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Key Highlights Gold gained pace and traded above the $2,500 resistance. A connecting bullish trend line is forming with support at $2,495 on the 4-hour chart. Oil prices faced resistance near $78.40 and trimmed some gains. The US Gross Domestic Product could grow by 2.8% in Q2 2024 (Preliminary). Gold Price Technical Analysis Gold prices […]

The post Gold Holds Steady: Will It Rise Again? US GDP Next appeared first on Action Forex.

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EURAUD Wave Analysis

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08/12/2023

AUDUSD Ends Another Year With Negative Mode

AUDUSD pulls back from 1-year downtrend line Strong resistance lines to test before switching the downtrend RSI and stochastic indicate more losses As the year 2023 is approaching its conclusion, AUDUSD is continuing the descending movement that started back in February 2021. Currently, the pair is testing the downtrend line, which has been drawn since […]
13/08/2024

EUR/USD Outlook: In Quiet Mode, Awaiting Economic Data for Fresh Ssignals

EURUSD is holding within a narrow congestion, capped by Fibo resistance at 1.0933 (Fibo 61.8% of 1.1139/1.0601), as markets slowed ahead of key release this week – US inflation report. German ZEW economic sentiment (July f/c 32.6 vs June 41.8) due in a while, would also impact Euro’s sentiment. Technical picture is predominantly bullish on […]
27/08/2024

Germany’s Multi-Year Stagnation

The final reading confirmed a 0.1% contraction in the German economy in the second quarter, with a modest growth of 0.3% y/y and stagnation close to the same level of March 2022, just 0.3% above the 2019 peak vs 9.3% in the US over the same period. The unpleasant surprise came from GfK’s assessment of […]