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Key Highlights Gold prices are struggling to recover above the $2,040 resistance. A key bearish trend line is forming with resistance near $2,040 on the 4-hour chart. Bitcoin price declined heavily and traded below $40,000. The US Manufacturing PMI could remain at 47.9 in Jan 2023 (Preliminary). Gold Price Technical Analysis Gold found support near […]

The post Gold Price Recovery Faces Hurdles, Bitcoin Dives appeared first on Action Forex.

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10/10/2024

US: Progress on Inflation Front Stalls in September, Supporting Smaller 25bps Cut in Nov

The Consumer Price Index (CPI) rose 0.2% month-on-month (m/m) in September, a tenth of a percentage point (pp) above the consensus forecast. On a twelve-month basis, CPI fell to 2.4% (from 2.5% in August). Energy prices (-1.9% m/m) were again a drag on headline inflation, almost entirely driven by a pullback in gasoline prices (-4.0% […]
09/05/2024

UK 100 Index Swings to All-Time High

UK 100 hits record high after the BoE rate decision; up 8% year-to-date Next target at 8,500, but fears of an overbought market might delay rally The UK 100 stock index (cash) has been performing incredibly well over the past four months, staging another exponential rally this week to unlock an all-time high of 8,393 […]
22/07/2024

AUD/USD Outlook: Downtrend Extends into Sixth Consecutive Day

AUDUSD hit three-week low on Monday after recovery attempts overnight were short-lived and bears regained full control. The pair remains in a steep downtrend for the sixth straight day and retraced so far 61.8% of 0.6575/0.6798 rally. Last week’s 1.3% fall left large bearish candle (the first week in red after five consecutive weeks of […]