Fundamental Overview Risk sentiment remained weak as the debt-ceiling meeting between US President Joe Biden and House Speaker Kevin McCarthy didn't reach a conclusion. The safe-haven demand for the US Dollar increased, causing gold prices to slip at the start of the week. The US Dollar was further strengthened by hawkish comments from regional Federal Reserve...
Technical Overview Gold price prods lower line of a two-month-old bullish channel as the GOLD traders brace for the key United States Retail Sales and debt ceiling negotiations among the US policymakers. Given the steady Relative Strength Index (RSI) line, placed at 14, as well as the sluggish signals from the Moving Average Convergence and Divergence (MACD)...
Technical Overview XAU/USD accelerated its slide once below the $2,000 level and currently trades in the $1,991 region, at its lowest in two weeks. The daily chart shows that the bright metal sunk below a directionless 34-89 EMA, while the longer ones maintain their bullish slopes far below it. At the same time, technical indicators turned lower and are...
Technical Overview The GBP/JPY currency pair showed a bullish-harami candlestick pattern on Friday, which resulted in consecutive positive gains. This pattern was further confirmed by Monday's price action. The pair initially reached a low of 168.86 but quickly rebounded and surged towards 170.49. Currently, the GBP/JPY is trading at 170.47 as of writing.
Technical Overview The EUR/USD has been showing a negative trend since May 5, and Monday's slight improvement has not changed this trend. The immediate resistance level is at 1.0900, which is a horizontal level and the EMA-34 in 4-hour charts. If the Euro manages to go above this level, it could reduce the bearish pressure. However, to change the short bias...
When the dust settles, the Fed is set to continue raising rates If the Federal Reserve meeting were held today, it is likely that interest rates would remain unchanged due to the current uncertainty surrounding banks. However, the situation can quickly change as the markets are highly unpredictable. If there is no urgent need to rescue any banks over the...
Technical Overview During the early North American trading session, the USD/JPY pair lost a significant portion of its intraday gains that had pushed it to a one-week high of approximately 136.30-136.35 on Monday. As a result, the pair fell back to the 136.00 level.