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Gold jumped to its highest level since May 22 last week But fails to extend rally, trading flat in past couple of sessions Despite latest weakness, oscillators remain positively tilted Gold has been experiencing solid gains since late June, with the break above its 50-day simple moving average (SMA) and restrictive trendline brightening the short-term technical outlook. […]

The post Gold’s Rally Stalls at 7-Week High appeared first on Action Forex.

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23/08/2024

AUD/USD Sees Rebound: Weak US Dollar and RBA’s Steady Stance Support Strength

AUD/USD is finding its footing, currently stabilising at around 0.6725, as the US dollar weakens further in anticipation of Fed Chair Jerome Powell’s speech at the Jackson Hole symposium. Investors are watching closely for cues on future policy shifts, influencing forex forecasts. The Australian dollar’s resilience is bolstered by the minutes from the Reserve Bank […]
10/06/2024

Gold Could Be Poised for a Continuation Lower

Gold violates bullish structure; prints a head and shoulders pattern Short-term risk is negative; confirmation signal awaited below 2,285 Gold has stabilized near May’s floor of 2,285 after losing more than 3.0% on Friday to mark its biggest daily loss in two years. The price’s current lackluster performance indicates a probable bearish continuation, given its drop below the […]
08/03/2024

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently maintains its bullish momentum, indicating a potential scenario of a bullish bounce off the pivot and a subsequent move towards the 1st resistance. The pivot level at 102.63 serves as an overlap support, suggesting historical significance as a level where buying interest has previously emerged to support […]