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GOLD 4H CHART MARKET UPDATEHey Everyone, Please see update on our 4H chart idea we shared on Sunday. This chart idea has also played out to perfection. We started with our 2337 open gap, followed with ema5 lock opening the range above at 2346, 2353 and 2360. - All 3 targets were hit!! We then had ema5 cross and lock above 2360, opening 2376 our final target on this chart. This target was also hit perfectly!!! BULLISH TARGETS 2337 - DONE EMA5 CROSS AND LOCK ABOVE 2337 WILL OPEN THE FOLLOWING BULLISH TARGET 2346 - DONE 2353 - DONE POTENTIALLY 2360 - DONE EMA5 CROSS AND LOCK ABOVE 2360 WILL OPEN THE FOLLOWING BULLISH TARGET 2376 - DONE As always, we will now come back Sunday with our Multi time-frame analysis, Gold route map and our trading plans for the week ahead. Have a great weekend and once again, thank you all for the likes, comments and follow, we really appreciate it!!! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
6
AUD/USD: One of better options for US dollar bearsThe AUD/USD is the one to watch in the event we see a negative dollar reaction to today's US jobs report, which is due for release shortly. A headline print of 191K is expected, but watch out for revisions to prior months' data too. AUD/USD's recent performance points higher The AUD/USD has been performing well due to strong Australian inflation and a hawkish stance from the Reserve Bank of Australia (RBA). It reached its highest level since January due to weaker-than-expected US data this week, which fueled speculation about a potential Fed rate cut in September. Boost from Recent Data: - Retail Sales: Increased by 0.6% month-over-month (m/m), surpassing the expected 0.3%. - Building Approvals: Rose by 5.5% m/m, beating the forecasted 1.5%. Inflation and Rate Hikes: - Australia's latest inflation report showed a significant rise to 4.0% year-over-year (y/y), higher than the expected 3.8% and April's 3.6%. - This has led investors to speculating over a 50% chance of another rate hike by the RBA, while expectations for a US rate cut are increasing. AUD/USD Technical Analysis: - The AUD/USD had been consolidating in a bullish continuation pattern near its highs. - It recently broke out of this to reach its best level since January. If this breakout holds after NFP then a potential rise towards bigger resistance in the 0.6850-0.6900 range could get underway - The line in the sand for me is at 0.6620, break below would be a bearish technical development Trading Outlook: - The combination of strong fundamentals and positive technical signals makes AUD/USD an attractive pair to trade on the long side, especially if US data continues to weaken. - This pair is potentially a better long candidate compared to others like EUR/USD, which has election risks, or JPY/USD (I know, I know, it is USD/JPY), which faces potential government intervention. By Fawad Razaqzada, market analyst at FOREX.com
Long
by FOREXcom
GOLD ROUTE MAP UPDATEHey Everyone, This is an update from the XAUUSD chart idea we shared for this week. Absolutely smashed !!!!! We got our retracement into the identified level and then the perfect bounce clearing all our Bullish targets. Cross and lock above each weighted levels on this idea gave the confirmation for each of our targets, which were hit perfectly. We are now seeing a break above 2364 with a gap open to 2376. We have already completed this chart idea and due to NFP will not be chasing the bull from the top and will only consider from dips We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2332 - DONE 2339 - DONE EMA5 CROSS AND LOCK ABOVE 2339 WILL OPEN THE FOLLOWING BULLISH TARGET 2349 - DONE POTENTIALLY 2354 - DONE EMA5 CROSS AND LOCK ABOVE 2354 WILL OPEN THE FOLLOWING BULLISH TARGET 2364 - DONE As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
8
ETH DOMINANCE Ethereum dominance showed strength a few hours ago. This is a great sign for large cap altcoins as well as Ethereum. There is only a little time left when he will show his strength. It is important to be ready when the impulse comes. At some point, ethereum should jump by at least 50 to 100 percent. Also Btc.D dominance will show the peak of bitcoin and then the altcoin season begins. Currently, the price of bitcoin is above 69300 both daily and weekly. Which shows that the trend continues, but I must not ignore Ethereum
Long
by learnfromfailure
2
Market News Report - 01 July 2024Introduction The winners and losers in the past week within the FX market were the same as the previous. Yen remains heavily shorted, while the Australian and Canadian dollars reigned supreme against the competition. While the USD dollar had mixed results on the economic calendar, it held decent strength against a few currencies. These are a few markets that our latest report will cover to prepare you for the current week. Market Overview Below is a brief technical and fundamental analysis breakdown for all major currencies. US dollar (USD) Short-term outlook: weak bearish. Last week's month-on-month CPI (Consumer Price Index) came in lower than expected. Furthermore, the Federal Reserve Bank recently indicated that we should expect at least one interest rate cut this year. Despite the sentiment above, DYX made a new weekly high and looks set on its path to test the major resistance at 106.490, some distance away from the major support level at 103.993. Thus, the outlook is weak bearish rather than full-on bearish. Long-term outlook: weak bearish. The anticipated Fed rate cut is the primary bearish driver for the greenback. Traders should consider the upcoming ISM (Institute for Supply Management) index and NFP (Non-Farm Payrolls) numbers, both of which analysts predict lower results than previous figures. Still, if either of these fundamentals turns out better than expected, bullish surprises for the dollar are possible. Euro (EUR) Short-term outlook: weak bearish. While the ECB hasn't decided whether to be hawkish or dovish in the future, the recent rate cut drives the euro's bearish force. The second catalyst is the surprise drop in the PMI (Purchase Managers Index) on June 21 2024. Another risk to the euro is the far-right National Rally political party amid the French elections. The euro was close to reaching the major support at 1.06494 earlier in the week. The fundamentals suggest that this market will probably attempt to revisit this level instead of the further resistance (at 1.09160), confirming the bearish bias. Long-term outlook: weak bearish. Aside from the interest rate, other bearish drivers include the French legislative election. Euro traders should note several high-impact events this week, namely Langarde's speech and new Retail Sales data. British pound (GBP) Short-term outlook: bearish. The Bank of England (BoE) continues to show dovish tendencies, partly due to the recent drop in UK services or PMI data. STIR (short-term interest rate) markets envision a 43% chance of a BoE rate cut next month. The technicals match pretty well with the above sentiment, making low after low in the past few weeks. Although GBP is far from the major support level at 1.24457, seeing another low soon wouldn't be surprising. Meanwhile, the key resistance lies high up at 1.28606. Long-term outlook: bearish. The interest rate is the chief bearish driver for the pound amid a mostly bleak economic bleak. As always, any better-than-expected growth data can present some short-term upside. Japanese yen (JPY) Short-term outlook: weak bullish. The 'weak bullish' aspect is due to the Bank of Japan's recent decision to keep the interest rate unchanged. The Bank of Japan Governor, Kazuo Ueda, also recently stated that "depending on economic, price, and financial data and information available at the time, there is a chance we could raise interest rates at the July meeting." Furthermore, STIR markets see a 60% chance of a rate hike in the meeting at the end of the month. Despite the slightly bullish outlook, the yen made history by reaching an all-time high of 161.285, breaking its previous major resistance of 160.233. So, it's clear this market is all the way up. The key support remains at 154.546. However, it would take a miracle for USD/JPY to move above this area. Long-term outlook: weak bullish On the one hand, the yen offers mild bullishness due to the expected rate hike. Furthermore, catalysts that push US Treasury yields lower (e.g., weaker jobs data, lower core PCE) would also be positive for the yen. Finally, a big beat in new CPI data is another consideration. However, things don't look rosy on the charts. To combat this, the Ministry of Finance in Japan has hinted at intervention once the yen exceeds a value of 160.00 (which it already has). Australian dollar (AUD) Short-term outlook: weak bullish. The recent Reserve Bank of Australia meeting on June 17 aligned with the sentiment of unceasing inflation. So, it's a given that the RBA should hike the interest rate next month. Another point worth mentioning is the CPI print at the end of July, with expectations of a positive outcome. Finally, the Australian dollar shares an interesting correlation with China. Data indicating growth in this region (stimulus, new infrastructure projects, solid economic data, etc.) should boost the former. While showing some bullish fundamentals, the Aussie's range-bound conditions continue. The key support (0.65580) and key resistance (0.67141) levels remain neither far nor close to each other. While this market can go either way, the short-term outlook suggests it may lean more towards the upper regions. Long-term outlook: weak bullish. The unchanging of the interest rate (along with a potential hike) are the main bullish drivers. However, a weak result in the upcoming CPI may encourage the bears. Furthermore, the Australian dollar is exposed to slow economic growth in other countries. New Zealand dollar (NZD) Short-term outlook: weak bullish. Like the RBA, the Reserve Bank of New Zealand (RBNZ) is also battling inflation. So, there is an incentive to be hawkish. However, as with the Aussie, the Kiwi is a pro-cyclical currency with high sensitivity to developments in China. After showing similar price action to AUD, the New Zealand dollar has just broken a notable support level. The next target would, of course, be down at 0.58746, while the key resistance is at a higher level at 0.62220. So, the technicals seem to contradict what is fundamentally happening with the Kiwi. Long-term outlook: weak bullish. The hawkish stance suggested by the RBNZ is the key bullish catalyst. Still, any out-of-consensus CPI prints in the near term and sensitivity to other global economies like China could derail the currency. Canadian dollar (CAD) Short-term outlook: weak bearish. STIR markets indicate a 50/50 chance for the Bank of Canada to cut rates this month. The Governor of the Bank of Canada, Macklem, has also suggested this would happen if inflation became stickier. Interestingly, last week's CPI numbers were all positive for the Canadian dollar - hence the 'weak bearish' outlook. CAD remains in full-on range mode. Just as it looked to break the key support at 1.35896, it quickly reverted. The key resistance is at 1.37919. Based on the chart dynamics, it's anyone's guess where the price will go this week. Long-term outlook: weak bearish. The long-term outlook is the same as the short-term. Expectations of a rate cut remain the centre of bearish attention. However, CAD may be redeemed by encouraging oil prices. Swiss franc (CHF) Short-term outlook: bearish. STIR markets were predictably accurate with their 76% chance of the Swiss National Bank (SNB) cutting the interest rate last Thursday. Secondly, SNB expects a moderate improvement in inflation and GDP (Gross Domestic Product) and unemployment to rise slightly in the near term. The market recently attempted to break a key support area for the Swiss franc. However, the latest expected rate cut for the Swiss franc's interest rate caused a U-turn. Now, USD/CHF's key support and resistance levels lie at 0.88268 and 0.91582, respectively. Long-term outlook: bearish. The expected rate cut in the next SNB meetings (in September and December 2024) is the key bearish driver for the Swiss. However, the bank's willingness to intervene and geo-political events may give the latter some upside. Conclusion On the technical side, it will be interesting to see if Aussie and CAD could breach their ranges. Let's also see if the yen may find some strength for a change this week. The key news to diarise this week includes the minutes by the RBA and Fed, the year-on-year euro inflation rate, and the CAD unemployment rate. So, that's it for this report - we hope you are well-prepared!
TVC:DXY
by CityTradersImperium_CTI
EUR/USD Rebounds in Sideways Area, Concludes Flat Trading WeekAs forecasted, the EUR/USD pair rebounded within its sideways range on Friday, wrapping up a week of flat trading. Traders found little reason to push the pair meaningfully in either direction. The week saw German import prices and labor figures broadly missing expectations, while the US Personal Consumption Expenditure (PCE) Price Index inflation printed at forecast without sparking significant movement. German Unemployment Change data showed a higher-than-expected increase, with 19,000 more consumers added to unemployment figures in June, exceeding the forecast of 15,000 but still below the previous month's 25,000. The German Unemployment Rate also edged higher to 6.0%, compared to the forecasted hold at 5.9%. Our technical analysis remains bullish as long as the price stays within the upper side of the sideways rectangle. Currently, the price has rebounded from the 78.6% Fibonacci retracement level of the lowest major swing and has formed a triple bottom pattern. This suggests a potential continuation of the upward trend. We will continue to monitor the economic conditions to determine future moves once the price approaches the upper boundary of the sideways range. For now, the technical indicators support a bullish outlook, anticipating further gains within the current trading range. Initial Idea ✅ 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
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing price between two weighted level range. We have 2332 and 2339 Goldturn resistance levels and 2321 and 2312 as Goldturn support levels with 2339 as weighted resistance and 2312 as weighted support. We will see levels within this range tested side by side until one of the weighted levels break to confirm direction for the next range. We have 2332 open gap and will need ema5 to lock above 2339 to confirm the range above. We also have 2321 and 2312 as the retracement area and will need ema5 lock below this to open the swing range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2332 2339 EMA5 CROSS AND LOCK ABOVE 2339 WILL OPEN THE FOLLOWING BULLISH TARGET 2349 POTENTIALLY 2354 EMA5 CROSS AND LOCK ABOVE 2354 WILL OPEN THE FOLLOWING BULLISH TARGET 2364 BEARISH TARGETS 2321 2312 EMA5 CROSS AND LOCK BELOW 2312 WILL OPEN THE SWING RANGE SWING RANGE 2306 - 2298 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
22
GOLD 4H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 4h chart levels and targets for the coming week. We are seeing price between two weighted levels. We have 2337 Goldturn resistance and 2325 and 2316 as Goldturn support levels with 2337 as weighted resistance and 2316 as weighted support. We will see levels within this range tested side by side until one of the weighted levels break to confirm direction for the next range. We have 2337 open gap and will need ema5 to lock above 2337 to confirm the range above. We also have 2316 as the retracement area and will need ema5 lock below this level to open the range below. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2337 EMA5 CROSS AND LOCK ABOVE 2337 WILL OPEN THE FOLLOWING BULLISH TARGET 2346 2353 POTENTIALLY 2360 EMA5 CROSS AND LOCK ABOVE 2360 WILL OPEN THE FOLLOWING BULLISH TARGET 2376 BEARISH TARGETS 2325 2316 EMA5 CROSS AND LOCK BELOW 2316 WILL OPEN THE FOLLOWING BEARISH TARGETS BEARISH TARGETS 2309 2302 EMA5 CROSS AND LOCK BELOW 2302 WILL OPEN THE SWING RANGE SWING RANGE 2290- 2284 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
6
GOLD WEEKLY CHART MID/LONG TERM/RANGE ROUTE MAP Hey Everyone, Please see update on our mid to longer term weekly chart idea. After completing our 2356 target week before last, we saw price test support at 2310 last week followed with the rejection with the gap to 2356 now left open again for a re-test. The channel half line is a crucial level of support on this chart and as long as ema5 remains above the channel half line, we should be able to continue to buy dips. A break and lock below the channel half line will open the range test for the channel bottom. The levels within the channel will provide the bounces inline with our plans to buy dips in true level to level fashion, using our smaller time-frames. Buying dips allows us to safely manage any swings instead of chasing the bull from the top. Please don't forget to like, comment and follow to support us, we really appreciate it! MR GOLD XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
12
GOLD ROUTE MAP UPDATEHey Everyone, Awesome finish to the week today with our final target at 2339 complete with the perfect exit before the rejection. We were able to track the movement down all the way into the swing range with cross and lock confirmation below 2312. We also had ema5 cross and lock above 2330 leaving the gap to 2339 open, giving us the confidence to buy dips throughout the week into our final target today. 2349 was a potential momentum target and not one to chase now. BULLISH TARGETS 2323 - DONE 2330 - DONE EMA5 CROSS AND LOCK ABOVE 2330 WILL OPEN THE FOLLOWING BULLISH TARGET 2339 - DONE BEARISH TARGETS 2312 - DONE EMA5 CROSS AND LOCK BELOW 2312 WILL OPEN THE SWING RANGE SWING RANGE 2302 - 2294 - DONE As always, we will now come back Sunday with our multi timeframe analysis, Gold route map and trading plans for the week ahead. Please don't forget to like, comment and follow to support us, we really appreciate it! Have a smashing weekend all!! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
10
World gold is in the mood for Fed cutsThe world gold price went down, the USD continued to gain and showed that 10-year US government bonds also reached their highest level in the last 2 weeks. The school's attention focuses on the US personal consumption expenditure price index (PCE) in May - an appropriate control measure of the US Federal Reserve (Fed) to better know the interest rate performance of the US. center row. In addition, there are estimates of US Q1 GDP and an important debate between US President Joe Biden and Republican opponent Donald Trump on June 27. According to CNBC, Fed Governor Michelle Bowman said on June 25 that maintaining policy rates stable “for a while” may be enough to control inflation, but reiterated that she is ready to raise interest rates if necessary. . If interest rates decrease, it could bring gold prices down... 💵 OANDA:XAUUSD SELL 2316 - 2318💵 ✔️ TP 2310 ✔️ TP 2300 ❌ SL 2323 💵 OANDA:XAUUSD BUY 2286 - 2288💵 ✔️ TP 2295 ✔️ TP 2300 ❌ SL 2279
OANDA:XAUUSDLong
by MrTrongVo
BAKEUSDT: A Sweet Opportunity Amidst a Sour Dump? pen_spark BAKE has been baking up a storm of volatility lately, with a nearly 50% price drop over the past few weeks. New lows have been established, leaving many traders wondering if the bottom is in. However, a closer look at the 4-hour chart reveals a potential long opportunity brewing. Key Points: Range-Bound: BAKEUSDT has been consolidating within a well-defined range on the 4-hour timeframe. This indicates a potential equilibrium between buyers and sellers. Breakout Potential: A decisive break and close above the upper boundary of this range could signal a shift in momentum and trigger a move towards the next resistance zone. Retest Opportunity: The next resistance zone would likely act as a retest area for the breakout. If BAKEUSDT holds above this zone, it could pave the way for further upside continuation. Risk Management: As with any trade, proper risk management is crucial. Set stop-loss orders below the recent swing low to protect your capital in case the breakout fails. Trade Idea: Entry: Consider entering a long position on a confirmed break and close above the lower boundary of the current range. Stop Loss: Place a stop-loss order below the recent swing low. Take Profit: Target the next resistance zone for a potential retest. If the retest holds, consider raising your take-profit targets to higher levels. Let me know if you'd like a more detailed analysis or have any questions. #BAKEUSDT #BakeryToken #Crypto #TradingView #TechnicalAnalysis
Long
by SwingSamurai_QMA
1
GOLD ROUTE MAP UPDATEHey Everyone, Another great day on the chart with our level to level tracking and trading out as analysed. Yesterday we advised that we were playing in an extended range with a gap above at 2339 and the retracement gap below at 2312. We got the retracement level hit at 2312 followed with a cross and lock below opening the swing range. - The swing range was hit perfectly and did exactly what it says on the tin by giving the swing bounce perfectly into the next Goldturn allowing us to strategically buy dips from the weighted levels. We will now look for ema5 to cross and lock above 2302 to complete movement into 2312. Failure to lock above this level will see swing range tested again. A break below the swing range will open the range below into 2285. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2323 - DONE 2330 - DONE EMA5 CROSS AND LOCK ABOVE 2330 WILL OPEN THE FOLLOWING BULLISH TARGET 2339 POTENTIALLY 2349 BEARISH TARGETS 2312 - DONE EMA5 CROSS AND LOCK BELOW 2312 WILL OPEN THE SWING RANGE SWING RANGE 2302 - 2294 - DONE As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
15
GOLD ROUTE MAP UPDATEHey Everyone, A choppy day on the charts today with 2330 broken leaving a gap open to 2339. We got the push up into 2337 and just fell short by 20 pips leaving 2339 gap open. The rejection tested the Goldturn support below with 2323 providing the bounces, as advised yesterday. We are now plying in an extended range with a gap above at 2339 and the retracement gap below at 2312. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2323 - DONE 2330 - DONE EMA5 CROSS AND LOCK ABOVE 2330 WILL OPEN THE FOLLOWING BULLISH TARGET 2339 POTENTIALLY 2349 BEARISH TARGETS 2312 EMA5 CROSS AND LOCK BELOW 2312 WILL OPEN THE SWING RANGE SWING RANGE 2302 - 2294 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
10
USD is weakest among major currenciesGold is fluctuating round 2,325 USD/ounce. World gold costs moved sideways as buyers waited for US inflation facts, anticipated to be launched later this week with the point of interest at the US middle PCE index. This makes buyers growth their expectancies that the Fed will quickly lessen hobby costs withinside the following couple of months, assisting gold - a non-yielding asset. Analysts expect that, later this week, americaA middle non-public intake expenditure index file for May can be launched. If the facts is weaker, it is able to growth the opportunity of americaA Federal Reserve (Fed) ) early hobby price cuts in 2024 will assist valuable metals. On the contrary, higher-than-anticipated facts will reason gold to fall deeper.
TVC:GOLD
by NicoTradingMaster
GOLD 1H CHART ROUTE MAP UPDATEHey Everyone, A PIPTASTC start to the week with our Bullish targets 2323 and 2333 shared yesterday completed today. We will now need to see ema5 cross and lock above 2330 to open the range above. Failure to cross and lock will confirm rejection to re-test 2330 and 2323 for support. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2323 - DONE 2330 - DONE EMA5 CROSS AND LOCK ABOVE 2330 WILL OPEN THE FOLLOWING BULLISH TARGET 2339 POTENTIALLY 2349 BEARISH TARGETS 2312 EMA5 CROSS AND LOCK BELOW 2312 WILL OPEN THE SWING RANGE SWING RANGE 2302 - 2294 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
8
Market News Report - 23 June 2024Introduction The Japanese yen continues to take a beating in the forex markets. Meanwhile, the Aussie and Canadian dollar were the strongest currencies in the past week. USD was the surprise from our initial short-term outlook thanks to a meagre rise in Retail Sales. Read on to learn about what happened in forex last week and what to expect for this one. Market Overview Below is a brief technical and fundamental analysis breakdown for all major currencies. US dollar (USD) Short-term outlook: weak bearish. The Fed recently indicated that we should expect at least one interest rate cut instead of three this year. On the bright side, the Fed sees inflation moving in the right direction. This is due to progress in the latest CPI (Consumer Price Index) and PPI (Producer Price Index) readings. Interestingly, the technicals tell a different story. The Dixie looks to test the major resistance at 106.490, while the major support is far below at 103.993. So, from a technical perspective, the dollar is more bullish than bearish. Long-term outlook: weak bearish. Traders will look forward to the new data on PPI in mid-July, which is expected to have a negative result. Along with an anticipated rate cut, these would be the two bearish drivers for the greenback in the long term. However, the technicals are against this outlook, hence the ‘weak bearish’ bias. Euro (EUR) Short-term outlook: weak bearish. The euro continues to suffer from the recent interest rate cut by the European Central Bank. However, incoming data, such as a boost in inflation at the start of next month, could marginally improve the weak bearish bias. The 1.06494 support area continues to sustain the euro. However, considering the fundamental evidence, the market will still seek to retest this area. Although the key resistance is at 1.08524, the price will likely visit the support instead. Long-term outlook: weak bearish. No high-impact news is expected this week for the euro. The bearish bias remains intact. However, incoming growth in data like inflation could rescue the currency. Furthermore, US monetary policies have often impacted the euro both ways, meaning this is something to consider in your analysis. British pound (GBP) Short-term outlook: bearish. As predicted, the Bank of England left the interest rate unchanged at the June 20th meeting. Furthermore, STIR (short-term interest rate) markets suggest a 43% chance of a rate cut in August. As it did last week, the British pound has broken another minor support area. Still, the key support level is some distance away at 1.24457. On the other hand, the key resistance lies high up at 1.28606. While the gap between these two points is wide, it makes more sense to have a bearish outlook when accounting for the fundamentals. Long-term outlook: bearish. Like the short-term outlook, the interest rate is the primary bearish driver for the pound. Traders will look forward to statements from Andrew Bailey (the Governor of the Bank of England) this week, as any indications of a rate cut in August would likely send GBP lower. Japanese yen (JPY) Short-term outlook: weak bullish. The ‘weak bullish’ aspect is due to the Bank of Japan’s recent decision to keep the interest rate unchanged, with STIR markets forecasting a hike next month. The yen continues to be a huge loser and is nearing its all-time high at 160.233 (key resistance). Even though the short-term outlook is favourable for the yen, this market is quite bullish. The key support remains at 154.546. But it would take a miracle for USD/JPY to get anywhere near this area. Long-term outlook: weak bullish USD/JPY is an interesting case. On the one hand, there is mild bullishness due to the expected rate hike next month. Furthermore, catalysts that push US Treasury yields lower (e.g., weaker jobs data, lower core PCE) would also be positive for the yen. However, things don’t look rosy on the charts. To combat this, the Ministry of Finance in Japan has hinted at intervention once the yen exceeds a price of 160. Australian dollar (AUD) Short-term outlook: weak bullish. The recent Reserve Bank of Australia meeting on June 17 recognised that inflation is persistent. This is an impetus for the central bank to hike interest rates in August 2024 or, at the very least, leave them untainted, as they’ve done since November 2023. The Australian dollar shares an interesting correlation with China. Data indicating growth in this region (stimulus, new infrastructure projects, solid economic data, etc.) should boost the former. Despite the bullish outlook, the Aussie finds itself in a range, with 0.67141 as the key resistance. Conversely, the key support is at 0.65580. The support that lies below the range would be an area of interest in the short term. However, fundamentals indicate a likelihood for the Aussie to move more bullishly. Long-term outlook: weak bullish. As hinted in our last report, the RBA kept the rates unchanged. Still, a weak result in the upcoming CPI (linked to inflation) may encourage more bears. Furthermore, the Australian dollar is exposed to slow economic growth in other countries. New Zealand dollar (NZD) Short-term outlook: weak bullish. Unsurprisingly, the Kiwi mirrors the sentiment of the Aussie. The Reserve Bank of New Zealand (RBNZ) is also battling inflation. So, there is an incentive to be hawkish. However, as with AUD, NZD is a risk-sensitive or pro-cyclical currency, especially in relation to developments in China. Like its neighbour, the Kiwi is in a range. The only difference is that this market is near minor support (0.62219) instead of major resistance (0.62219). So, NZD appears a bit bearish on the charts compared to the Aussie. Long-term outlook: weak bullish. The hawkish stance suggested by the RBNZ is the key bullish catalyst. Still, any out-of-consensus CPI prints in the near term and sensitivity to other global economies like China could derail the currency. Canadian dollar (CAD) Short-term outlook: weak bearish. STIR markets indicate a 50/50 chance for the Bank of Canada to cut rates next month. The upcoming CPI event (on 25 June 2024) will be significant, where negative numbers would likely push CAD lower and reassert the BoC’s stance on dropping the interest rate. Conversely, a big beat in CPI, along with an upside in oil this week, may boost the Canadian dollar. USD/CAD is in a range as with the Aussie and Kiwi charts. The key resistance is at 1.37919, while the key support lies at 1.35896. Given that USD and CAD exhibit bearish fundamentals, this market can go either way. Long-term outlook: weak bearish. The long-term outlook is the same as the short-term. Expectations of a rate cut remain the centre of bearish attention. However, CAD may be redeemed with positive CPI data and oil prices. Swiss franc (CHF) Short-term outlook: weak bearish. STIR markets were predictably accurate with their 76% chance of the Swiss National Bank (SNB) cutting the interest rate last Thursday. Secondly, SNB expects moderate improvement in inflation and GDP (Gross Domestic Product) and unemployment to rise slightly in the near term. USD/CHF began last week by breaking a key support area at 0.88810. However, the latest expected rate cut for the Swiss franc’s interest rate caused a U-turn in this market. Now, USD/CHF’s key support and resistance levels lie at 0.88268 and 0.91582, respectively. Long-term outlook: weak bearish. The expected rate cut in the next SNB meetings (in September and December 2024) is the key bearish driver for the Swiss. However, the bank's willingness to intervene and geo-political events may give the latter some upside. Conclusion Can the Aussie, Kiwi, and CAD break out of their ranges? Will USD/JPY reach 160 or higher? What will Bailey say? These are interesting questions that should be answered this week. Hopefully, this report has prepared you in the simplest way on both the technical and fundamental side of things.
by CityTradersImperium_CTI
“Hold your breath” waiting for the signal from FedWorld gold prices tend to increase with immediate gold trading increasing by 3.2 USD compared to last week to 2,323.2 USD/ounce. After a volatile week, the market forecasts world gold will stabilize this week as little important data is announced mid-week. The most awaited information displayed in the field is the core personal consumption expenditure index report (the desired measure of the US Federal Reserve (Fed)) expected to be arranged at the end of the week. . Some say that this report is expected to create volatility in the market. Weaker data could increase the likelihood of a Fed rate cut in 2024, a scenario that would support the yellow metal. Conversely, taking advantage of hotter play is expected to create a deeper drop in gold. Although the upward momentum has slowed, many analysts believe that the factors that have supported gold in recent times have not disappeared. Accordingly, worries about geopolitical instability remain, especially ahead of the US-style election in November. Additionally, the USD's position as the world's reserve currency continues to persist. principles and boundaries of discovery needs. 💵 OANDA:XAUUSD BUY 2317-2320💵 ✔️ TP 2330 ✔️ TP 2335 ❌ SL 2310.5 💵 OANDA:XAUUSD SELL 2333-2336💵 ✔️ TP 2325 ✔️ TP 2320 ❌ SL 2343
OANDA:XAUUSD
by MrTrongVo
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEK Hey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing price between two weighted levels. We have 2330 Goldturn resistance and 2312 support. We will see levels within this range tested side by side until one of the weighted levels break to confirm direction for the next range. We have 2323 bullish target before an attempt of the challenge of 2330, which will then need an ema5 lock to confirm the range above. We also have 2312 Goldturn weighted support below that will need ema5 lock to open the range below into the swing range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2323 2330 EMA5 CROSS AND LOCK ABOVE 2330 WILL OPEN THE FOLLOWING BULLISH TARGET 2339 POTENTIALLY 2349 BEARISH TARGETS 2312 EMA5 CROSS AND LOCK BELOW 2312 WILL OPEN THE SWING RANGE SWING RANGE 2302 - 2294 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
17
GOLD 4H CHART ROUTE MAP & TRADING PLAN FOR THE WEEK Hey Everyone, Please see our updated 4h chart levels and targets for the coming week. The sell off Friday shifted two range and therefore opened a bigger range for corrections and tests. We have the weighted level above at 2346 holding this range with 2325 and 2337 on the way that will need re-tests to confirm a benchmark correction. We also have 2313 weighted Goldturn level holding support on this range and will need ema5 lock to open the swing range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week in the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGETS 2325 2337 2346 EMA5 CROSS AND LOCK ABOVE 2346 WILL OPEN THE FOLLOWING BULLISH TARGET 2360 EMA5 CROSS AND LOCK ABOVE 2360 WILL OPEN THE FOLLOWING BULLISH TARGET 2376 BEARISH TARGETS 2313 EMA5 CROSS AND LOCK BELOW 2313 WILL OPEN THE SWING RANGE SWING RANGE 2302 - 2290 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
7