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Introduction of Candlestick Patterns
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Will easing inflation and a rate cut certainty in Sep drive gold prices higher?
- Retail sales data reflects the strongest growth in a year, highlighting the resilience of the US economy.
- PPI and CPI data showed easing inflation, supporting the view that the Fed is on track to cut rates, which might benefit gold prices.
- Elsewhere, rising tensions in the Middle East and the mpox epidemic have heightened uncertainties, further bolstering gold prices.
- XAUUSD breached the previous record high at around 2,480 USD per troy ounce and closed above the psychological level at 2,500 USD per troy ounce.
- If XAUUSD remains above 2,430 USD per troy ounce and maintains its upward momentum, the price could head to the next resistance at 2,600 USD per troy ounce.
- However, falling below its support at 2,430 USD per troy ounce could trigger a potential retest at 2,350 USD per troy ounce.
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🔻 CADJPY Forecast 🔻
Today's analysis suggests a bearish trend for CADJPY. Market indicators point to downward pressure, with sellers likely to dominate the session. 📉
Exercise caution and look for opportunities to capitalize on this potential decline. Patience and precision will be crucial in navigating this bearish movement effectively.
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📈 USD/CAD FREE ANALYSIS
🕓 1H
⭕️ Price has already tested the dynamic resistance 3x times. The likely hood for it to continue holding is not strong.
✔️ Waiting for price to come back to the POI then I’ll look for buy opportunities if confirmation is provided. Otherwise stay out!
🔥 Use good risk management as always!
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📈 USD/CAD FREE ANALYSIS
🕓 1H
⭕️ Price has already tested the dynamic resistance 3x times. The likely hood for it to continue holding is not strong.
✔️ Waiting for price to come back to the POI then I’ll look for buy opportunities if confirmation is provided. Otherwise stay out!
🔥 Use good risk management as always!
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