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Gold price came just ticks ahead of new record high ($2685) during European trading on Wednesday, in fresh extension of bull-leg from $2602 higher low of Oct 10 and the bottom of corrective phase from $2685. The metal remains strongly supported by growing prospects for global monetary policy easing, geopolitical tensions and uncertainty surrounding nearing […]

The post XAU/USD Outlook: Bulls Hold Grip for Retest of New Record High appeared first on Action Forex.

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Sunset Market Commentary

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11/01/2024

Technical Outlook and Review

DXY: The DXY chart currently exhibits a bearish overall momentum, indicating a weakened US Dollar. In this scenario, there’s potential for a bearish continuation towards the 1st support level. The 1st support at 101.77 is significant for several reasons. It is categorized as an overlap support and coincides with the 50% Fibonacci Retracement level, making […]
16/02/2024

Sunset Market Commentary

Markets The slew of eco data from the US came in mixed. February regional sentiment indicators including the Empire Manufacturing index and the Philly Fed business outlook were better than expected. Details showed improvement across almost all subseries, including 6-month forward looking gauges. We note the price gauges re-emerging. Weekly jobless claims also joined the […]
04/03/2024

Gold Wave Analysis

Gold approached key resistance level 2090.00 Likely to correct down to support level 2050.00 Gold today rose sharply after the price broke through the key resistance level 2050.00 (which has been reversing the price from the start of January). The price is currently trading close to the key resistance level 2090.00, former monthly high from […]