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Golds Recent DeclineGold continues to fall after breaking key range, Golds forming a bearish channel, again what I spoke about yesterday. Also looking like a bearish wedge is forming. Gold is approaching the key support of 1895. Possible rebound from the level to the nearest resistance I predict. The trend is clearly bearish, I’ll be targeting sells today. If another key support is broken it will push the price further down. I predict a retest of 1895 soon Another support level of 1910 is broken and price is forming a consolidation below the level, also that impulse I spoke about yesterday. Support 1895 Resistance 1910
OANDA:XAUUSDShort
by xEthan
A Volatile Climax in PricePrice did a break and retest above our 1.0918 Daily S/R Zone during Asian trading today and has increased 58 pips since then. The Daily candle reached within 9 pips of the 1.0986 Daily resistance zone formed last week. This return back to the topside of what looks to be a range forming now. Top of the range being 1.0986 Daily resistance zone and 1.08908 Daily support Zone. The NY 4hr candle dipped back to around 1.094 Weekly resistance level where it found support. 1.09435 is also a 1Hr support Zone that was created with the New York session 1Hr candle. 2 4 Hour candles have closed above 1.0957 4hr Zone. Maybe I'm just trading what I think but I prefer selling at these prices. My thoughts are that we are towards to the topside of what could now be a range as previously mentioned on the 4hr timeframe .
Short
by ShrewdCatfx
Bearish Gold WEEK ?Gold took a hit this week as the dollar rebounded after the Bank of England raised interest rates by half a percentage point — twice more than forecast — saying it needed to act against "significant" indicators that British inflation would take longer to fall. U.K.’s main interest rate is now at 5%, the highest since 2008 after the largest rate increase since February. For me the gold metal will go a little bit down . Wha do you think traders , Am I right ?
TVC:GOLDShort
by ZumixFX
Impending Volatility ☕ / EurusdThe Weekly candle has touched into 1.1012, only 12 pips from our weekly resistance level 1.1024. On the daily timeframe we can observe a bearish candle Shooting star rejection candle is forming and price is currently below our 1.098 Daily S/R Zone. On the 4Hr timeframe we can observe price having issues with the 1.0995 4Hr Supply zone. The 2nd London 4hr candle has just closed bearish with a top wick twice the size of the body. The new 4hr candle thus far has confirmed our bearish thoughts as it has pushed down 14 pips in the first 15 minutes. 1Hr Timeframe : Price retreated during asian session pre-london towards our Daily S/R Level 1.098 which I capitalized on. We then rejected 1.098 S/R Zone upon initial retest as I forecasted in my prev publishing. We ran the highs from asian session and price made it's way a bit higher before pulling back hard for New York session open. We can observe clean traffic going back down 1.0956 and this is what I'm looking for to play out with sell stops .
Short
by ShrewdCatfx
6
Daily Market Analysis - Thursday June 15, 2023Market Analysis: Global shares decline, dollar recovers as Fed pauses rate hikes; ECB and BOJ meetings awaited. Key events on the economic calendar include: New Zealand GDP (QoQ) for the first quarter. Eurozone Deposit Facility Rate announcement for June. Eurozone ECB Interest Rate Decision for June. US Core Retail Sales (MoM) data for May. US Initial Jobless Claims report. US Philadelphia Fed Manufacturing Index for June. US Retail Sales (MoM) data for May. Eurozone ECB Press Conference. On Wednesday, global stock markets saw a decline, while the US dollar managed to regain some of its losses. This came after the US Federal Reserve, as expected, announced a pause in its interest rate hikes. However, the central bank also hinted at the possibility of raising rates by an additional 0.5% before the end of the year. During its recent two-day meeting, the Federal Reserve presented new economic projections that indicated a potential 0.5% increase in borrowing costs by the end of 2023. This projection was based on a stronger-than-expected economy and a slower decline in inflation. US Fed funds rate The Federal Open Market Committee (FOMC), responsible for determining interest rates, unanimously stated in its policy statement that maintaining the current target interest rate range during this meeting would allow the committee to assess additional information and its implications for monetary policy. While it was widely anticipated that the US Federal Reserve would pause its rate hikes, the focus shifted to the communication surrounding potential future increases. In a surprising twist, the participants of the FOMC adopted a more hawkish stance. The median forecast for the end of 2023 regarding the Federal Funds rate was revised upward by 50 basis points, now ranging from 5.50% to 5.75%. SPX NASDAQ and DJI indices daily chart Following the announcement, the closing results of the stock market exhibited a mixed picture. The Dow Jones index concluded the day with a decline of over 230 points, while the S&P 500 index managed to secure a modest gain of 0.1%. The Nasdaq index, on the other hand, experienced a more significant increase of 0.4%. Notably, the Nasdaq Composite index was primarily driven by the positive performance of AI-related stocks, including Nvidia and AMD. In addition to the stock market movements, Wednesday started with Bitcoin surpassing the $26,000 milestone. However, it retraced shortly afterward and reached a 24-hour low of $25,791. Analysts are speculating that it may potentially drop further to $25,000. These sentiments are influenced by ongoing discussions on cryptocurrency regulation, which have been dominating the news recently. BTC/USD daily chart On the flip side, gold prices initially saw an uptick, reaching $1,959 per ounce during the session. However, as Asian traders kickstart their day, the price of gold has resumed its downward trajectory, edging closer to the $1,930 level. This downward movement can be attributed to the hawkish stance of the US Federal Reserve (Fed), which has bolstered the United States Dollar (USD). The prevailing market sentiment currently favors the USD, consequently exerting downward pressure on the price of gold. XAU/USD daily chart The US dollar has demonstrated a decline against multiple currencies, resulting in a 0.32% drop in the DXY index. Among the currencies, the New Zealand dollar (NZD) experienced the most notable movement, surging by over one percent and reaching a three-week high at $0.6211. Meanwhile, the Euro (EUR) and the British Pound (GBP) registered more modest gains, each recording an increase of 0.39%. NZD/USD daily chart Despite the release of favorable exports and machinery orders data, the Japanese yen encountered a 0.9% decline, emerging as the primary loser in the Asian markets. Investor focus was predominantly directed towards the upcoming Bank of Japan (BOJ) meeting scheduled for Friday. It is widely expected that the central bank will maintain its accommodative monetary policy stance to bolster domestic economic growth. This anticipated approach is anticipated to have a favorable influence on Japanese stocks. USD/JPY daily chart Nevertheless, the Japanese yen is expected to encounter further selling pressure as interest rates rise in other regions, diminishing its appeal. Bank of Japan (BOJ) officials, including the newly appointed Governor Kazuo Ueda, have expressed their intention to maintain the bank's yield curve control policy to provide support to the domestic economy. Furthermore, the diminished anticipation of Japanese government intervention in stabilizing currency markets has contributed to the yen's weakening. While officials have issued verbal warnings, no concrete actions have been taken thus far. Currently, traders are closely watching the upcoming monetary policy announcements from the European Central Bank (ECB), scheduled for later in the day at 12:15 GMT. It is widely anticipated that the ECB will implement a 25 basis points increase in key rates. However, the Staff Economic Projections and the subsequent press conference by President Christine Lagarde will play a crucial role in shaping future policy direction. Market expectations indicate that interest rates will likely reach their peak in July, with speculation of an additional rate hike following June's increase, followed by a potential pause in September. If the ECB adopts a more hawkish stance by implementing a rate hike, it is expected to exert additional selling pressure on the price of gold.
by FOREXN1
1
AUDUSD THE BIG SHORT IS READYThe AUD/USD pair is consolidating near the critical resistance level of 0.6800, following a recent climb to a one-month high. Mixed economic data and anticipation surrounding the Federal Reserve's statement have led to a need for consolidation or a possible correction. The Australian dollar received support from the People's Bank of China's decision to ease short-term policy rates. In the US, consumer inflation eased, solidifying expectations of a Fed pause. The pair's near-term direction hinges on the performance of the US dollar and overall risk sentiment. Technical indicators suggest the potential for a correction, although a daily close above 0.6800 would indicate further upside potential. Key support levels to monitor are at 0.6745, 0.6710, and 0.6680, while resistance levels can be found at 0.6780, 0.6820, and 0.6845. Traders should conduct thorough analysis before making any trading decisions. Nicola, CEO of Forex48 Trading Academy
Short
by EdgeTradingJourney
XAUUSD PULLBACK BEFORE THE BIG SHORTThe price of gold has experienced a reversal, dropping below $1,950 after briefly surpassing $1,970 earlier in the day. This decline can be attributed to the benchmark 10-year US Treasury bond yield, which is currently rising and approaching 3.8%. The increase in bond yield comes as a result of the recent drop in US CPI data, which has had a negative impact on the XAU/USD (gold/US dollar) pairing. The price of gold took a downward turn, slipping below the $1,950 mark after briefly surpassing $1,970 earlier in the day. This reversal was driven by the sharp rise in the benchmark 10-year US Treasury bond yield, which is now approaching 3.8%. The surge in bond yield was triggered by the weaker-than-expected US CPI data, putting pressure on the XAU/USD (gold/US dollar) pair. Nicola, CEO of Forex48 Trading Academy
OANDA:XAUUSDShort
by EdgeTradingJourney
Sustainable Trend? / Eurusd Longs 🐂As price rejects our weekly Level 1.066 which began on May 31st, we map a possible scenario in which we may jump on the train with long positions. I am anticipating the new weekly candle to pullback first and create a bottom wick as most weekly candles contain. Price has arguably been in a range for the past 2 weeks. The Last 2 red folders news events last week assisted in the increase of price. I am anticipating the same sort of price action this week with CPI ( which is expected to decrease and in theory pump risk assets liek EUR) and Interest rates to be catlalysts for a further increase in price. I idea is that the general consensus for interest rates being held at the same rate supports our preceding trend to the upside. Because it will be priced in and the status quo maintains. The trend is developing to the upside and some news releases will act as a catalyst for a continuation or an excuse to pullback for lower price opportunities. If this bias blows over we may simply obersve a contiued rnage on Eurusd between Support level 1.06902 Daily Support level and 1.0776 (averaged) Daily resistance level. This range scenario or descent on Eurusd will occur if we observe risk off sentiment as crypto continues to plummet and we observe a correction on the U.S. stock indices. Institutions and other large players will crowd into buying the dollar and our ascent to 1.078 will look nothing more than a pump to lure in Late long liquidity as we fall back to 1.066 weekly level.
Long
by ShrewdCatfx
2
The Eagle eyes a ( Risk on ) Inflation report 🦅The market is going up for asian session and I'm anticipating a correction of this price action during lodnon session. With USD CPI data during New york session it is possible price could just fly to the next daily resistance zone 1.0813. This will likely occur if the 4.1% forecasted inflation rate isn't met and inflation decreases at a slower rate than what is expected. I think this to be the more likely scenario because a .8% decrease in inflation seems like a bit much to me. I'm not anticipating that EURUSD will take it's lovely time increasing. It will be abrupt and cutthroat as the market blows through Investors's ***** ... Okay I will stop there because I don't want to make things to explicit. That's whats happening when price fluctuates 50 pips in the blink of an eye anyways. It's not what you want to hear but it's the truth. The unprepared will be taken to the slaughterhouse. I will implement my trading system as it allots. Risk management / Position sizing and capital preservation are especially significant during times like this. CPI data releases have acquired an important role in the last 2 years due consistently high inflation. If Eurusd continues it's downtrend on Higher timeframes and last week's bull candle was just a dead cat's bounce, then we may anticipate that price will spike at or above 1.0782 Daily resistance level or even go touch 1.0813 Daily resistance level before returning to the downside as the current daily candle closes back underneath 1.0782 Daily level and goes back down prior to FOMC interest rate news on Wednesday. Price has estalbished a new Daily support level at 1.0746
Long
by ShrewdCatfx
USDJPY LONG & SHORT SETUP - US NEWSDuring the European session, the US/JPY pair remains stagnant, trading within a limited range just below the significant resistance level of 140.00. The market is characterized by volatile fluctuations as investors adopt a cautious approach in anticipation of the upcoming release of US inflation data. In London, S&P500 futures have gained as investors hope the Fed will delay interest rate hikes and weaken the US Dollar. The US Dollar Index reached a two-week low at 103.21 due to expectations of a neutral interest rate policy and softening US inflation. Analysts predict May's CPI will remain unchanged, but core inflation will stay strong. The Bank of Japan is likely to maintain its interest rate policy, aiming for inflation above 2%. Nicola, CEO of Forex48 Trading Academy
Short
by EdgeTradingJourney