Forecasting GBP/USD, the British Pound against the US Dollar, based on performance on the daily chart below, indicates that it is still moving within an upward channel. Recent developments have been a response to signals from global central banks in their final meetings of 2023. However, the economic weakness in the UK continues to hinder a strong upward move of...
Analyzing the current landscape during the Christmas holiday, gold prices ("XAU/USD") are likely to maintain their upward trend, hovering around the psychological resistance of $2,000 per ounce. The ongoing weakness of the US dollar continues to support the bullish sentiment. From a technical standpoint, key resistance levels stand at $2,055, $2,070, and $2,085....
The swifter interest rate cuts in the United States compared to elsewhere signal a more pronounced weakening of the dollar. The U.S. interest rate reductions are also expected to bolster the global economy, commodity and energy prices, as well as risk sentiment. Consequently, risk-sensitive currencies like NOK and SEK are anticipated to perform well in the near...
Gold spot prices saw a notable 1.10% surge on Friday, reaching a peak of $2,070 before retracing to $2,050. XAU/USD's intraday performance has been strong, surpassing the 200-hour SMA since last week's breakthrough above $2,020. A pattern of higher lows on the daily charts has emerged since early October, finding support near $1,820, with the 200-day SMA...
Bitcoin continues its robust upward trend, recently reaching a significant milestone by exceeding 50 million unconfirmed addresses. This achievement reflects increasing user adoption and widespread acknowledgment of cryptocurrency as a legitimate asset. With an average holding of approximately $16,000 per user, the implications for future price performance are...
The price of gold continues its daily upward trend, reaching new highs in weeks, surpassing $2,060. The 10-year U.S. Treasury bond yield remains in negative territory below 3.9% following soft U.S. PCE inflation data. This allows XAU/USD to gather momentum for further price increases. From a technical standpoint, breaking through the $2,047-$2,048 resistance,...
The impact of altcoins taking the lead over Bitcoin is not particularly positive. Bitcoin dominance represents the percentage of the total cryptocurrency market held by the world's largest digital asset. Whenever this dominance increases, altcoins tend to lose influence in the market, but the rising value of altcoins is causing Bitcoin to lose its dominance. This...
From a technical standpoint, a move beyond the $2,047-$2,048 range could be considered a breakthrough, surpassing a week-long consolidation and supporting bullish sentiment. This is evident with the golden cross formation, as the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA from below, enhancing the prospects for additional upside. Moreover,...