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Gold prices retest $2500/oz ahead of Fed Chair Powell’s Jackson Hole speech. Gold’s rebound in the European session and technical analysis suggest bullish momentum. September rate cuts likely already priced in. What impact will Powell’s remarks have? Gold prices are back at $2500/oz following a long awaited retracement which materialized during Thursdays US session. A […]

The post Gold (XAU/USD) Retests $2500/oz Ahead of Powell’s Jackson Hole Remarks appeared first on Action Forex.

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01/07/2024

Gold Battles with Descending Trendline

Gold trades back and forth in the past few sessions Price fails to claim 50-day SMA and restrictive trendline Momentum indicators are neutral-to-bullish Gold has been under pressure lately following its break below the 50-day simple moving average (SMA). Although the price managed to find its feet at the lower end of the Ichimoku cloud, it has […]
28/03/2024

EUR/USD: Bears Probe Through Key Support Zone

The Euro holds in red for the third consecutive day and accelerates lower in early Thursday, cracking pivotal supports at 1.0800/1.0790 zone (former higher base / Fibo 61.8% of 1.0695/1.0981 / base of thick daily Ichimoku cloud). Technical picture is firmly bearish on daily chart (rising negative momentum / Tenkan / Kijun-sen bear-cross) and maintains […]
20/08/2024

Canadian Inflation Eases Further Towards BoC’s Target

Headline CPI inflation edged lower in July to 2.5% year-on-year (y/y), right on consensus expectations. This was the lowest reading since March 2021. The deceleration was driven by base year effects (lower price growth relative to last July) for items like travel tours (-2.8% y/y), passenger vehicles (-1.4% y/y) and electricity (-0.8% y/y). Offsetting this […]