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Gold remains below 50-day SMA MACD and RSI mirror the market’s waning momentum Gold prices have been developing with weak momentum over the past few sessions, hovering beneath the 50-day simple moving average (SMA) and the 2,605 support level. The pair remains well above the medium-term ascending trend line, but the technical oscillators are mirroring […]

The post Gold Could See Further Weakness appeared first on Action Forex.

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11/11/2024

EUR/USD Makes U-Turn, Risk of More Downsides

Key Highlights EUR/USD started a fresh decline from the 1.0945 resistance. It traded below a rising channel with support at 1.0880 on the 4-hour chart. Gold started a downside correction below the $2,700 level. Bitcoin rallied to a new record high above $80,000 and might continue to rise. EUR/USD Technical Analysis The Euro started a […]
18/04/2024

Elliott Wave Theory Suggests EURJPY Remains Bullish

Short term Elliott Wave view in EURJPY suggests that rally to 165.35 ended wave 3. Wave 4 pullback unfolded as a double three Elliott Wave structure. Down from wave 3, wave ((w)) ended at 162.59 and wave ((x)) ended at 165.17. Down from there, wave (w) ended at 163.85 and wave (x) ended at 164.69. […]
15/03/2024

Fed Doves Worried

Yesterday’s mix of economic data – which pointed at higher-than-expected inflation and lower-than-expected spending in the US – finally broke the Federal Reserve (Fed) doves’ and the equity bulls’ back for at least a day. US producer price inflation jumped to 0.6% on a monthly basis in February, and to 1.6% on a yearly basis. […]