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Gold prices continue to rise at the end of the week!Hello everyone, what do you think about the gold price? Today, the gold price is on an upward trend, after the buyers previously completed conquering the highs at 2661 -2700 - 2720 respectively, the price has started to increase and is currently trading at a new high of 2721 dollars. This increase is due to the fact that the two largest and second largest economies in the world, the US and China, have both announced negative economic data, which has boosted the demand for gold reserves. In addition to the reason for the poor economic information, investors expect the US Federal Reserve to cut the USD interest rate in early November, the market also expects the upcoming US election in November. As seen on the 4-hour chart, the gold price has been continuously pushed up since the price broke out of the downtrend and in addition, the new peak is still unclear before the weekend close, showing that the upward trend will continue. Using the Fibonacci extension, I expect and forecast that the gold price will likely move in the Elliott wave (1,2,3,4,5) and target higher levels at around 1.618 i.e. (2739) and if 1.272 (2717) holds, the price will increase higher to level 2 (2762) to continue to set as the final target. At this time, the realization phase is forming, Conan is waiting for confirmation with the aim of further strengthening in the coming time. What do you think about this view?
OANDA:XAUUSDLong
by ConanTradingFX
EURUSD: Recovery then decline?Hello dear friends! What do you think if EURUSD continues its downtrend in the future? This will be a long-term analysis for this currency pair. On the chart analysis: Ben sees that a double top pattern has formed (clearly indicated from the chart) which marks a strong fight from the sellers as they try to push the downtrend back. Furthermore, using Fibonacci retracement levels to measure the retracement of the first wave (blue area), the downtrend is expected to continue after reaching the 0.618 retracement level. If the price action of this currency pair plays out according to this trading idea, the 1.0910 and 1.0779 levels will be targeted by the sellers. What about you? How do you feel about the future trend of EURUSD? Share in the comments!
Short
by Bentradegold
Latest GBPUSD Comments Today - October 21, 2024Looking at the GBPUSD chart, we can see that the price is moving within a clear downtrend channel. Currently, the price is right next to the upper trendline of this channel, indicating that selling pressure may dominate and continue to push the price lower. Today's trading trend: SELL scalp. Trading strategy: For those considering trading, it is reasonable to look for a selling opportunity in the resistance area near $1.3050, with a target of $1.2950. Place a stop loss above the resistance area of ​​$1.3070 to limit risk. Wishing you a profitable and safe trading week.
Short
by Bentradegold
Gold prices continue to rise from $2,600Dear Traders! Analyzing the gold chart on the 1-hour time frame, we can see that gold prices were relatively weak at the beginning of the trading session after closing the week at $2660 with a slight reversal, currently hovering around $2656. This reversal is due to some short-term technical factors, especially a gap opening, which prompted investors to fill in based on the fundamental technical factor and is currently doing so. In addition, the price is still reacting to the 34 EMA and the Elliott wave on the uptrend channel has not been broken yet, so the expectation is that gold prices will continue to be attractive in the near term. With the current Elliott wave trend, gold is likely to move towards higher targets if it breaks through the important resistance area of ​​$2660. Always analytical. Good luck traders!
OANDA:XAUUSDLong
by Bentradegold
Gold XAUUSD trading trend analysis on October 21, 2024At the end of last week's trading session, gold prices continued to increase strongly. Gold prices have created a new ATH after a correction to 260x. We will now trade according to the main trend. Wait for the next adjustment of gold to enter a long-term order. Today's trading trend: BUY scalp. Price zones to pay attention to: BUY zone: 2703 - 2708 SELL zone: 2735 - 2740 and 2745 Wishing you a profitable and safe trading week.
OANDA:XAUUSDLong
by Bentradegold
Gold price on weekend (October 18)Gold prices continued to rise today and hit a new record, reaching a full $2,700 at the beginning of the session and the upward momentum is still strong. Accordingly, gold reached a record high as it continued to be driven by safe-haven demand, due to concerns about instability surrounding the US presidential election and conflicts in the Middle East. In addition, expectations that the US Central Bank will continue to loosen monetary policy after cutting interest rates by half a percent last month are growing, also adding strength to the yellow metal. Thus, with the recent increase, gold prices have increased by more than 30% and officially "broke" the record. In addition to concerns related to the situation in the Middle East, the US election also created instability, which continued to boost safe-haven demand for this yellow metal.
OANDA:XAUUSD
by Bentradegold
Gold prices continue to rise strongly!Hello everyone, let's update the gold price today! Currently, the gold price is fluctuating around 2728 USD, almost unchanged from this time yesterday, although there was a slight decrease before. This shows that the purchasing power of this precious metal is still strong and stable. The main reason for gold to maintain its position is thanks to a series of geopolitical tensions in the Middle East along with the hope that the US Federal Reserve (Fed) will continue to loosen monetary policy at its meeting in early November. In my personal opinion, the gold price's rise has not stopped yet. Although the USD and bond yields tend to increase, the gold price still makes a spectacular breakthrough. Investors continue to put their faith in gold, expecting the price to continue to climb from now until the end of the year!
OANDA:XAUUSDLong
by Bentradegold
Gold Uptrend - October 21, 2024A recent Kitco News survey shows a broad sense of optimism about the gold price outlook. The majority of experts (94%) predict further price gains, while only one analyst (6%) sees no significant change. However, gold’s ability to maintain its value may be challenged by concerns about the US dollar, which could see demand revive as the ‘Trump rally’ is revived. Additionally, with no major US economic data due for release on Monday, the focus will remain on risk sentiment and speeches from several Fed policymakers to provide fresh impetus to gold prices. When it comes to trading strategies for the start of this week, the priority will be given to buying in view of the Fibonacci extension on the bullish channel as mentioned on D1.
OANDA:XAUUSDLong
by ConanTradingFX
Can EURUSD continue to fall?EUR/USD is currently hovering around 1.0860 after an earlier rally, with stability in the Asian session. Notably, concerns about the possibility of a Federal Reserve rate cut in November have been dismissed, as recent data suggests that the US economy is still recovering. On the 1D chart, we can clearly see that after the price fell out of the uptrend channel and approached the support level of 1.0800, EUR/USD has reversed again. Currently, the price is hovering around 1.0865 and interacting with the 34 and 89 EMAs, combined with resistance at 1.0960. These factors suggest that the downtrend is still in place. My personal prediction is that EUR/USD is likely to continue falling and may hit a lower low around 1.0700 in the near term. Now the realization phase is taking shape we are waiting for confirmation with the prospect of strengthening the purpose.
Short
by ConanTradingFX
EURUSD continues to maintain an increasing rangeConan, hello everyone. Today, EUR/USD is maintaining its initial bullish bias below 1.0800, after closing the session with a steady gain above the intact bullish channel. The pair is supported by optimism over China's stimulus measures and a broad correction in the US dollar, which helped reverse the decline caused by the ECB's dovish decision. On the other hand, any further upside is likely to face resistance around 1.0974, above which, it could trigger a short-term recovery and push EUR/USD towards the psychological level of 1.1020.
Long
by ConanTradingFX
Gold todayHello everyone! Overall, Gold is trying to maintain its upward momentum from today's Asian session, despite the risk aversion from China. The weakness in the USD continues to provide momentum for gold. Currently, a cup with handle pattern has appeared, indicating a positive signal for the medium-term outlook. However, the important resistance level of $2,670 is a big challenge. If buyers can take advantage of the strong momentum from the $2,660 - $2,665 zone, supported by the 34 EMA that has not shown any signs of reversal, then gold could definitely break out to $2,680 in the short term.
OANDA:XAUUSDLong
by ConanTradingFX
3
Gold prices continue to rise?Gold is struggling to capitalize on the positive momentum from Friday and is currently hovering around $2680. With clear signs of bullish momentum being shown by the 34 and 89 EMAs, there are no significant signs of a reversal yet. The next prediction is that gold will continue to trade in the range of $2683 to $2660. The $2660 level at the 89 EMA could be retested, but only in the short term for consolidation. The preferred direction remains an upward movement.
OANDA:XAUUSD
by Bentradegold
EUR/USD should buy or sell ?Hello everyone! The EUR/USD pair has just broken a four-day losing streak and is currently hovering around 1.0840 in the Asian session on Friday. The recent decline has been largely driven by the strengthening of the US Dollar, with the greenback hitting a two-month high of 103.87 on Thursday. Despite the strong recovery, the market is now gradually shifting towards expectations that the US Federal Reserve (Fed) may cut interest rates soon, helping the EUR/USD pair recover slightly and minimize losses in the short term. As seen on the 4-hour chart, the EUR/USD downtrend remains clear, however, the key support zone at 1.0810 and then 1.0777 is still holding. Moreover, a harmonic pattern has formed, signaling a potential reversal, at least towards the 1.0980 level, where confluence signals are emerging strongly. Do you think this pair could reverse and rise again soon? Don't miss out on the exciting trading opportunities that await!
by ConanTradingFX
USDJPY: Uptrend Remains IntactHello everyone! USD/JPY is finding fresh demand alongside the US Dollar in the Asian session on Thursday. New measures in the Chinese real estate market disappointed and strengthened the safe-haven greenback. The US Retail Sales data will now be in focus, and looks vulnerable. However, in the short term, with the trend still intact and because of the principle of "trend is your friend", Ben predicts that the price will correct slightly to test the 34 and 89 EMA before continuing to strengthen further in the near term. What do you think about this major pair today?
Long
by Bentradegold
Gold price increased sharply, reaching 2650 USDGold prices made an impressive reversal today, rising more than $25 to $2,635, after six consecutive sessions in the red. The recovery came on Thursday, as investors began to adjust their strategies based on a series of important economic data from the US. The CPI report showed signs of cooling inflation, while employment data reflected a weakening labor market. These signals have reinforced the belief that the Fed is on the right track in adjusting monetary policy. This is the factor that helped gold prices rebound, as investors saw a less tense economic environment, supporting safe havens like gold. With positive signals from the economy and confidence in the Fed's policies, gold is returning to an upward trend, opening up attractive opportunities for investors.
OANDA:XAUUSDLong
by Bentradegold
Update latest gold price today.Gold prices continued to rise slightly on Tuesday as Treasury yields eased, while investors cautiously awaited more data for fresh clues on the Federal Reserve's easing cycle. The 10-year yield fell as the day's report showed a slowdown in manufacturing activity in New York state. Accordingly, bond yields are putting slight pressure on gold. However, the advantage is still tilted towards a sideways or higher scenario for gold in the short term, assuming that both bond yields and the USD will decline. In the current environment, I appreciate the surprising strength of this precious metal. Gold has not succumbed to the strength of the USD and Treasury yields, and the rally continues to be simmering.
OANDA:XAUUSDLong
by Bentradegold
GBPUSD Ben hello everyone! On the 1-hour chart, the downtrend continues. After losing momentum from 1.306, GBPUSD has continued to decline. With the market looking unfavorable and the Fed’s interest rate cut policy unclear, GU has lost value. The next target for the next decline is seen at 1.2950, ​​which is a strong psychological barrier. However, the possibility of a rebound cannot be ruled out if the bulls manage to push the price up from 1.2980 as mentioned on the chart.
Short
by Bentradegold
EURUSD continues downtrend below 1.0900Dear Friends, You may be wondering why the price has fallen so sharply. In international market news: - The US Dollar (USD) continued to appreciate, albeit modestly, encouraging the US Dollar Index (DXY) to maintain multi-week highs above 103.00. - Supporting the greenback's rally in recent weeks were the minutes of the Federal Open Market Committee (FOMC) meeting on September 18. The minutes showed that a "majority" of policymakers favored easing monetary policy with a 50 basis point cut, but did not commit the Federal Reserve to a specific timeline for future cuts. Results: - As both the Fed and the ECB consider additional interest rate moves, the EUR/USD outlook will depend on macroeconomic trends. The US economy is expected to outperform the Eurozone, potentially boosting the USD further. On technical analysis and gold price forecast for the coming period: - EURUSD has broken above the support level at 1.0892 and the price volume is below both the 34-day and 89-day exponential moving averages (EMA), suggesting a higher possibility of further declines. - Currently, EURUSD is trading near the resistance level of 1.0892, with immediate support at 1.0850.
Short
by Bentradegold
GBPUSD's decline has not stopped yetHello everyone, Conan! Today, the GBPUSD pair is maintaining a mild negative trend, trading at around 1.0544. After losing momentum from 1.3000, GBPUSD has continued to decline. The pair could continue to decline in the coming period, as the market reassesses the Bank of England (BoE) policy outlook following weak inflation data. The current support level is set at 1.2976, significant stops will accumulate below this figure and if triggered, the decline could accelerate towards 1.2950.
Short
by ConanTradingFX
1
EURUSD extends gains above 1.0850Conan, hello everyone! Currently, EURUSD is taking advantage of the upside opportunity from the strong support at 1.0852. It can be seen that the pair is cooling down and gradually opening up more upside opportunities. It is clear that EUR/USD is on a tear, falling to a multi-week low as the Euro continues to weaken ahead of the upcoming European Central Bank interest rate meeting on Thursday. However, the widely expected ECB rate cut of a quarter of a percentage point, or 25 bps, has eased some of the pressure on the pair. The price is currently trading around the 1.0862-1.0860 range and remains dependent on the price momentum of the US Dollar (USD). Resistance: 1.0876, 1.0905 Support: 1.0852, 1.0858
by ConanTradingFX
Gold price update: Price exceeds 2665 USDHello everyone! As Conan predicted earlier, gold did indeed take advantage of the $2,665 support level and broke above the nearest resistance level of $2,770. As a result, gold rallied and hit an earlier high of $2,685 before quickly correcting slightly but still maintaining its best uptrend in 2024. Currently, according to CME's FedWatch tool, traders are pricing in a 96% chance of a further 25 basis point cut in US interest rates at its November policy meeting. In addition, experts predict that the ECB is likely to cut rates again at its October 17 meeting. Likewise, expectations for a BoE rate cut at its meeting next month are gradually increasing as domestic inflation shows signs of slowing.
OANDA:XAUUSD
by ConanTradingFX
EUR/USD Struggles to Recover - Bears Dominate!Today, EUR/USD pair continued to fluctuate in a narrow range below the 1.0900 mark during Thursday's trading session, holding on to recent heavy losses, after falling to a near two-month low the previous day. Technically, the old support level has turned into a stiff resistance, making any recovery attempt difficult. Meanwhile, technical indicators and signals from EMA 34, 89 continue to favor the Bears, putting EUR/USD on the back foot against other rivals. Good luck traders!
Short
by Bentradegold
2