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Gold struggles to surpass 2,037 and 200-period SMA RSI and MACD move horizontally Short-term outlook looks neutral-to-bullish Gold prices are flirting with the 2,037 resistance level and the 200-period simple moving average (SMA) in the 4-hour chart, creating an ascending triangle. Technically, the RSI is moving horizontally above the 50 level, while the MACD is […]

The post Gold Develops Ascending Triangle in Near-Term appeared first on Action Forex.

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22/08/2024

WTI Futures Fall to a 7-Month Low

WTI futures drop to their lowest level since January 17 Momentum indicators are heavily tilted to bearish side  WTI oil futures (October delivery) have been in a steady retreat following their rejection at the 200-day simple moving average (SMA) in mid-August. On Wednesday, the price fell to a fresh seven-month low before finding its feet a tad above the […]
29/07/2024

GBP/USD Outlook: Bears Resume After a Brief Consolidation

Cable fell further at the beginning of the week, after larger bears paused for consolidation on Friday. Current bets show 60% chance of BoE rate cut at Thursday’s policy meeting, which continues to weigh on sterling. Technical picture on daily chart weakened further after Monday’s acceleration broke below 1.2830 pivot (50% retracement of 1.2615/1.3044 / […]
21/03/2024

FOMC Remain Data Dependent, But on Track for June

The FOMC are sanguine on the growth and inflation outlook, and view the risks as coming into balance. March’s FOMC meeting communications and forecasts were largely as expected, highlighting policymakers’ confidence in the fight against inflation and achieving a soft landing. The FOMC is on track to begin cutting in June, assuming progress continues to […]