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Key Highlights Gold started a fresh surge and traded to a new high above $2,740. It cleared a major bearish trend line with resistance at $2,660 on the 4-hour chart. Oil prices corrected gains and traded below the $71.20 support zone. EUR/USD remains at risk of more losses below 1.0825. Gold Price Technical Analysis Gold […]

The post Gold Hits New High: Can The Momentum Continue? appeared first on Action Forex.

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04/09/2024

Nasdaq 100: Torpedoed by Nvidia and May See Further Weakness

Major US bench stock indices (S&P 500, Nasdaq 100, Dow Jones Industrial Average & Russell 2000) started the month of September on a weak footing. The Nasdaq 100 was the worst performer (-3.15%) on Tuesday, 3 September dragged down by the higher-beta technology sector (Nvidia & other semiconductor stocks) Recent weak performance of Nvidia (ex-post […]
11/04/2024

Bank of Canada Monetary Easing Door Slightly Ajar

Summary The Bank of Canada (BoC) held its policy interest rate steady at 5.00% at today’s monetary policy announcement, an outcome that was widely expected. However, the accompanying statement pointed to the potential for lower policy interest rates in the months ahead. BoC Governor Macklem said “we are seeing what we need to see” to […]
15/12/2023

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently shows an overall bearish momentum, indicating a potential for price to make a bearish continuation towards the 1st support. The 1st support level at 101.46 is identified as an overlap support that aligns with a confluence of Fibonacci levels i.e. the 161.80% extension and the 61.80% projection […]