported by favorable economic data and Fed policy expectations.
Long
by FOREXN1
3
EUR/USD Dynamics Following March's NFP ReportAs the EUR/USD opens Monday's session with an initial pushdown to 1.08280, the forex market reflects on the recent Nonfarm Payrolls (NFP) report. With the economy adding a robust 303,000 jobs in March, surpassing expectations, investors are recalibrating their forecasts regarding the Federal Reserve's (Fed) interest rate policy. This unexpected surge in job creation has tempered speculations of an imminent interest rate cut by the Fed in June and has revised down the total number of anticipated rate cuts for 2024 to two. Consequently, US Treasury bond yields remain elevated, bolstering the USD and exerting downward pressure on the EUR/USD pair. Amidst these developments, a potential short continuation for the EUR/USD emerges as a plausible scenario. The pair remains below the 61.8% Fibonacci level, and the Relative Strength Index (RSI) indicates bearish momentum following Friday's divergence and subsequent pushdown post-NFP, with the RSI currently hovering around 55, signaling a potential decline. However, despite the strengthening USD, a generally positive sentiment pervades global equity markets, buoyed by easing geopolitical tensions in the Middle East. This optimism may dampen demand for the safe-haven Greenback. Additionally, traders may adopt a cautious stance ahead of pivotal releases from the US this week, including the latest consumer inflation figures and the crucial Federal Open Market Committee (FOMC) meeting minutes scheduled for Wednesday. These data points, alongside the European Central Bank (ECB) meeting on Thursday, are poised to offer significant insights into the future trajectory of the EUR/USD pair. In summary, while the EUR/USD faces downward pressure driven by strong US economic indicators, the interplay of global market sentiment and upcoming data releases could introduce volatility and potentially alter the currency pair's direction. Traders are advised to closely monitor key economic events and market sentiment indicators to navigate the evolving dynamics of the EUR/USD exchange rate effectively.
Short
by FOREXN1
5
EUR/USD: Analyzing the Impact of US Nonfarm PayrollsThe recent release of the US Nonfarm Payrolls report for March has sparked significant movements in the EUR/USD currency pair, with implications for traders and investors worldwide. This article provides a comprehensive analysis of the key factors driving these fluctuations and offers insights into potential future trends in the forex market. US Nonfarm Payrolls Report: The US Bureau of Labor Statistics (BLS) stunned markets with its March Nonfarm Payrolls data, which surpassed both estimates and previous readings. With an impressive addition of 303K jobs, the report painted a robust picture of the US employment landscape. Moreover, the decline in the Unemployment Rate to 3.8% further bolstered confidence in the US economy, accompanied by Average Hourly Earnings that met consensus expectations. Eurozone Economic Indicators: In contrast to the strong performance of the US economy, the Eurozone's economic indicators presented a mixed picture. Reports such as Germany's Factory Orders and Retail Sales failed to match the vigor seen in the US labor market. This discrepancy between the two economic powerhouses has exerted downward pressure on the EUR/USD exchange rate. From a technical standpoint, the EUR/USD pair faced significant downward momentum following the release of the US Nonfarm Payrolls report. The pair quickly approached the 1.0800 support level, with further downside potential towards 1.07600. Despite a temporary rebound to 1.08360, the overall outlook suggests a bearish continuation, pending confirmation from upcoming trading sessions. Traders are closely monitoring upcoming economic data releases, particularly US inflation figures and consumer sentiment data. Additionally, the European Central Bank's (ECB) monetary policy meeting will be a pivotal event, shaping market sentiment towards the euro. While some uncertainty lingers, indications point towards a potential bearish trajectory for the EUR/USD pair in the near term. The US Nonfarm Payrolls report for March has triggered significant movements in the EUR/USD exchange rate, highlighting the contrasting economic landscapes between the US and Eurozone. Technical analysis suggests a bearish bias for the pair, with potential downside targets below the 1.0800 support level. Traders are advised to remain vigilant and await confirmation before initiating new positions, particularly in light of upcoming economic events and central bank decisions. ✅ Our previous Winning Idea:
by FOREXN1
1
NZD/USD Dynamics Ahead of RBNZ Meeting and US CPI ReleaseAs the NZD/USD pair hovers around 0.6042, traders are closely monitoring its price action amid a backdrop of technical indicators and impending fundamental events. Recent movements suggest a potential continuation of the bearish trend, characterized by a convergence of factors including Fibonacci levels, RSI divergence, and a looming RBNZ meeting. The NZD/USD pair has shown signs of recovery in the past day, yet remains entrenched within a bearish trend. A notable divergence in the RSI on the H4 timeframe, in conjunction with the 38.2% Fibonacci level, indicates potential weakness in the pair's upward momentum. Additionally, the presence of a bearish order block, denoted by a red rectangle, suggests a possible local double top scenario, reinforcing the bearish sentiment. Attention turns to the Reserve Bank of New Zealand (RBNZ) monetary policy meeting scheduled for Wednesday. Market expectations lean towards the RBNZ maintaining its cash rates at 5.5% for the sixth consecutive meeting, with emphasis placed on the need to sustain restrictive policies to combat inflation. The RBNZ's cautious stance, particularly in light of concerns surrounding record immigration, is likely to impact the NZD/USD pair's trajectory. Furthermore, the NZD/USD pair's recent gains coincide with improved risk appetite ahead of the release of Consumer Price Index (CPI) data from the United States (US). Forecasts anticipate an uptick in headline CPI for March, while the core measure is expected to moderate. However, the US Dollar (USD) is striving to regain lost ground amidst prevailing market volatility, posing potential headwinds for the NZD/USD pair. In light of these factors, traders may consider adopting a cautious approach towards the NZD/USD pair. Monitoring key technical levels, such as the aforementioned Fibonacci retracement and RSI divergence, can provide valuable insights into potential price movements. Additionally, remaining attuned to developments surrounding the RBNZ meeting and US CPI release is essential for informed decision-making. Given the overall bearish bias, traders may explore short-selling opportunities, particularly following a local retest of key resistance levels. However, prudent risk management practices should be adhered to, with stop-loss orders placed to mitigate potential losses in the event of adverse price movements.
Short
by FOREXN1
1
EURUSD Is Ready to Go UP🚀🔨 EURUSD is breaking the 🔴 Resistance zone($1.0848-$1.0840) 🔴. 🌊According to the theory of Elliott waves , EURUSD seems to have completed the corrective waves and is now ready for the next five impulsive waves . 🔔I expect EURUSD to go UP at least the 🟣 Yearly Pivot Point 🟣 after breaking the Resistance line and ⚔️ Attacking ⚔️ the upper Resistance lines again. Euro/U.S.Dollar Analyze ( EURUSD), 1-hour Time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Long
by pejman_zwin
7
Gold continues to increase, waiting to buy at the present timeWorld gold prices increased slightly with spot gold increasing by 5.7 USD to 2,337.4 USD/ounce. Gold futures last traded at 2,358.4 USD/ounce, up 13 USD compared to yesterday morning. World yellow metal prices continued to conquer new records at the beginning of the week, boosted by central bank purchasing activities in Asia. Previously, spot gold price hit a new record of 2,372.5 USD/ounce. A recently published report shows that the Central Bank of China added 160,000 ounces of gold to its reserves in March. Türkiye, India, Kazakhstan and some Eastern European countries also bought gold during the year. now. Although the market is expecting the US Federal Reserve (Fed) to loosen monetary policy in June, according to TD Securities commodity strategist Bart Melek, if the upcoming data continues shows that the US economy is still strong, which may cause the Fed to not rush to cut interest rates. In that context, gold will not be able to maintain its increase. Central bank purchases and geopolitical tensions are other supportive factors for the precious metal. According to CME Group data, traders are pricing in a 52% chance that the Fed will reduce the federal funds rate by a quarter point in June. However, the latest report shows that the US job market remains strong strongly has raised doubts about the Fed's ability to pivot policy.
OANDA:XAUUSDLong
by FalCol_TradingMaster
Audusd will cross all time high read the caption The US dollar eased slightly after the US published strong jobs numbers on Friday. According to the Bureau of Labor Statistics (BLS), the economy created over 303k jobs in March, higher than last month’s 270k. The figure was higher than the median estimate of 212k. Additional data revealed that the unemployment rate retreated from 3.9% to 3.8% while the participation rate rose from 62.5% to 62.7%. The two figures were higher than the median estimate of 3.9% and 62.5% Wages also continued growing at a faster pace than EXPECTED
Long
by Mrsam36
Gold long signalGold gathered bullish momentum and climbed to a new all-time high above $2,320 on Friday. Although the upbeat March jobs report from the US helps the USD find demand, XAU/USD continues to benefit from escalating geopolitical tensions. Gold price (XAU/USD) drifts lower for the second straight day on Friday and maintains its offered tone through the early part of the European session. The US Dollar (USD) builds on the overnight recovery from a nearly two-week low and remains well supported by hawkish comments from Federal Reserve (Fed) officials, which, in turn, undermines the commodity. Apart from this, the downfall could further be attributed to some repositioning trade ahead of the release of the US monthly employment details. Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world. Mostly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline. The metal holds its value well, making it a reliable safe-haven. It's traded constantly based on the intra-day spot rate. Improve your technical analysis of live gold prices with the real-time XAU/USD chart, and read our latest gold news, expert analysis and gold price forecast. Gold now buy 2330 TP1 2350 TP2 2370 TP3 2400 SL 2300
OANDA:XAUUSDLong
by Mark804
2
Analyzing EUR/USD: Reversal Signals and US Data ImpactThe EUR/USD pair surged with bullish momentum during Wednesday's session, propelled by a robust bullish impulse. However, the price has now entered a potential reversal zone, characterized by a Double top formation on the H1 timeframe. Additionally, on the H4 chart, the price has reached the 61.8% Fibonacci level, accompanied by overbought conditions and divergence in the RSI indicator. Traders may consider mitigating their positions with a reversal to the Point of Control (POC) volume value, or alternatively, opt to sell their positions. The downtick in the ISM Services Purchasing Managers' Index (PMI) data from the US instigated a selloff in the US Dollar (USD) during Wednesday's American session. The PMI headline figure declined to 51.4 from 52.6, indicating a slowdown in the growth of activity within the service sector. Moreover, the Prices Paid Index fell to 53.4 from 58.6, signaling a softening in input inflation within the sector. Despite these developments, Federal Reserve (Fed) Chairman Jerome Powell reiterated that the central bank is not hastening to lower the policy rate. Powell emphasized the importance of letting incoming data guide their policy decisions, indicating a patient approach. The upcoming release of the Nonfarm Payrolls data by the US Bureau of Labor Statistics on Friday adds further uncertainty to the market. As traders await this crucial jobs report, market participants may adopt a cautious stance, potentially influencing trading activity. In light of these factors, we anticipate a reversal in the EUR/USD pair, with market sentiment likely to shift amidst the release of key economic data.
Short
by FOREXN1
3