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XAUUSD - become cautiousHello everyone, I wish you a new day full of energy! Today, the price of gold has experienced positive growth, currently trading around $2030, an increase of $12 compared to the previous day. This price increase is largely driven by the demand for financial security, especially with concerns about the tense situation in the Middle East, leading to a strong influx of money into the gold market. Furthermore, the decline in the 10-year US Treasury bond yield has also increased the attractiveness of gold as an interest-free investment channel. All eyes are now focused on the Federal Reserve's monetary policy meeting at the beginning of the year, taking place later this week, as people are seeking clues about the timing and possibility of a US interest rate cut. This decision could have a significant impact on the price of gold, potentially pushing it to new highs or, conversely, risking a return to lower prices. What about you? Do you predict that the price of gold will rise or fall in the near future?
OANDA:XAUUSD
by TradingForecast_Signals
BTCUSDT: flat, what's the next move?At the start of the new week, BTCUSDT continues to show strength with a sustained price increase since the previous weekend. Currently, the price is trading around 42,330 USD and has risen by over 300 USD in today's trading session. This week, there are several important macroeconomic and cryptocurrency events. Let's explore which key altcoins might have a trend this week and how the price of Bitcoin could impact the performance of these cryptocurrencies.
by TradingForecast_Signals
3
EURUSD: Haven't stopped falling yet?Last week, EURUSD did not receive much support as the main trend was downwards, breaking below the psychological support level of 1.090. This common risk aversion sentiment, fueled by escalating geopolitical tensions in the Middle East, has led traders to favor the US Dollar (USD), putting downward pressure on the EUR/USD pair and trading at a low around 1.083 today. In the coming week, there will be several important news releases, particularly the US Housing Price Index and Consumer Confidence figures, which will provide more detailed information about the market. This careful consideration is expected to be reinforced after the upcoming statement from the Federal Open Market Committee (FOMC) on Wednesday.
Short
by TradingForecast_Signals
USDJPY: The downward momentum continuesUSDJPY opened today's session with a slight decrease, trading around the level of 147.75 and losing 0.25% during the day as it remains in a corrective wave, although still in an upward trend in the short term. Therefore, the Japanese Yen attracts some safe-haven flows amidst deepening political tensions. The USD remains stable below monthly highs and may support USD/JPY. Traders can also await the important FOMC meeting in an uncertain environment regarding interest rate cuts. Any further price decline is likely to attract buyers near the psychological level of 147.00, which would help limit the downside of the USD/JPY pair near the 146.45 area or last week's low volatility level. A convincing break below the following level could shift the short-term trend in favor of selling traders and push the spot price down to the horizontal support level at 146.700.
Short
by TradingForecast_Signals
How will the gold price fluctuate in the new week?Dear friends, in today's trading session, XAUUSD is showing signs of an upward movement within a price decline. At the time of writing this article, the price is trading around the range of 2025 - 2027 USD, marking a 0.39% recovery and an approximate increase of 8 USD. It can be seen that over the past two weeks, the global gold price has experienced slight fluctuations and its value has been fluctuating without a clear trend. Last week, gold fluctuated within a range of about 10 USD and failed to break out even when the latest report showed a "cooling" of inflation. However, things could change in the coming days as the Federal Reserve (Fed) meets and makes interest rate decisions. Currently, the markets are expecting the US Federal Reserve to maintain interest rates at the meeting taking place this week and rule out any tightening possibilities in future meetings. The report on core personal consumption expenditure index released last week indicated that "cooling" inflation has led many to believe that an early easing scenario may occur. For this reason, many experts predict that the Fed may maintain a cautious tone at its first meeting of 2024, which could benefit gold.
OANDA:XAUUSD
by TradingForecast_Signals
Gold price today (January 29)Hello dear friends! Today, gold continues its downward trend. It can be seen that the recent actions of the Fed have been less accommodating, indicating that interest rates may continue to rise and the USD will become even stronger. This will be unfavorable for the gold market. Therefore, it is not surprising that we are quite optimistic that gold will not have any new breakthroughs from this downward trend, and the 2020 USD support level needs to be observed more closely. The EMA signal, along with the downward trend, further reinforces the decline of gold. The price target reaching the 1980 USD area continues to be emphasized.
OANDA:XAUUSDShort
by TradingForecast_Signals
EURUSD: Minimal price fluctuationsCurrently, the EUR/USD continues to trade below the resistance level of 1.0850 as the currency pair remains within familiar levels for the week. The Euro has been declining against the US Dollar due to a decrease in price flow after the ECB maintained stable interest rates and the US GDP grew faster than expected in 2017. At the time of writing, the price is trading around 1.0841, a decrease of 0.04% for the day. My target after this slight decrease in the currency pair towards the support level of 1.0822 would be an increase with a Fibonacci target of 0.618, which is 1.0864, higher than the Fibonacci level of 0.5 at 1.0877. This is the final range where prices could react significantly. There is still a possibility for further decline in EUR/USD, as evidenced by the continued downward momentum provided by the 34 and 89 EMA moving averages. And if this occurs, my long-term strategy would still be to sell with an expected decrease to 1.0822, followed by a breakout below this support level towards 1.0751, which could also be a range where prices could bounce back after a stormy period.
Short
by TradingForecast_Signals
Gold prices increase but not reliablyThe gold price today seems to have remained unchanged from earlier this morning, mainly ranging between 2021 - 2022 USD. Although the US GDP growth has exceeded expectations and core orders have increased, negative factors such as rising unemployment claims and inventory levels, along with reduced personal consumption, will pose challenges to the US economy. As a result, some investors have returned to buying gold. However, there are still many investors who remain on the sidelines, observing the market. Inflation in Europe has decreased to 2.9%, prompting the European Central Bank to maintain interest rates. The European Central Bank predicts that inflation in the region will gradually decrease to around 2.7% in 2024. Considering the above information, it will be difficult for the gold price to rise significantly given the positive economic growth in the US. This indicates that the world's largest economy will not experience a recession and will achieve the desired soft landing as expected by its central bank.
OANDA:XAUUSD
by TradingForecast_Signals
GBPUSD: Uptrend remains the sameWelcome to a new week of promising and productive trading! The GBP/USD pair is trading within a narrow range just above the 1.2700 level during the Asian trading session. This is an impressive move from the bulls, as they not only successfully defended the key support zone at 1.2690 but also pushed the GBP/USD price higher from this point onwards. Given the current landscape, I anticipate that upcoming GDP figures will highlight the underlying policy differences between the Bank of England (BoE) and the Federal Reserve (Fed), providing short-term momentum for GBP/USD.
Long
by TradingForecast_Signals
EURUSD: Forecast to medium-term analysisHello dear friends! Currently, in today's trading session, the downward trend continues, despite some price adjustments that indicate a potential peak forming at 1.0933. The current support level is around 1.0816. If this level is breached, it may cause EURUSD to decline further, possibly reaching the level of 1.0750. In the near future, it is expected that the interest rates in the US will increase, which will lead to a depreciation of this currency pair. From the 12-hour chart, although EURUSD is trading relatively calmly with a consolidating status, the potential for a price decline is still being firmly reinforced. The EMA signal converges along with the downward trend as a resistance level for the price increase of EURUSD. The target for further price decline is emphasized.
Short
by TradingForecast_Signals
GBPUSD: Weight change from decrease to increase in priceDear friends, currently the GBP/USD pair continues to trade within an upward channel during the early Asian trading hours on Thursday. Today, the GBPUSD price is hovering around 1.2712, marking a 0.1% decrease for the day. After careful observation, we can see that this currency pair has broken through the psychological resistance level of 1.2700 due to risk-accepting sentiment. However, the release of preliminary Q4 GDP data from the US on Thursday could cause market volatility. In the short term, the 4-hour chart indicates a potential downward correction, with an expected decline towards support levels below 1.2700, with immediate support at 1.2680 before 1.2650. Looking ahead, the EMA signals and the upward trend support further growth in GBPUSD. The price target is still emphasized at 1.2800.
Long
by TradingForecast_Signals
Overview of GoldDear friends, the price of gold remains unchanged compared to yesterday's trading session, mainly fluctuating within a consolidated range. At the time of writing, the price is hovering around $2022, experiencing a 0.12% increase during the day. Meanwhile, the stock market has surged while government bond yields continue to decline, providing short-term support for gold. However, there is another major event on the horizon: the United States will release the Core Personal Consumption Expenditures (PCE) Index for December, which is a favored inflation measure by the Federal Reserve. This announcement on Friday may have a negative impact on gold by the end of the day. Based on the one-day chart, there is a possibility of a bearish candlestick pattern formation (a descending pennant). I anticipate that gold will remain limited around $2040 and extend its downward momentum with an expected decline to $1978.
OANDA:XAUUSD
by TradingForecast_Signals
BTCUSDT: Falling from the price level of 40,000 USDDear valued readers, as I mentioned yesterday, BTCUSDT has broken out of its upward channel, leading to a significant decline in the price. At the time of writing, the cryptocurrency market is trading around the $40,000 mark. The downward trend is strong as the price has surpassed several important support levels, namely $41,000 and $42,000. Meanwhile, after the approval of 11 Bitcoin ETF funds, BTCUSD continues to decline on Thursday. It is expected that the price will reach $35,359. What are your thoughts on this matter? Do you agree with me?
Short
by TradingForecast_Signals
USDJPY: Becoming unpredictableHello 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.
by TradingForecast_Signals
BTCUSDTBTCUSDT continues its downward trend on the fourth day of the week, 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 a clear reversal signal from the EMA 34. On the chart analysis and using Fibonacci, there is a possibility of creating a DOW after the correction phase has taken place. The low point below the 1.618 level (which is around $35,100) will be the first profit-taking opportunity for sellers at the current time and in the scenario mentioned above.
Short
by TradingForecast_Signals
2
Where will the bears push gold?Dear friends, Today, gold continues to operate in a downward trend channel, as evidenced by its price breaking out of the previous upward channel and dipping below $2,020 in Wednesday's US trading session. At the time of writing, the price is trading around $2,016, showing a 0.12% recovery for the day. Meanwhile, the Bank of Canada (BoC) has announced that it will maintain its benchmark interest rate at 5% in line with its January policy. This statement is slightly more hawkish than expected, reducing the likelihood of an interest rate cut in April to about 40%. However, the stock market remains positive as Wall Street resumes its record-breaking rally due to better-than-expected earnings reports signaling economic health, which has a negative impact on gold. The 4-hour chart shows a long bearish candlestick from the previous peak of $2,036 down to $2,011, stabilizing within this downward channel despite a slight correction. Further evidence for this bearish momentum is provided by the 34 and 89 exponential moving averages (EMA), indicating a potential further decline. Immediate resistance is seen at $2,019, with immediate support at $2,011. Breaking below this support level will open up more opportunities for further decline in this precious metal.
OANDA:XAUUSDShort
by TradingForecast_Signals
GBPUSD: Continuing downtrendHello everyone, The GBP/USD pair has recovered from recent losses in the first trading hours in Asia on Wednesday. The major currency pair touched its lowest level in 4 days near 1.2650 and bounced back towards the 1.2700 mark. Meanwhile, Investors are awaiting the release of the UK's Manufacturing and Services PMI for January to gain new momentum. With the potential formation of a top at 1.2746, indicated by the Dow Theory added to that, the current support level is at 1.2648. Additionally, Fibonacci also points to a retracement of the gold price reaching the perfect levels of 0.5 and 0.618. The expected downward trend is likely to commence with a price decline reaching the level of 1.618, which is at 1.2587, breaking through the current support level.
Short
by TradingForecast_Signals
USDJPY: Continuing uptrendThe Japanese Yen benefited from the hawkish stance of the Bank of Japan on Tuesday, despite a lack of further action. The uncertain global political and economic landscape provides a safe haven for the JPY. Betting on an early interest rate cut by the Fed will support the USD and the USD/JPY pair. My personal observation: The upward trend remains dominant, trading with the trend is always safe. From an analytical perspective: EMA 34 and 89 continue to reinforce this, as indicated by Fibonacci. I highly emphasize a profit target of 151.59 at this time, which is also a Fibonacci retracement level of 1.618.
Long
by TradingForecast_Signals
EURUSD: Movement becomes unpredictableHello everyone. From the 4-hour chart, the downtrend remains the dominant trend for this currency pair, with further evidence of this decline being that EURUSD continues to stay below the resistance level of 1.0900. This movement appears to be influenced by the convergence of the EMA line and nearby resistance levels. Currently, EURUSD is trading sideways with little volatility, but there are signs indicating a potential peak forming from the previous EMA test area around 1.0917. The current support level is around 1.0860-1.0850. If this level is breached, it could push the EURUSD exchange rate further down, potentially reaching the 1.0725 level, which coincides with the final support level that bulls need to defend, as any price support above this level would be meaningless. What about you? Do you think EURUSD will decrease in the future?
by TradingForecast_Signals
EURUSD: declineDear valued readers, Escaping the previous recovery channel has caused the product to decrease in price. At the time of writing, the currency market is still trading below the 1.0900 barrier. The downward trend is very strong because it cannot take advantage of the previous price increase. Furthermore, the Euro is facing downward pressure after consumer confidence in the EU on Tuesday. This has contributed to a more negative market than ever before. It is expected that this price decline will reach 1.0821 and then break through this support level to reach 1.0761 as mentioned on the 4-hour chart. What are your thoughts on this? Do you agree with me?
Short
by TradingForecast_Signals
XAU/USD 24 Jan 2024 Intraday Analysis-> Swing: Bullish. -> Internal: Bearish. -> Has reached EQ. Following swing BOS price very aggressively pushed to the upside. Currently price has printed a bearish iBOS where we are now in the pullback phase. Price has printed a bullish CHoCH which is the first sign (but not confirmation) that internal pullback has initiated. Internal EQ is marked in green. Sub-structure to internal structure is marked in red. Internal structure traded past 50% EQ where we saw a reaction at premium. Sub-internal structure is now bullish. Price could potentially continue bullish, react at H4 supply level to continue bearish. Price is currently trading sideways between sub-internal structure
OANDA:XAUUSD
by Khan_YIK