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Key Highlights Gold rallied further and spiked above the $2,350 resistance level. A connecting bullish trend line is forming with support at $2,320 on the 4-hour chart. EUR/USD is facing a major hurdle near the 1.0880 resistance. Bitcoin price regained strength for a move above the $71,000 resistance. Gold Price Technical Analysis Gold prices started […]

The post Gold Price Sets New Record, More Upsides Possible? appeared first on Action Forex.

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06/05/2024

Markets Weigh Dovish NFP Report

In focus today Today, Swedish Service PMIs for April are released at 8:30 CET. All its subindices were above the 50 marks in March. Although price index for raw materials and intermediate goods is lower compared to a year ago, it was still significantly higher compared to the manufacturing side. Composite PMI has been in […]
08/05/2024

Elliott Wave Analysis on Dow Futures (YM) Favors Upside

Short Term Elliott Wave View in Dow Futures (YM) suggests the Index ended wave (4) correction at 37473. The Index has now turned higher in wave (5). However, it still needs to break above the previous wave (3) peak on 4.1.2024 at 40358 to rule out a double correction. Up from wave (4), wave ((i)) […]
02/08/2024

GBP/USD Outlook: Remains in Red But Bears Face Headwinds from Daily Cloud Top

Cable remains in red in early Friday, following Thursday’s 0.9% drop (the biggest daily loss since Apr 10) as fresh risk aversion deflated sterling. Bears extended to one-month low but find a footstep at 1.2706 (top of thick ascending daily cloud) and may pause here, as daily studies are becoming oversold and strong negative momentum […]