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Gold price is correcting gains below the $2,040 support. Crude oil prices declined steadily below the $72.90 support and moved into a bearish zone. Important Takeaways for Gold and Oil Prices Analysis Today Gold price climbed higher toward the $2,060 zone before it corrected lower against the US Dollar. A key bearish trend line is […]

The post Gold Price Dips Again and Crude Oil Price Turns Red appeared first on Action Forex.

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Technical Outlook and Review

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Markets Scaled Back Expectations for March Fed Rate Cut to About 50%

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17/01/2024

UK Inflation Unexpectedly Rebounds

Yesterday was just another day where another policymaker pushed back on the exaggerated rate cut expectations. Federal Reserve’s (Fed) Christopher Waller said that the Fed should go ‘methodically and carefully’ to hit the 2% inflation target, which according to him is ‘within striking distance’, but ‘with economic activity and labour markets in good shape’ he […]
05/03/2024

WTI Oil Price Reaches 4-month High Against the Backdrop of OPEC+ Decision

On Friday, the price of a barrel of WTI crude oil exceeded USD 80 per barrel due to the decision to continue the policy of reducing oil production by OPEC+ countries. Saudi Arabia said on Sunday it would extend oil production cuts until June to “maintain stability and balance in oil markets,” an official statement […]
20/03/2024

Technical Outlook and Review

DXY: For DXY, aligning with the overall bullish momentum, there’s potential for a bearish reaction from the pivot level, possibly leading to a drop towards the 1st support. The pivot at 104.19 acts as an overlap resistance, suggesting a pivotal level where selling pressure may arise, supported by its historical significance. Additionally, the 1st support […]