As per our previous forecast, we emphasized the importance of patience when trading GOLD, and finally, the price has broken out of the upper dynamic trendline of the symmetrical triangle, causing the price to skyrocket in a long setup. The price of GOLD is now looking to surpass the HKEX:2 ,020.00 mark, and its appeal has increased due to concerns regarding the...
The EUR/USD currency pair has followed our forecast from yesterday precisely. It has seen an increase in buying activity, driving the price to a new intraday high and continuing the recovery from the previous day's session. However, Euro pair buyers are facing challenges posed by mixed Eurozone inflation figures, as well as uncertainties surrounding the role of...
During the previous trading session, the GBP/NZD currency pair displayed a robust bullish rally, driving the price to the notable level of 2.0400. However, following this upward movement, the price has initiated a retracement and pulled back to the 61.8% Fibonacci level. Interestingly, this area coincides with the presence of strong support at 2.000 and the RSI...
Gold price (XAU/USD) is exhibiting a range-bound performance above the HKEX:1 ,980.00 level during the Tokyo session. The precious metal is grappling to establish a clear direction as investors are eagerly anticipating the announcement of the Federal Reserve's (Fed) monetary policy and other crucial economic data from the United States. Over the past week, gold...
EUR/USD is approaching 1.1050 following a recovery, supported by a drop in the USD Index after a short-lived rebound. The Federal Reserve is widely expected to raise interest rates by 25 basis points to maintain pressure on US CPI. However, investors hold differing views on the pace of interest rate hikes that the European Central Bank will adopt. On the technical...
Preliminary data from CME Group indicates that open interest in crude oil futures markets increased for the fourth consecutive session on Monday, registering a gain of approximately 4.3K contracts. Conversely, trading volume decreased for the third consecutive session, declining by roughly 260.5K contracts. Technical analysis indicates that the crude oil price...
During the Asian session, gold is showing a decline towards a critical support level of HKEX:1 ,970.00. The price movement is influenced by the US Dollar Index (DXY) recovery, driven by optimistic forecasts that the Federal Reserve (Fed) will raise interest rates by 25 basis points (bps) on Wednesday. The XAU/USD price appears to have broken the lower side of a...
Early Monday, the EUR/USD reached a new intraday low as the bears targeted the 1.1000 round figures. The US Dollar gained strength due to sluggish market activity caused by holidays in many bourses. Keep an eye on the First Republic bidding results to join in on the hawkish Fed bets that may further pressure the EUR/USD before the crucial monetary policy meetings....
The GBP/USD currency pair is currently attempting to breach the significant resistance level of 1.2600, despite a notable recovery in the US Dollar Index. The US economy has exhibited robustness in consumer spending on essential goods and services, thereby increasing the likelihood of further interest rate hikes by the Federal Reserve. Conversely, inflationary...
The EUR/USD pair bounced back from its daily low and regained the 1.1000 level after US data was released. This occurred even though the US core PCE, which is the Federal Reserve's preferred gauge for inflation, showed a rise of 4.6% in March, which is the same as in February. The high inflation in the US is likely to warrant higher rates, thus driving the EUR/USD...
According to recent developments, the end of the first quarter was weak, and this, coupled with the negative but temporary effect of the public sector strike on Q2 GDP, could potentially increase the risk of a contraction in economic activity during the second quarter. Despite this, the Bank of Canada remains determined to focus on trying to get and keep inflation...
Alibaba, one of the world's leading e-commerce and cloud computing companies, has a rich corporate history that is sure to capture the attention of many. Founded by the charismatic and unconventional Chinese entrepreneur Jack Ma, the company was able to attract investments from the likes of Yahoo and SoftBank during its early days. However, it wasn't until its...
Tesla's stock has been on a year-to-date rally, with a 73% increase in 2023. However, despite this growth, the company's stock price is still significantly lower than its all-time high of HKEX:410 achieved in late 2021. The current economic climate, characterized by high levels of inflation and interest rates, is making it challenging for the auto industry to...
Can you believe it? Meta Platforms stock has risen by over 70% this year, outpacing the S&P 500's 7.5% growth over the same period. At first glance, it might seem like everything is going great for Meta, right? However, the reality is a bit different. In the fourth quarter, Meta reported a 4% decline in year-over-year earnings, and analysts predict that there will...
Recent market activity indicates that the Bitcoin price experienced liquidity on April 23rd, which could potentially lead to a price increase. However, it is important to note that the price has faced resistance in its efforts to surpass the bearish breaker range of HKEX:29 ,630 to HKEX:30 ,480, and investors should expect the price to remain below the crucial...
The price of gold (XAU/USD) has rebounded from HKEX:1 ,976.00 to climb above HKEX:1 ,990.00 during the Asian trading session. However, the precious metal experienced a sharp decline on Thursday after House Speaker McCarthy commented that the debt limit cannot pass without budget negotiations, as reported by Bloomberg. Market analysts expected that the potential...
During early Friday trading, the GBP/JPY currency pair rallied to a fresh yearly high of 168.15 as market bulls celebrated the Bank of Japan's (BoJ) decision to maintain the status quo. The technical breakout and strong UK sentiment data also contributed to the pair's upward momentum. As widely anticipated, the BoJ retained its benchmark interest rates at -0.10%...
As of today, the AUD/CAD exchange rate has been displaying a consistent bearish trend, characterized by a series of lower highs and lower lows. Notably, on 23 April 2023, the pair reached a high of 0.9100, followed by a subsequent drop in value to its current level of 0.9000. Further analysis reveals that the exchange rate has been trading within a symmetrical...