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Market Picture Gold lost over 3% in value on the day the presidential election results were tallied. Cumulatively, from the peak in late October to the recent low, the losses exceed 5%. So far, it does not look like a tragedy. On Thursday, the price added 2.5% from the lows to the high intraday, recovering […]

The post Prospects for Gold Correction appeared first on Action Forex.

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Markets Weekly Outlook – Attention Shifts Back to Data, US CPI in Focus

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02/04/2024

EUR/USD outlook: Bears Eye 2024 low

The Euro fell to new multi-week low early Tuesday, weighed by firm dollar and recent dovish comments from ECB policymakers, who see four rate cuts in 2024. Monday’s 0.4% drop and close below 1.0762 (Fibo 76.4% of 1.0695/1.0981 upleg), adds to bearish near-term outlook and unmasks key support at 1.0695 (2024 low, posted on Feb […]
12/07/2024

Soft US CPI Boosts Reflation Trade

I don’t know for the Federal Reserve (Fed) but investors definitely got to the evidence that inflation is on a right path to justify a Fed rate cut sooner rather than later yesterday after the latest CPI report printed a slower-than-expected figures both for headline and core inflation, both on a monthly and on a […]
11/07/2024

USD/CAD Price Outlook: 200-day MA Holds Ahead of US CPI Release

USD/CAD has been range-bound, reflecting US Dollar Index consolidation and potential rate differential between Canada and the US. Canada’s volatile inflation and struggling labor market increase pressure on the Bank of Canada (BoC). USD/CAD is positioned between key moving averages, with a tight range suggesting a potential breakout following the inflation data. USD/CAD has been […]