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NZD/USD Attracts Modest Buying on Friday Amid USD WeaknessThe NZD/USD pair has attracted some buying interest for the second consecutive day on Friday, driven by a modest weakening of the US Dollar (USD). However, the upside momentum lacks strong bullish conviction as the pair continues to hover around the 0.6071 level, close to the one-month low touched earlier this week. Despite the rebound, market sentiment surrounding the pair remains cautious, with traders awaiting further cues from both global economic developments and key technical indicators. US Dollar Weakness Offers Relief The primary driver behind the modest gains in NZD/USD has been the slight pullback in the US Dollar. The greenback has recently shown signs of weakening after a strong rally in previous weeks, largely supported by robust US economic data and hawkish expectations around the Federal Reserve's monetary policy. The recent downtick in the USD has provided some breathing room for risk-sensitive currencies like the New Zealand Dollar, allowing for a temporary recovery in the pair. Technical Outlook: Demand Zone Holds Firm From a technical perspective, the NZD/USD pair appears to have rejected a significant demand zone, suggesting that there is support for the pair at current levels. This demand area has seen increased buying interest, particularly as retail traders remain extremely short on the pair. In contrast, smart money – typically institutional investors with deeper market insights – has started to build long positions, signaling a potential shift in market sentiment. The rejection of the demand zone and the presence of long positions from smart money traders suggest that the NZD/USD pair could be poised for further gains. This technical setup aligns with the broader seasonality patterns that indicate a potential uptrend in the coming weeks. Seasonality and Market Sentiment: Bullish Signs Ahead? Seasonality data, which tracks historical patterns in currency movements, shows a potential uptrend for the NZD/USD pair. This is supported by the current market positioning, where retail traders are overwhelmingly short, creating a contrarian signal for a potential rally. Smart money's shift towards building long positions adds weight to the argument that the pair may be headed for a sustained move higher. Given these factors, we have decided to open a long position on NZD/USD, taking advantage of the technical setup, smart money movements, and favorable seasonality trends. While the overall market sentiment remains cautious, the combination of these signals offers a compelling case for a potential bullish move in the near term. Conclusion: A Cautious Bullish Outlook While the NZD/USD pair has attracted modest buying on the back of USD weakness, the bullish conviction remains limited for now. However, the rejection of a key demand area, coupled with the increasing long positions from smart money and favorable seasonality patterns, suggests that the pair could see further upside in the days ahead. As always, traders should remain cautious and monitor upcoming economic data releases and market developments that could influence the pair's direction. Nonetheless, the technical and fundamental setup currently points to a potential opportunity for upside gains, and we are positioned accordingly with a long trade. ✅ Please share your thoughts about NZD/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Long
by FOREXN1
1
Gold Price Analysis October 18Fundamental Analysis Gold prices rose above $2,700, hitting a fresh record high on Friday amid expectations of interest rate cuts and an easing monetary policy environment from major central banks. Moreover, persistent geopolitical risks stemming from ongoing conflicts in the Middle East, coupled with uncertainty surrounding the US presidential election, appeared to be boosting demand for the safe-haven precious metal. The supportive factors have, to a large extent, offset the recent rally in the US Dollar (USD) to its highest since August, bolstered by growing acceptance that the Federal Reserve (Fed) will proceed with a modest rate cut. A stronger dollar tends to dampen demand for USD-denominated commodities, including Gold, which is still on track to post strong weekly gains and looks set to rise further. Technical Analysis Good morning traders. Gold continues to be at an all-time high. It is quite difficult to determine where the SELL zone is at the moment. We can only Scalp at the psychological port areas around 2720-2730. The important BUY zone is more clearly considered at 2675-2673. Before that, we cannot ignore the 2685 zone, the temporary all-time high for more than a month. Wish you a successful trading day
OANDA:XAUUSD
by TVS-Trader
EUR/USD Breakdown – Quick Bounce or Headed for a Wipeout?Alright, trading family, the EUR/USD pair is riding some choppy waters. A short bounce to 1.0809 might be in the cards, but don’t get too comfy—it could just be a quick breather before we dive back toward 1.0700 or even deeper to 1.0645 or 1.0580. Key Levels: Breakdown Zone: 1.0700 – Looks like the next wave if sellers keep control. Bounce Play: 1.0809 – Bulls might show up, but it could be a short ride. Lower Support: 1.0645 / 1.0580 – If the tide turns, this is where we might land. This is one of those "stay ready" moments—either we catch a quick rally or the tide pulls us lower. Keep an eye on those short time frames to catch the next set. What’s your vibe—are we bouncing or heading straight into the deep? Drop your thoughts, follow, and share if this chart got you set for the next move. Mindbloome Trader
Short
by Mindbloome-Trading
NZD/USD Rebounds, But Caution Remains Ahead of US Economic DataThe NZD/USD pair rebounded today from a key demand area, but caution remains among traders as critical US economic data looms. The upcoming reports for USD Core Retail Sales (m/m), Retail Sales (m/m), and Unemployment Claims are expected to inject volatility into USD-correlated currency pairs, particularly affecting both EUR/USD and NZD/USD. These data points are crucial for assessing the strength of the US economy, and stronger-than-expected results could further support the US Dollar (USD), applying downward pressure on other currencies like the euro and the New Zealand Dollar (NZD). China's Economic Data in Focus for NZD In addition to US developments, market participants are likely to remain cautious ahead of key economic data from China, New Zealand’s top trading partner, scheduled for release on Friday. The upcoming GDP and Retail Sales figures will be closely monitored, especially after the recent disappointment in China’s CPI and PPI numbers. Weak results from China could have negative implications for the NZD, given New Zealand’s heavy reliance on trade with China. The New Zealand Dollar has faced additional challenges, as China's recently announced fiscal stimulus measures have failed to lift market sentiment. Investors remain uncertain about the scale and impact of the stimulus package, further weighing on the outlook for the NZD. USD Strength and Federal Reserve Outlook Meanwhile, the US Dollar has found support from strong labor and inflation data, which has tempered market expectations for aggressive easing by the Federal Reserve (Fed). According to the CME FedWatch Tool, there is currently a 92.1% probability of a 25-basis-point rate cut in November, with little to no expectation of a larger 50-basis-point reduction. This has kept the USD resilient, further limiting the upside potential for the NZD/USD pair. Technical Outlook and Market Sentiment From a technical standpoint, while the NZD/USD has seen a rebound, the Commitment of Traders (COT) report reveals that retail traders remain bearish on the pair, whereas smart money has started increasing their positions. In addition, our forecast suggests a potential shift toward a bullish seasonality for the NZD, though market conditions remain uncertain. Given the importance of today’s US economic data, we are adopting a patient approach, waiting for the news release before considering any entries. Stronger-than-expected US figures could dampen the outlook for the NZD, while weaker data may present opportunities for the NZD to regain strength. In conclusion, while there are signs of a potential bullish trend emerging for the NZD/USD, the combination of ongoing USD strength and upcoming key economic releases from both the US and China makes it necessary to remain cautious in the near term. Patience will be key as we await further developments in the market. ✅ Please share your thoughts about NZD/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
by FOREXN1
1
EUR/USD Extends Decline Near 1.0850 Ahead of Key Economic DataThe EUR/USD pair extended its decline during the early Asian session on Thursday, hovering around the 1.0850 mark. The continued strength of the US Dollar (USD) has added selling pressure on the euro, as investors anticipate critical developments in both Europe and the United States. Notably, the European Central Bank (ECB) is expected to announce another interest rate cut during its monetary policy meeting today, which will play a pivotal role in shaping the near-term direction of the EUR/USD. ECB Meeting and Rate Cut Expectations The ECB meeting is a focal point for the market, with investors widely expecting another rate cut as the central bank attempts to stimulate the sluggish Eurozone economy. The ongoing monetary easing measures aim to address inflationary concerns and support economic growth in the region. A further reduction in interest rates would likely put additional pressure on the euro, especially against a strengthening dollar. Traders will be closely watching the tone of the ECB’s announcements, looking for any clues regarding future policy direction, which could set the stage for increased volatility in EUR/USD. US Economic Data in Focus In addition to the ECB's decision, the market’s attention will shift to the release of key economic data from the US later today. The USD Core Retail Sales (m/m), Retail Sales (m/m), and Unemployment Claims reports are set to inject volatility into USD-correlated currency pairs, particularly EUR/USD. These reports are crucial in assessing the overall health of the US economy, and stronger-than-expected figures could further bolster the USD, applying additional downward pressure on the euro. Retail sales data will provide insight into consumer spending patterns, a key driver of US economic growth, while unemployment claims will shed light on labor market conditions. Should the data come in stronger than anticipated, it may reinforce expectations of a resilient US economy, prompting the Federal Reserve to maintain its hawkish stance on interest rates. Conversely, weaker data could weigh on the dollar and offer a temporary reprieve for EUR/USD. Technical Outlook: Demand Zones in Focus From a technical perspective, the EUR/USD is currently reacting to a previously identified demand area. While the pair has experienced selling pressure, the price could see a bullish reaction if the upcoming US data or the ECB meeting provide supportive conditions for the euro. In case of a positive outcome for the EUR after the news releases, we may consider opening a long position. However, the best entry point for a long trade remains within the lower demand zone, which offers stronger support and a more favorable risk-reward setup. The Commitment of Traders (COT) report indicates a notable shift in market positioning. Retail traders have been increasing their short positions on the euro, while smart money (large institutional investors) has moved long on the currency. This positioning dynamic suggests the possibility of a reversal, as smart money often takes contrarian positions against retail traders. With the data releases and central bank decisions looming, today could present a long setup, especially if the market interprets the news favorably for the euro. Conclusion The EUR/USD continues to trade under pressure, driven by the strength of the USD and expectations surrounding the ECB’s upcoming monetary policy decision. As the day unfolds, the release of critical US economic data will further shape the pair’s direction, potentially adding volatility and creating opportunities for traders. While the euro remains under pressure, technical and positioning factors indicate that a bullish setup could emerge, particularly if the euro finds support in the lower demand zones or if the news flow turns in its favor. Traders are advised to exercise caution and patience, keeping a close eye on the upcoming data releases and market reactions before entering any positions. ✅ Please share your thoughts about EUR/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Long
by FOREXN1
1
USD/CAD Rebounds from Demand Zone: Bullish Continuation in SightThe USD has shown a strong and positive response to today's economic news, signaling potential for further gains. After a temporary pullback yesterday, the Dollar is now demonstrating resilience, looking ready to recover and continue its bullish movement. This performance aligns well with our previous market analysis, where we anticipated a potential surge in the USD/CAD pair. After the pair found solid support at a key demand area, it now seems primed for an upward continuation. From a technical perspective, the rebound on the demand zone has set a solid foundation for further growth. This area has proven to be a reliable point of reversal in the past, and the pair's recent price action suggests a renewed bullish momentum could be unfolding. The USD/CAD pair’s ability to hold above this critical zone increases the probability of a sustained upward trend in the days to come. Adding to the technical picture, the COT (Commitment of Traders) Report reflects a market sentiment that favors the USD. According to the report, large institutional players have been positioning themselves in favor of the Dollar, while retail traders appear to be on the opposite side of the trade. This divergence between the smart money and retail positions is often a key indicator of a potential continuation of the trend. As institutional traders continue to build bullish positions, the likelihood of further upward movement in USD/CAD increases. Additionally, seasonal patterns for this currency pair are historically aligned with periods of strength for the USD during this time of year. Over the years, USD/CAD has shown a tendency to rise during similar market conditions, adding another layer of confidence to the bullish outlook. While seasonality alone is not a decisive factor, when combined with strong technical and sentiment indicators, it provides valuable insight into the market’s potential direction. Overall, the combination of technical analysis, market sentiment, and seasonal trends suggests that the USD/CAD is in a favorable position for continued growth. Traders looking for long opportunities may find this to be an ideal setup, especially as the pair navigates through what appears to be the beginning of a bullish momentum. As always, keeping a close eye on upcoming economic data and market events will be crucial in confirming the strength of this potential trend. ✅ Please share your thoughts about USD/CAD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Long
by FOREXN1
6
MEWUSDT Long Setup / Are you a cat person or a dog personOKX:MEWUSDT BYBIT:MEWUSDT BINANCE:MEWUSDT.P 📈Which side you pick? Bull or Bear SL1 ---> Low-risk status: 3x-4x Leverage SL2 ---> Mid-risk status: 5x-8x Leverage (If there is just one SL on the chart, I suggest, low risk status) 👾Note: The setup is active but expect the uncertain phase as well. ➡️Entry Area: Yellow zone ⚡️TP: 0.006912 0.007202 0.007492 0.007925 🔴SL: 0.005929 🧐The Alternate scenario: If the price stabilize against the direction of the position, below or above the trigger zone, the setup will be canceled.
Long
by CrazyS
1
ARBUSDT Long Setup Setting / Layer2BINANCE:ARBUSDT COINBASE:ARBUSD 📈Which side you pick? Bull or Bear SL1 ---> Low-risk status: 3x-4x Leverage SL2 ---> Mid-risk status: 5x-8x Leverage (If there is just one SL on the chart, I suggest, low risk status) 👾Note: The setup is active but expect the uncertain phase as well. ➡️Entry Area: Yellow zone ⚡️TP: 0.5415 0.5519 0.5612 0.5732 🔴SL: 0.5022 🧐The Alternate scenario: If the price stabilize against the direction of the position, below or above the trigger zone, the setup will be canceled.
Long
by CrazyS
Technical Analysis for Numerico (NWC/USDT) + TRADE PLANTechnical Analysis for Numerico (NWC/USDT) The price is showing a breakout potential at the top of the channel, which may signal a trend reversal. Descending Channel Pattern: Resistance: The upper trendline shows where the price has faced rejection multiple times. The resistance level is gradually declining. Support: The lower trendline indicates strong support, where buyers have consistently entered the market, preventing further decline. Breakout Potential: The price appears to have tested the upper trendline of the channel. The arrow pointing upward suggests the possibility of a breakout above the descending resistance, which would indicate a bullish reversal. Indicators: Volume: A spike in volume supports the possibility of the breakout. A breakout with increased volume is generally a stronger confirmation of the trend change. VMC Cipher B: This momentum oscillator shows a shift from negative to positive momentum, implying that the buying pressure is gaining strength. RSI (14): The Relative Strength Index is around 58.66, indicating that momentum is neutral to slightly bullish. RSI above 50 usually signals increasing buying pressure. Stochastic RSI: The stochastic RSI is currently in the overbought zone (91.21), which might signal some short-term correction, but the overall momentum remains strong. HMA+ Hist: HMA (Hull Moving Average) shows that the histogram is close to zero but shifting upward, which could imply a possible change in trend direction soon. Support and Resistance Levels: Immediate Support: $0.0719 (marked by the horizontal blue line). Resistance Zone: Around $0.0753 (upper edge of the channel). Great Entry Point: The label indicates that a long entry is ideal around the breakout zone, with an upward arrow suggesting that this level ($0.0721) could offer a solid risk-reward ratio for buyers entering before a potential upward movement. Trading Plan Entry Point: Enter the trade at the breakout above $0.0721 (highlighted as the "Great Entry Point"). If the price closes above this level on the 4-hour timeframe with significant volume, it will confirm a bullish breakout. Stop-Loss: Place a stop-loss slightly below the recent support of $0.0719, at approximately $0.0690, to minimize risk in case the breakout turns into a false breakout. Profit Targets: First Target: $0.0800 – This level aligns with a previous resistance zone and would be a conservative target for short-term traders. Second Target: $0.0850 – If momentum remains strong, the price may continue toward this higher level of resistance, providing a larger reward. Risk Management: Ensure a risk-to-reward ratio of at least 2:1. For example, if the stop-loss is set at $0.0690 (risk of approximately 3%), aim for the first target at $0.0800 (a reward of approximately 10%). Use position sizing techniques to risk only 1-2% of the portfolio per trade, to ensure long-term sustainability and avoid major losses in case of unexpected market moves. Monitoring & Adjustments: Watch for volume confirmation during the breakout. If the volume diminishes, consider closing the position early, as it may signal a weakening breakout. Adjust the stop-loss to breakeven once the price hits the first profit target, ensuring a risk-free trade for the remaining portion of the position. Conclusion: The technical analysis for NWC/USDT suggests a bullish breakout from the descending channel pattern, with indicators supporting a potential upward move. Entering at the breakout level of $0.0721 with proper risk management offers a promising opportunity, especially with a positive shift in momentum.
Long
by elfabiiani
1
Bitcoin is going up, short consolidation phase TA+TRADE PLANBitcoin's price action against USDT on a 1-hour timeframe with several technical indicators and key levels. Here is my technical analysis + trade plan by Blaž Fabjan Ascending & Descending Trading Channels: The price is moving between ascending and descending channels. This can indicate phases of higher highs and higher lows (ascending) followed by lower highs and lower lows (descending), which often signals periods of short-term consolidation or corrections. Resistance Levels: Multiple resistances are clearly marked on the chart around the price of $68,556.87 and $67,000. The price has struggled to break above these levels multiple times, making it a critical zone to watch for future price action. Support Levels: Support is visible around $61,758.48 and $60,301.68, representing strong areas where the price previously rebounded. These levels are essential for managing downside risk. Consolidation Phase: The price appears to be consolidating after rejecting the upper resistance line. This phase suggests market indecision or preparation for a breakout. VMC Cipher_B Divergences: Divergences in this indicator show potential weakening of the bullish trend, which could signal a pullback. The green and red dots suggest possible points of reversal, important for catching trend changes. RSI (Relative Strength Index): RSI is at 52.96, indicating the market is neutral but slightly leaning toward the bullish side. If RSI breaks above 70, this could signal overbought conditions, while a drop below 30 would indicate oversold. Stochastic Oscillator: Currently in the oversold region (18.22), indicating a possible upward reversal soon. This could hint at a short-term bullish move. HMA (Hull Moving Average) Histogram: The HMA is showing a mixed trend, but the upward slope hints at mild bullish momentum that needs confirmation from price action or volume spikes. Trading Plan Entry Points: Long Position: Look for a breakout above $67,000 or $68,556.87, especially with strong volume confirming the upward move. You could set a buy stop order slightly above these levels to capture the momentum. Short Position: If the price rejects resistance and breaks below $64,500 (the recent low), this could indicate a further decline toward support levels around $61,758.48 or lower. Stop-Loss: For long trades, place stop-losses just below $64,500 to minimize risk in case of a fake breakout or false bullish signal. For short trades, place stop-losses above $67,000, as a break above this could invalidate the bearish trend. Profit Targets: Upside Targets: First target is around $70,000 (a psychological round number and historical resistance), followed by $71,000. Downside Targets: The initial target for a short would be $61,758.48. A break below could see prices test $60,301.68, the lower boundary of this channel. Risk-Reward Ratio: Ensure that any trade maintains a risk-reward ratio of at least 1:2. For instance, if you risk $1,000, you should aim for a reward of $2,000. Additional Confirmation: Wait for additional signals, such as volume spikes or confirmation from indicators like RSI or Stochastic, before entering a position. The market could continue to consolidate before choosing a direction. Time Horizon: Given that this is an hourly chart, these trades are more suited for short-term to medium-term traders. Ensure to adjust your stops and targets as the market evolves, and check for any upcoming fundamental events (like economic news or regulatory updates) that could impact Bitcoin's price. By following this plan, you can manage your trades effectively, balancing risk and reward while being prepared for both bullish and bearish scenarios.
Long
by elfabiiani
2
Gold Price Analysis October 14Fundamental Analysis Gold prices rose for a third straight day on Monday, rising to $2,667, or above a one-week high, in early European trading on Monday. Expectations that the Federal Reserve will continue to cut interest rates amid a favorable inflation outlook were the main factor driving flows into the non-yielding yellow metal. In addition, escalating geopolitical tensions in the Middle East also provided additional support for safe-haven bullion. Meanwhile, U.S. Treasury yields and the U.S. dollar (USD) remained elevated amid rising bets for a less aggressive easing policy from the U.S. central bank. This, coupled with a generally positive risk tone and optimism over China’s commitment to increase debt to revive its economy, could keep safe-haven bullion from gaining any further ground. This, in turn, warrants some caution for bullish traders and before positioning for any further upside amid a partial holiday in the US. Technical Analysis With the bank holiday, gold’s range bounds are unlikely to see a strong breakout. The 2665 high is seen as the top zone for today if the price fails to break above this zone by mid-European session. SELL entries can be established around the current price zone and the target level is expected to be around 264x-262x. The 2740 zone remains a strong and notable port zone for today.
OANDA:XAUUSD
by TVS-Trader
4
TATACONSUM: Upcoming Price Surge Projection Timeframe: 4h NSE TATACONSUM has formed a correction on the 4-hour timeframe chart. A closer look at wave A reveals it consists of three distinct waves, indicating it can't be labeled as an impulse. The security has broken below the 50, 100, and 200 EMA, with the Average True Range (ATR) at 15. Currently, the price is developing wave (iv) of wave C within wave (B). Wave (B) has already reached 100% of wave A, and with bullish sentiment, the price could surge from this point. However, we need confirmation through a breakout of the sub-structure. After wave (B) is completed, traders can use wave (iv) as an entry point to confirm a long setup. Fibonacci clusters indicate potential levels at 1189 - 1246 - 1296 . Risky traders entering right after the completion should confirm their position with a lower high. We will provide further updates soon. - KP (Trade Technique)
NSE:TATACONSUM
by Trade-Technique
3
NIFTY - Elliott Wave Outlook Timeframe: Weekly NSE NIFTY began an impulsive move after hitting a low of 15183.4 . Based on the wave count, the price completed wave (5) of wave (3) at 26277.3 and has since started to decline. The price is currently in a wave (4) correction phase. Let’s switch to the daily timeframe for a closer look at the details. Timeframe: Daily On the daily chart with a neckline at 24,750 , we’re observing a bearish head-and-shoulders pattern forming. If the price breaks below this neckline, Nifty could drop significantly, potentially reaching the demand zone or surge point of the pattern. However, if the price fails to break this neckline, it indicates weakness in the bearish momentum, signaling a possible reversal According to the Elliott Wave Principle, if wave 5 is an extended wave, the correction often occurs near sub-wave 2 of the previous impulse, especially if it falls below sub-wave 4. So, 24,570 will be a crucial level for Nifty. We can expect the price to move up by no more than 126% of wave A within the correction. Otherwise, there’s a risk of mistaking wave B for wave 3. Whatever scenario Nifty chooses, it’s better to let Nifty commit to a clear direction before we commit to the market. We will update further information soon.
NSE:NIFTY
by Trade-Technique
4
XAUUSD: Final Wave Completion – What’s Next?XAUUSD has formed a corrective pattern on the hourly chart, offering a potential breakout setup. The correction has spanned over two weeks, during which the price has frequently crossed the EMAs (50/100/200 ) on the hourly timeframe. Meanwhile, the 20 EMA has consistently acted as solid support on the daily timeframe. The pair has completed its final wave 5 of wave (C) at 2604 and has since started to rise sharply. Currently, XAUUSD faces a strong resistance level at 2670 , which marks the high of wave (B). If the price breaks above 2670 , traders can target the following levels: 2685 - 2715 - 2735 +. If the breakout fails, the correction may continue, as 2670 is the key hurdle for the bulls to overcome. Further updates will follow soon.
OANDA:XAUUSD
by Trade-Technique
1
AVAX Confined to an Elongated Channel: Range-Bound indefinately AVAX appears to be trading within a very elongated channel, which could represent either an impulse wave (up to Wave 4 in this case) or, more likely, a WXZ or WXYXZ corrective structure. The absence of a strong upward lunge or decisive break above the upper green trendline supports the idea that AVAX is stuck in this corrective phase. Until a clear breakout occurs, the price seems confined to the boundaries of this channel. For those looking for opportunities within this range, you could consider trading the key levels—but be cautious of the lack of a decisive trend change. It’s important to keep in mind that without a strong move outside of the channel, any significant upward momentum may take some time to materialize.
by cryptechcapital
Gold Price Analysis October 11Fundamental Analysis Gold prices eased from a three-day high and traded around $2,640 in early European trade on Friday, still up more than 0.40% on the day. A rise in US weekly jobless claims pointed to signs of weakness in the labour market and will allow the Federal Reserve (Fed) to cut interest rates further. This, in turn, triggered a slight decline in US Treasury yields, which, coupled with softer risk sentiment, helped the non-yielding yellow metal gain positive traction for a second straight day. Investors, meanwhile, have fully priced in the possibility of an excessive rate cut by the Fed in November following the release of stronger-than-expected US consumer inflation figures on Thursday. In turn, this helped the US Dollar (USD) halt the previous day's downside correction from its highest level since mid-August and act as a drag on Gold prices. Traders are now looking to the US Producer Price Index (PPI), the Michigan Preliminary Consumer Sentiment Index and Inflation Expectations, and the Fedspeak for short-term momentum. Technical Analysis 2650 remains an important psychological port if gold pushes down before PPI, this zone can still be SELL today. The market is sideways around 2640 waiting for PPI promising a big volatile day today with the upper limit around 2658-2660 as the market watches the news and the US session pushes forward. In the support zone, scalping breakout is believed to be around 2628 and the important point today 2620 is still the breakout zone. SELL 2658-2660 Stoploss 2665 BUY 2620-2618 Stoploss 2615
OANDA:XAUUSD
by TVS-Trader
Gold Analysis October 10Fundamental Analysis Gold prices attracted some buyers on Thursday and now appear to have snapped a six-day losing streak to a near three-week low around the $2,605-2,604 region tested the previous day. However, the rally lacked bullish conviction and is likely to run out of steam amid growing bets that the Federal Reserve (Fed) will cut its benchmark interest rate by 25 basis points (bps) in November. This has helped the US Dollar (USD) maintain its recent strong gains to an eight-week high and will act as a drag on the non-yielding yellow metal. Traders may also prefer to stay on the sidelines and wait for the release of key US consumer inflation figures later in the North American session. The important US CPI report could influence expectations for the size of the Fed rate cut next month, which would boost demand for USD and provide some meaningful impetus to Gold prices. In addition, developments surrounding the ongoing conflicts in the Middle East will be looked at to capture short-term opportunities around the safe-haven precious metal. Technical Analysis The price range to watch for CPI trading strategies. The upper price range of 2626 and 2638 became one of the first major SELL zones in the Asian session yesterday. The 2638-2640 area is the critical zone of the EMA. The lower price range is focused on the US session around 2605 and the important breakout zone of 2594 will be notable in today's US session. This short-term downtrend is not over yet as the gold price has not been able to close the day above the 263x area. Wishing everyone a successful trading.
OANDA:XAUUSD
by TVS-Trader