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Gold slows pace after rebound off neckline RSI and stochastics look overstretched Gold prices jumped higher, meeting the restrictive region of 2,370–2,390, which is also acting as the right shoulder pattern in the short-term picture. However, the technical oscillators and the current market price action suggest a downside reversal. The RSI is pointing downward above […]

The post Gold Lacks Clear Direction in Short Term appeared first on Action Forex.

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08/05/2024

USD Extends Gains as Investors Shrug Off Fed Optimism

Yesterday was one of those days where we needed to fit a narrative to the market moves as the moves weren’t triggered by meaningful data or comments. The US 2-year yield was steady near the 4.80% level, the stocks were slow to move, the S&P500 traded slightly up, Nasdaq 100 came slightly down. Federal Reserve’s […]
16/04/2024

Sunset Market Commentary

Markets European stock opened around 1.5% weaker this morning, catching up with losses inflicted on WS’s benchmark indices last night and Asian bourses this morning by Israel’s lingering treat to strike back against Iran. The EuroStoxx 50 tested the 50d moving average at the start (4910), but avoided a technical drop at first. Going into […]
19/04/2024

USD/JPY Jumpy as Japan’s Core CPI Eases

The Japanese yen showed some promise earlier, gaining as much as 0.48% against the US dollar as it rose to 153.59. However, it has pared those gains and is trading in Europe at 154.58, down 0.04%. Japan’s core CPI falls to 2.6% Japan’s nationwide CPI, which excludes fresh food, rose 2.6% y/y in March, down […]